Board Minutes – Resignation and Appointment of Auditors

Document Summary

This resolution records the approval of the board of directors on the resignation of the current auditor of the company and the appointment of a new auditor for the fiscal year.

Description

As per article 27 of Federal Decree-Law No. 32 of 2021 on Commercial Companies, every joint stock company or limited liability company shall have one or more auditors to audit the accounts of the company on a yearly basis.

Article 248 of the same lists the duties of the auditor of the company including auditing the accounts of the company, inspecting the balance sheet and the profits and losses account, and furthermore.

As per article 254 of the same, the auditor of the company may resign from his office provided that he serves a written notice to the company and the securities & commodities authority. The auditor should also state the reasons behind his resignation.

Jurisdiction

This document is intended for use in the United Arab Emirates.

Before Execution

• The information on this front page or contained in the headers and footers of this instrument are for guidance purposes only.
• Please delete this front page together with the information contained in the headers, footers, and the endnotes prior to circulating this letter. Where square brackets […] and highlights are used in the document, it indicates that there is missing or incomplete information which will need to be incorporated prior to signature.
• Please remove the square brackets and all highlighting prior to signature.

Disclaimer

This document is provided for reference only and is not intended to be, and should not be considered, legal advice. Determinations about whether this document will be appropriate in your particular situation or jurisdiction should be made after consultation with a legal counsel. Kanoony will not assume any legal liability that may arise from the use of this document.