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essendo la revisione legale (here)

English translation: because the the independent audit

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Italian term or phrase:essendo la revisione legale (here)
English translation:because the the independent audit
Entered by: Lara Barnett

23:23 Aug 4, 2017
Italian to English translations [PRO]
Bus/Financial - General / Conversation / Greetings / Letters / Board of Directors meeting
Italian term or phrase: essendo la revisione legale (here)
I am confused about how this fits in here. I am aware of what the phrase means but I am unsure about where it fits into the other phrases, i.e. particularly what subject "essendo" is referring to.

Resta inteso che ai Collegio Sindacale, conformemente alla previsione statutaria, verranno affidate le funzioni di vigilanza ex articolo 2403 comma I del Codice Civile, essendo la revisione legale dei conti gia svolta dalla Societa di Revisione [Name of big auditing Company}
Lara Barnett
United Kingdom
Local time: 17:32
because the the independent audit
Explanation:
"essendo" in this context means "because", "since" or "as". In other words, the Board of Statutory Auditors will be assigned the supervisory functions pursuant to Article...., ***because/since/as** the independent audit of the accounts is already performed by the audit firm

--------------------------------------------------
Note added at 14 hrs (2017-08-05 13:28:04 GMT)
--------------------------------------------------

Hi Lara,
I think I understand why you're confused.
The Board of Statutory Auditors and the Independent Auditors (i.e. the audit firm in this context) are two separate entities with two separate roles. The Collegio Sindacale (usually translated as Board of Statutory Auditors, although the more precise UK and US equivalent is the Audit Committee in the see: https://www.out-law.com/page-8219) is an internal body of the company, responsible, among other things, for monitoring the integrity of the company’s financial statements. The Società di Revisione (Audit Firm or External Auditors or Independent Auditors) is an external company engaged to preform the legally-required "independent" audit of the company's account. In some cases in Italy (see Art. 2409-bis Italian Civil Code https://goo.gl/6KNQzP), the Collegio Sindacale (Board of Statutory Auditors) can perform both the monitoring functions and the "revisione legale dei conti" (independent audit). So, this text, is confirming that the Collegio Sindacale (Board of Statutory Auditors) is only performing its legally-required monitoring functions, because the "revisione legale dei conti" is already being performed by an external firm of independent auditors.

--------------------------------------------------
Note added at 14 hrs (2017-08-05 13:37:53 GMT)
--------------------------------------------------

For the record, here's how I would translate this phrase:
"It is understood that, in accordance with the provisions of the articles of association, the Board of Statutory Auditors will be assigned the monitoring functions set forth in Article 2403.1 of the Italian Civil Code, because the independent audit of the accounts is **already** being performed by the Independent Audit Firm"

By the way, **già** in this context means already.
Selected response from:

Dominic Currie
Italy
Local time: 18:32
Grading comment
Thank you.
4 KudoZ points were awarded for this answer



Summary of answers provided
4 +1because the the independent audit
Dominic Currie
4the legal audit being (already conducted by ...
Peter Cox
4now that the legally required [audit] has been conducted; being that ... has now been conducted
TechLawDC


Discussion entries: 3





  

Answers


4 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
the legal audit being (already conducted by ...


Explanation:
.

Peter Cox
Italy
Local time: 18:32
Works in field
Native speaker of: English
PRO pts in category: 32
Notes to answerer
Asker: Thanks. I meant that I do not understand the purpose of the phrase, I cannot see what it connects to in the previous phrases.

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13 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
now that the legally required [audit] has been conducted; being that ... has now been conducted


Explanation:
Now that the legally required audit of the accounts has been performed by the Auditing Firm XXX, it is understood that, in accordance with the applicable provisions of the Bylaws, the [Company's] Board of Statutory Auditors will be entrusted with the supervisory functions described in Article 2403 Paragraph I of the Civil Code.
Alternative: -- It is understood that, in accordance with the applicable provisions of the Bylaws, the [Company's] Board of Statutory Auditors will be entrusted with the supervisory functions described in Article 2403 Paragraph I of the Civil Code, being that the legally required audit of the accounts has now been performed by the Auditing Firm XXX.
(Note: It is my vague recollection that "revision legale" may also be translated "statutorily required audit " or "statutory audit" in the present context.)


TechLawDC
United States
Local time: 12:32
Native speaker of: Native in EnglishEnglish
PRO pts in category: 4
Login to enter a peer comment (or grade)

12 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
because the the independent audit


Explanation:
"essendo" in this context means "because", "since" or "as". In other words, the Board of Statutory Auditors will be assigned the supervisory functions pursuant to Article...., ***because/since/as** the independent audit of the accounts is already performed by the audit firm

--------------------------------------------------
Note added at 14 hrs (2017-08-05 13:28:04 GMT)
--------------------------------------------------

Hi Lara,
I think I understand why you're confused.
The Board of Statutory Auditors and the Independent Auditors (i.e. the audit firm in this context) are two separate entities with two separate roles. The Collegio Sindacale (usually translated as Board of Statutory Auditors, although the more precise UK and US equivalent is the Audit Committee in the see: https://www.out-law.com/page-8219) is an internal body of the company, responsible, among other things, for monitoring the integrity of the company’s financial statements. The Società di Revisione (Audit Firm or External Auditors or Independent Auditors) is an external company engaged to preform the legally-required "independent" audit of the company's account. In some cases in Italy (see Art. 2409-bis Italian Civil Code https://goo.gl/6KNQzP), the Collegio Sindacale (Board of Statutory Auditors) can perform both the monitoring functions and the "revisione legale dei conti" (independent audit). So, this text, is confirming that the Collegio Sindacale (Board of Statutory Auditors) is only performing its legally-required monitoring functions, because the "revisione legale dei conti" is already being performed by an external firm of independent auditors.

--------------------------------------------------
Note added at 14 hrs (2017-08-05 13:37:53 GMT)
--------------------------------------------------

For the record, here's how I would translate this phrase:
"It is understood that, in accordance with the provisions of the articles of association, the Board of Statutory Auditors will be assigned the monitoring functions set forth in Article 2403.1 of the Italian Civil Code, because the independent audit of the accounts is **already** being performed by the Independent Audit Firm"

By the way, **già** in this context means already.

Dominic Currie
Italy
Local time: 18:32
Native speaker of: Native in EnglishEnglish
PRO pts in category: 4
Grading comment
Thank you.
Notes to answerer
Asker: Do you mean by "this audit firm"?

Asker: The audit firm in question will be appointed as the Board of auditors because they are the same ones that did this previously????


Peer comments on this answer (and responses from the answerer)
agree  Ivana UK
4 hrs
neutral  TechLawDC: Very unidiomatic and makes no procedural sense. Simply does not comport with any of the many hundreds of corporate charters and bylaws that I have seen.
20 hrs
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