Glossary entry (derived from question below)
Italian term or phrase:
essendo la revisione legale (here)
English translation:
because the the independent audit
Added to glossary by
Lara Barnett
Aug 4, 2017 23:23
6 yrs ago
12 viewers *
Italian term
United Kingdom
www.lingocraft.co.uk
Native in: English (Variants: South African, British, Scottish, Irish, Singaporean, UK) 
Works in: French to English, Italian to English, Romanian to English, and 2 more.
essendo la revisione legale (here)
Italian to English
Bus/Financial
General / Conversation / Greetings / Letters
Board of Directors meeting
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}
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}
Proposed translations
+1
12 hrs
Selected
because the the independent audit
"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.
--------------------------------------------------
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.
Note from asker:
| Do you mean by "this audit firm"? |
| The audit firm in question will be appointed as the Board of auditors because they are the same ones that did this previously???? |
4 KudoZ points awarded for this answer.
Comment: "Thank you."
4 hrs
the legal audit being (already conducted by ...
.
Note from 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. |
13 hrs
now that the legally required [audit] has been conducted; being that ... has now been conducted
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.)
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.)
Discussion