The election must be made before the end of the financial year to be audited; the board then has the appointment registered in the trade registry without delay. If no auditor is elected, the court may appoint one at the request of the board or a shareholder.
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Related terms
Independent auditReasonable assurance provided by an independent auditor on whether the financial statements are presented fairly, in all material respects, in accordance with the applicable financial reporting framework.Audit engagement letterA written agreement setting out the objective and scope of the audit, the applicable framework, the responsibilities of the auditor and management, and the form of the report.Auditor rotationThe requirement, designed to protect auditor independence, for a company to be audited by another auditor or audit firm after a certain period.Adverse opinionThe opinion in which the auditor states that the financial statements are not presented fairly, where misstatements are both material and pervasive.Agreed-upon proceduresAn engagement in which the practitioner performs procedures agreed with the entity and, where relevant, a third party, and reports only the findings without providing assurance.Analytical proceduresThe evaluation of financial information through analysis of plausible relationships among financial and non-financial data.
Last updated: October 31, 2026 · This definition is for general information only.