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Addendum (1)

IA-BOD-RES 26/2014 Effective from 28/12/2014
  1. Additional Tasks for the External Auditor:
    a) The Authority may request additional duties from the External Auditor, including:
     
    1. 1) Submission of such additional information relating to the audited accounts as the Authority may specify;

    2. 2) Enlarging the scope of the audit;

    3. 3) Notifying the Authority of any financial violations discovered during the course of the audit;

    4. 4) Notifying the Authority of any reservations regarding the accounts or the reserves of the Company;

    5. 5) Notifying the Authority of any discrepancy in the financial systems, controls, and of any material inaccuracies or inconsistency in the Company’s financial statements; and

    6. 6) Preparing such financial reports and statements as required by the Authority. External Auditor's fees for such additional tasks shall be borne by the Company.

    b) While carrying out such additional duties, listed in paragraph (a), as requested by the Authority, the External Auditor shall not be in breach of any duties towards the Company, the Authority, the shareholders or any third parties.
     
  2. The External Auditor shall be independent and shall not be the Chairman or a director in the Company’s Board of Directors or a managing director, agent, representative or taking up any administrative work therein, or supervising its accounts, or a next of kin to someone who is responsible for the administration or accounts of the Company, or having an extraordinary interest in the Company or any of its competitors.
     
  3. If any of the circumstances referred to in the paragraph (2) occurs after the appointment of the External Auditor, the Company must appoint another External Auditor.
     
  4. The Company shall provide the External Auditor with all information and assistance necessary for carrying out his duties.
     
  5. The duties of the External Auditor shall include the preparation of a report on the final and interim accounts. The report shall contain a statement on whether the Company's accounts are fairly stated and reflect materially, the actual state of affairs of the Company and whether the Company has provided the External Auditor with all required information and clarifications.
     
  6. If the Company is a foreign Company, its final audited accounts together with the External Auditor's report shall be sent to its main office abroad and a copy shall be sent to the Authority.
     
  7. External Auditor Access to Relevant Information: Outsourcing agreements must ensure that the Company’s Internal and External Auditors have timely access to any relevant information they may require to fulfill their responsibilities.