Article 72 - Powers and duties of auditor
Limited Partnership's auditor shall, in preparing a report in relation to the
accounts of a Limited Partnership, carry out such investigations as will enable
the auditor to form an opinion as to the following matters:
(A) whether proper accounting
Records have been kept by the Limited
Partnership and proper returns adequate for the audit have been
received from offices or branches of the Limited Partnership not visited
by the auditor;
(B) whether the
Limited Partnership's accounts are in agreement with such
accounting Records and returns; and
(C) whether the
Limited Partnership's accounts have been prepared in
compliance with applicable accounting principles and standards.
(2) If the auditor is of the opinion that proper accounting
Records have not been
kept, or that proper returns adequate for the audit have not been received from
offices or branches not visited by the auditor, or if the accounts are not in
agreement with the accounting Records and returns, or that the accounts do
not comply with accounting principles and standards, the auditor shall state
that fact in his report under Article 71.
(3) The auditor shall have a right of access at all reasonable times to the Limited
Partnership's accounting and other books and Records, and is entitled to
require from the Limited Partnership's Partners such information and
explanations as the auditor considers necessary for the performance of his
(4) If the auditor fails to obtain all the information and explanations which, to the best of the auditor's knowledge and belief, are necessary for the purposes of the audit, the auditor shall state that fact in his report under Article 71.
(5) Every auditor is entitled to receive notice of, and attend, any meeting of the
Partners and to be heard on any part of the Business of the meeting which concerns the auditor.