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Object and Scope of Audit
Article 248
- (1)
- The annual financial statement shall be audited by the certified public accountants appointed by the general meeting.
- (2)
- The audit shall have as its object to ascertain whether the provisions of the Law on Accountancy and the by-laws on annual closing have been observed.
Appointment and Responsibility of Certified Public Accountants
Article 249
- (1)
- Where the general meeting has failed by the end of the calendar year to appoint Certified Public Accountants, the Court shall, upon request of the board of directors, or of the managing or the supervisory board as the case may be, or of an individual shareholder appoint Certified Public Accountants.
- (2)
- The Certified Public Accountants shall assume responsibility for the bona fide and unbiased performance of audit, and nondisclosure of secrets.
Report of Certified Public Accountants
Article 250
Upon receipt of the report of the Certified Public Accountants, the managing board shall submit it to the supervisory board, together with the annual financial statement and annual report. The managing board shall also submit the draft resolution on distribution of profit to be discussed by the general meeting.
Approval of Annual Closing of Accounts
Article 251
- (1)
- The supervisory board shall verify the annual financial statement, the annual report and the draft on distribution of profit, and shall, upon approval thereof, resolve to call a regular general meeting of shareholders.
- (2)
- In the one-tier system the draft on distribution of profit shall be prepared by the board of directors, which shall then convene the general meeting.
- (3)
- The annual financial statement may not be approved by the general meeting without an audit by Certified Public Accountants.
- (4)
- The approved by the general meeting annual financial statement shall be presented to the commercial register and an announcement of this shall published in the State Gazette.
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