The auditor shall issue an opinion stating that the summary financial statements are fair and accurate and fairly present the results of operations of the ending fiscal year as well as the financial position and assets of the company at the close of the said fiscal year.
In his report to the ordinary general meeting, the auditor, in the light of gathered evidence shall:
1) Either conclude that the summary financial statements are fair and accurate and fairly present the results of operations of the ending fiscal year as well as of the financial position and assets of the company at the close of the said fiscal year;
2) Or issue an opinion with reservations, with substantiated reasons, or an adverse opinion or states that he is unable to form an opinion.
The auditor has a permanent mission, excluding any interference in the management, which shall consist of verifying the book values and accounting documents of the company and checking the compliance of the company accounting with regulations in force.
The auditor shall verify the accuracy and consistency of the summary financial statements, of the information provided in the management report of the board of directors or of the general director, as the case may be, and in the documents relating to the financial position and the company summary financial statements sent to shareholders.
He shall formulate his observations in his report to the annual general meeting.
The auditor shall ensure, at last, that equality between shareholders is observed, notably that all shares of the same class enjoy the same rights.
The auditor shall prepare a report, in which he informs the board of directors, the general director as well as, where applicable, the audit committee of:
1°) verifications and inspections he carried and various surveys he conducted as well as their outcomes;
2°) balance sheet items and other accounting records to which amendments seem necessary, by making all the useful comments on the methods of assessment used for the preparation of these documents;
3°) irregularities and inaccuracies which he uncovered;
4°) conclusions drawn from comments and above corrections on the results of the fiscal year compared with those of the preceding year.
Such a report shall be made available to the chairman of the board of directors or the general director before the meeting of the board of directors or the decision of the general director that adopts the accounts for the fiscal year.
The auditor shall report, to the next general meeting, irregularities, and inaccuracies uncovered by him in the performance of his mission.
In addition, he shall disclose to the public prosecutor criminal acts which he uncovered during his assignment, and cannot be held liable for such disclosure.
Subject to the provisions of article 716 above, the auditor, as well as his collaborators, are bound by professional confidentiality about facts, actions, and information they may have known of in the performance of their duties.
Resolutions of meetings passed without the general meeting having received the reports to be prepared by the auditor under this uniform Act shall be null. The resolutions may be canceled where the report does not contain all particulars provided in this article.
The action for invalidity shall be extinguished where such proceedings are expressly confirmed by a general meeting on the report of a duly appointed auditor.