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External Audit - Coggle Diagram
External Audit
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The auditors primary function is to report to the company's members on the statutory accounts prepared by the directors
Article 25(a) of the Statutory Audit Directive seeks to clarify the scope and purpose of the statutory audit, it particular it notes that the statutory audit does not contain any assessment of the future viability of the company nor any judgement on current or future efficiency or effectiveness of the management
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The members between them holding at least 10% in nominal value of the company's share capital or for a company without shares, 10% of the membership may require an audit to be carried out. Any notice must be given during the period commencing at the start of the financial year the notice relates to and one more before that financial year ends