Audit Function Sample Clauses
The Audit Function clause grants a party the right to review and examine the records, operations, or financial statements of another party to ensure compliance with the terms of the agreement. Typically, this clause outlines the scope of audits, the notice period required before an audit, and the frequency or limitations on such reviews. Its core practical function is to provide transparency and accountability, allowing the auditing party to verify that obligations are being met and to detect any discrepancies or breaches.
Audit Function. The Partnership has engaged the Auditor as its independent auditors. The Advisory Committee shall review and confer with respect to the performance of the Partnership’s independent auditors and may, by Unanimous Approval, require that such auditors be substituted by the General Partner; provided, however, that notwithstanding the foregoing only Majority Approval shall be required if the substitute auditors are Deloitte LLP, KPMG LLP, PricewaterhouseCoopers LLP or Ernst & Young LLP (or, with respect to each, any successor firm thereof). The Partnership shall maintain an internal audit staff which (i) shall report directly to the Advisory Committee and (ii) without the consent of each Significant Limited Partner, shall not be utilized by any Partner or any of its Affiliates (other than the Partnership Group) with respect to its separate business.
Audit Function. The Partnership has engaged the Auditor as its independent auditors. The Advisory Committee shall review and confer with respect to the performance of the Partnership’s independent auditors and may, by the vote of a majority of its members, require that such auditors be substituted by the General Partner. The Partnership shall establish an internal audit staff which (i) shall report directly to the Advisory Committee and (ii) shall not be utilized by any Partner with respect to its separate business.
Audit Function. The performance of GMAC's internal audit function and of the independent auditor.