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PP Lecture 11 2013

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Lecture 11: Board committees, financial statements, auditors & the company secretary Board committees (section 72) • Delegation of functions, appointed by board • Audit committee, appointed by general meeting – Section 94: – Which companies must appoint an audit committee? – Who are eligible to be members? – Duties • Social and ethics committee – Section 72(4) and reg 43 – Which companies must appoint a social and ethic committee? – Duties Public interest score (reg 26(2)) • Also relevant to determine whether company annual financial statements must be audited • You must be able to determine from a set of facts what a particular company’s public interest score is Financial statements • Difference between financial statements and annual financial statements • When must a company’s annual financial statements be audited? • Independent review Auditors (ss 90 – 93) • Appointment and resignation • Rotation • Resignation • Rights and Duties • Liability – Towards the client company – Towards third parties (Bentley decision) Company secretary (ss 86 – 89) • Which companies must appoint a company secretary? • Who may be appointed as the company secretary? • Duties • Resignation Name: Description: ...
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