Financial, Financial intermediation, Duties of the Board of Statutory Auditors, “Substantial Correctness”, Court of Cassation, II Section. civ., Judgment n. 14708 of 10/07/2020

With regard to administrative sanctions for violation of the provisions on financial intermediation, where transactions with “related parties” are carried out, the auditors cannot limit themselves to an extrinsic verification of compliance with legal procedures, having the duty to disclose the critical issues for lack of “substantial correctness”, due to lack of independence of the “adivsor”, resulting from emergencies and the non-compliance of the procedure with the purpose of the law, which is to prevent silent company emptying.

Source Supreme Court of Cassation