Audits

• Internal Audit

  Review procedures, systems and policies of a company to ensure they're being adhered to and working efficiently and effectively

  • Detect, correct errors and identify deficiencies in operations so improvements can be made
  • carried out by: internal auditor -> report to management of company
• external audit

  Check company's financial records have been properly maintained and accurately represent the company's performance and position for the period being audited.

  • Formal report to this effect must be attached to company's accounts which are distributed to SH and approved at AGM
  • External auditor: independent, act on behalf of SH, appointed by SH at AGM