THE ROLE OF AUDITORS AND THE FINANCIAL CONTROL BUREAU IN OVERSEEING JOINT-STOCK COMPANIES

Abstract

External oversight is represented by "company auditors," which applies to private joint-stock companies. Mixed joint-stock companies, however, are subject to the oversight of the Board of Supreme Audit under Iraqi law. This means that joint-stock companies are subject to the oversight of multiple entities.

It is worth noting here that oversight is not defined in all the laws under study and comparison, despite their stipulation of oversight procedures and guarantees.

Although Iraqi law specifies the methods for appointing an auditor, it does not specify the methods and means by which an auditor is removed .

It is difficult for shareholders to monitor the company's operations, given their large numbers and their lack of commitment to attending general assembly meetings. This is particularly true for monitoring company accounts, which requires special technical expertise and knowledge, requiring many shareholders to fulfill their oversight role. Therefore, we will address the positions of both the Iraqi legislator, on the one hand, and the Egyptian and Jordanian legislators, on the other, through two sections: The first section addresses auditors in private joint-stock companies; the second section addresses auditors and the Financial Control Bureau in joint-stock companies.