Article 86 - Appointment and removal of auditor

(1) An LLC shall appoint one or more auditors or a firm of auditors who shall examine and report on the LLC's accounts in accordance with these Regulations. Except as provided for in Article 86(6) and Article 88(4) the LLC shall give notice in writing to the CRO within 21 days of the first appointment and any subsequent change in auditor on the Prescribed Form together with the Prescribed Fee.
(2) No person shall be appointed as auditor of an LLC who is an Officer or employee of that LLC or of an Affiliated Company or who is a partner, employer or employee of any such Officer or employee.
(3) The directors of an LLC shall appoint the auditor of that LLC for its first financial year. In subsequent financial years, an LLC shall at its annual general meeting appoint an auditor to hold office from the conclusion of that meeting to the conclusion of the next annual general meeting. The directors or the Members of the LLC in general meeting may fill any vacancy in the office of auditor. While such a vacancy continues, any surviving or continuing auditor may continue to act.
(4) Where for any reason no auditor is appointed, the CRO may, on the application of any Member, appoint one or more auditors to hold office until the close of the next annual general meeting.
(5) Notwithstanding any agreement but without prejudice to the auditors' rights to compensation or damages, any auditor of an LLC may be removed by an Ordinary Resolution.
(6) The LLC shall as soon as reasonably practicable and in any event not later than 5 days after the passing of the Ordinary Resolution referred to in Article 86(5) file a copy of the Ordinary Resolution with the CRO in the Prescribed Form together with the Prescribed Fee and if an Authorised Firm with the Regulatory Authority.
Amended (as from 5th April 2015).