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Get Started in Shares by Glen Arnold

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Auditors’ report

The auditors are appointed by the shareholders at the AGM to hold office until the next AGM. It is a legal requirement to appoint auditors (except for very small companies). Their role is to determine whether the company’s financial statements are misleading – whether the accounts show a true and fair view. It is an offence for directors to give false or misleading information to auditors. Auditors have the right of access to the books and accounts at all times. They can insist on additional information and explanations from managers to try to obtain an understanding of the financial position.

If auditors have doubts about the quality of record-keeping or they detect a discrepancy between the books and the accounts, or the information ...

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