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Hi Tutor,
Would like clarification on who appoints the external auditors, is this the audit committee or the shareholders? I understand that when its before a AGM, it is the Board of Directors.
Also do the audit committee report to the Financial director or is it the Board of directors?
Does the internal audit team report to the audit committee?
Thank you in advance,
Shohani
Shareholders appoint external auditors, though the Audit Committee might make recommendations.
Audit committee are NEDS and they also sit on the main board – so it is to the main board they report.
The IA have to have access to senior directors, but in practice they will usually report to the AC on a day-to-day basis.
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