1. Every public joint stock company shall have one or more auditors to be nominated by the board of directors and approved by the General Assembly. 2. The General Assembly shall appoint an auditing firm for a renewable one-year term, and it shall not be permitted for the board of directors of the company to be delegated in this respect. This shall be on condition that the auditing firm does not carry out the auditing in the company for more than six [6] consecutive fiscal years of the date it took over the auditing in the company. In this case, the partner responsible for the auditing in the company is required to be changed at the end of three [3] fiscal years. It shall be permissible for this auditing firm to be reappointed after the passage of at least two [2] fiscal years from the expiry date of its term of appointment. The founders of the company may, at the time of incorporation, appoint one or more auditing firms as approved by the SCA to perform its duties until the General Assembly's duties for the first fiscal year are completed. 3. The General Assembly shall determine the remuneration of the auditor, and it shall not be permitted for the board of directors to be delegated in this respect, so that such fees are indicated in the company's accounts.
Interpretation and application must be checked against the official text and current version.