Appoint new auditors for your company, or remove your existing auditors from office, with these ready-to-use Auditor Forms.
What is an auditor?
An auditor is a public officer charged by law with the duty of auditing and verifying the expenditure of public funds, or an accountant who performs a similar function for private parties.
What is an audit?
An audit is an unbiased examination and evaluation of the financial statements of an organization, typically performed by an outside accountant or accounting firm. The term "audit" also means an examination of a taxpayer's return or other transactions by the federal taxing authority.
Do I have to have my company's books audited each year?
In Canada, the United States and the UK, there are exemptions that exempt many private limited companies from having to have their annual financial statements audited. However, if the number of shareholders exceeds a certain number or if the company's revenues are above a certain threshold, the company may be required to produce audited financials. If the shares are traded publicly, an audit is required.
Each year, Canadian lawyers receive requests from the auditors of their corporate clients to provide information before they can audit the company's financial statements. This Audit Confirmation Letter covers all of the information generally requested by the auditors:
confirmation that the law firm is the solicitor of record for the corporation,
details of any claims against the corporation which the lawyers have been retained to handle,
Before your corporation's auditors can prepare your financial statements, they require the corporation to make certain representations and acknowledgements with respect to the financial records. This downloadable template for Canada includes:
An acknowledgement by the corporate client that they are responsible for implementing and following a system of accounting controls that reduces the possibility of fraud, errors and irregularities.
Appoint auditors for a UK company with this free template Board of Directors Resolution to Appoint Auditors.
This Resolution can be used either for the appointment of the first auditors of the company, prior to the first general meeting, or to fill a casual vacancy in the office of auditor in between general meetings.
The Resolution can be used by a private company limited by shares, in accordance with The Companies Act 1985.