MGT321H5 Lecture : lecture 5
Document Summary
A meeting must be held annually to present to the shareholders: comparative financial statements (this periods and the last) ii)the report of the auditor, if any iii)any information regarding the financial position of the corporation. The directors of a corporation must approve the financial statements and of all its contents. An auditor must be independent from the corporation in order to perform an audit. The shareholders of a non-distributing corporation may decide not to have an auditor. The auditor of a company shall me the examinations necessary to obtain s&a audit evidence to provide an opinion about the f/s"s. An auditor of a corporation may rely on the report of another auditor for parts included in the f/s"s. A corporation must have an audit committee composed of at least 3 directors, where the majority must not be executives, employees or associated with the corporation. An audit committee must review the f/s"s before they can be approved.
