The Company’s External Auditor
1) Assigning the Audit Function:
The Company shall assign the function of auditing its interim (quarterly), and annual accounts to an independent and competent external auditor who possesses the necessary expertise and qualifications to prepare an objective and independent report to the Board and the shareholders, setting out whether the Company’s financial statements clearly and impartially express the financial position of the Company and its performance in the significant areas.
2) Appointment and Duties of the External Auditor:
a) Appointment of External Auditor:
Appointment of External Auditor:
The Ordinary General Assembly shall appoint the Company's external auditor based on a recommendation from the Board, provided that the following requirements are met:
- The nomination shall be based on a recommendation from the audit committee;
- The external auditor shall be authorized by the Competent Authority;
- The external auditor's interests shall not conflict with the interests of the Company;
- The number of nominees shall not be less than two.
b) Auditor Duties:
The external auditor shall:
- Owe the duties of loyalty and care to the Company;
- Notify the Authority if the Board fails to take appropriate actions in respect of suspicious issues it raises; and
- Request the Board to call for a General Assembly meeting if the Board has not facilitated his mission; and shall be liable to compensate the Company, the shareholders or third parties for the damages resulted from errors it commits in the course of its engagement. If an error is attributable to more than one external auditor, they shall be jointly responsible therefor.
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