Auditing of accounts Sample Clauses
The 'Auditing of accounts' clause establishes the right for one party, often a client or partner, to review and examine the financial records of another party to ensure accuracy and compliance with the terms of an agreement. Typically, this clause outlines the scope of records subject to audit, the notice period required before an audit, and any limitations on frequency or timing. For example, it may allow annual audits of expense reports or revenue statements related to a joint venture. Its core function is to promote transparency and accountability, helping to prevent fraud or misreporting by providing a mechanism for independent verification of financial information.
Auditing of accounts. The auditing of the accounts shall be effected by one or more of the States members of the Union or by external auditors, as provided in the financial regulations. They shall be designated, with their agreement, by the Assembly.
Auditing of accounts. The annual financial statements of the Court shall be examined by independent auditors. The auditors shall be appointed and if necessary dismissed by the Budget Committee.
Auditing of accounts. (1) The annual financial statements of the Court shall be examined by independent auditors. The auditors shall be appointed and if necessary dismissed by the Budget Committee.
(2) The audit, which shall be based on professional auditing standards and shall take place, if necessary, in situ, shall ascertain that the budget has been implemented in a lawful and proper manner and that the financial administration of the Court has been conducted in accordance with the principles of economy and sound financial management. The auditors shall draw up a report after the end of each accounting period containing a signed audit opinion.
(3) The Presidium shall submit to the Budget Committee the annual financial statements of the Court and the annual budget implementation statement for the preceding accounting period, together with the auditors’ report.
(4) The Budget Committee shall approve the annual accounts together with the auditors’ report and shall discharge the Presidium in respect of the implementation of the budget.
Auditing of accounts. The books of account shall be audited annually at the expense of the partners by a certified public accountant selected by the partners.
Auditing of accounts. The Shareholders shall, at the commencement of each fiscal year, appoint auditors, authorized to work in Dubai, to conduct the audit and prepare and certify the correctness of the COMPANY’s accounts. The auditor’s report shall be presented to the Shareholders for approval and shall form the basis for the determination of the net profits and losses of the COMPANY. For the avoidance of doubt, as long as the COMPANY will be consolidated by CGG, the auditors will have to perform any work or to issue any opinion required for CGG compliance purposes to its obligations as a listed company in Paris and in New-York.
Auditing of accounts. In the event of disagreement among -------------------- the Parties relating to the distribution of profits in accordance hereof and subject only to manifest error on the part of the accountants, such dispute shall be definitively resolved by the firm of independent certified public accountants responsible for the most recent audited financial statements involved.
Auditing of accounts. 1. The Commission shall have the right to send its own agents or authorized representatives to undertake any technical, accounting or financial assignments it may consider necessary to monitor the implementation of the project.
2. The Court of Auditors, in the accomplishment of its responsibilities under the Treaty establishing the European Community, shall have the right to undertake a full audit, if necessary, on the basis of supporting documents of accounts and accounting documents and any other documents relating to the financing of the project and on the spot.
3. The Beneficiary shall be notified if agents appointed by the Commission or the Court of Auditors are sent to the project site.
4. To this end the Beneficiary: • shall undertake to provide any information or documents requested, and to take any measures to facilitate the work of persons undertaking such audits; • shall keep the dossiers and accounts required to identify the work, supplies or services financed under this Agreement and the supporting documents relating to local expenditure in accordance with the best accounting practice; • shall assist the Court of Auditors, in the accomplishment of its responsibilities under the Treaties establishing the European institutions, in auditing the project’s accounts, if necessary, on the spot; • shall ensure the Commission’s represen-tatives can inspect any accounting or other documents relating to projects financed under this Agreement and shall assist the Court of Auditors in monitoring the use made of Community funds.