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The board of statutory auditors is the audit body of the joint-stock companies that adopt the traditional system:  it has the task of monitoring the company’s compliance with the law and the Memorandum of Association and has a supervisory function with regard to the actions of management. The Board of Auditors only exceptionally exercise accountancy control  and they do so only in closed companies, that is, companies which do not have recourse to the venture capital market, and only if envis

On the basis of the provisions in force as of 1 January 2004, the administration of joint-stock companies may be organised according to three separate models:  the traditional model, the monistic model (of Anglo-Saxon origin) and the two-tier model (of German origin).In the traditional model, the directors have the task of running the company, and are accordingly provided with the power of being pro-active i.e. promoting the decision-making activity of the meeting (power of initiative), of i