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Auditors

Beschreibung

Company Law Mindmap am Auditors, erstellt von 40055097 am 10/12/2013.
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Mindmap von 40055097, aktualisiert more than 1 year ago
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Zusammenfassung der Ressource

Auditors
  1. Role
    1. do accounts present a true and fair financial view of company?
      1. s495
        1. report
          1. unqualified
            1. good
            2. qualified
              1. fault/issue found
          2. report on directors
            1. s496
            2. independent
              1. must disclose any other services supplied to the company
                1. s494
              2. Senior official must personally sign the reports
                1. s503
                2. entitled to attend and speak at all gerenal meetings
                  1. s502
                3. Watchdog/bloodhound
                  1. must be qualified
                    1. Appointment
                      1. members appoint
                        1. s485(4)
                        2. inital
                          1. directors appoint
                            1. s485(3)
                          2. usually annual
                            1. private company does not need to do this
                              1. s424
                                1. automatic reappointment
                                  1. s487(2)
                            2. Access
                              1. all company info as he sees fit
                                1. s499
                                2. Director obliged to give information auditors ought to have
                                  1. s500
                                  2. anyone who will not disclose information may be prosecuted
                                    1. s501
                                  3. Removal
                                    1. Ordinary resolution with Special notice
                                      1. 28 days
                                        1. s510
                                        2. Right of protest
                                          1. s513
                                        3. Liability
                                          1. Caparo Industries v Dickman
                                            1. in order for auditors to be liable, must consider
                                              1. forseeability
                                                1. proximity
                                                  1. fairness
                                                2. ADT v Binder Hamlyn
                                                  1. Takeover lost money due to bad auditing
                                                    1. liable
                                                  2. Barings v Cooper
                                                    1. ought to have known collapse was imminent
                                                      1. liable to holding company
                                                    2. Sasea Finance v KPMG
                                                      1. didnt notice insolvency
                                                      2. Royal bank v Bannerman
                                                        1. Liable to bank
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