Responsibility for the financial statements

The directors are responsible for the preparation of financial statements which

give a true and fair view of the state of affairs and of the profit or loss for that

period. The directors should ensure that the financial statements comply with

the provisions of the Companies and Allied Matters Act, Cap. C 20, LFN 2004.

The directors are obliged to ensure that:

(a) Proper accounting records are maintained;

(b) Internal control procedures are instituted which, as far as is reasonably

possible, safeguard the assets, prevent and detect fraud and other

irregularities;

(c) Applicable accounting standards are followed;

(d) Suitable accounting policies are adopted and consistently applied;

(e) Judgements and estimates made are reasonable and prudent; and

(f) The going concern basis is used, unless it is inappropriate to presume
that the company will continue in business.
It is the responsibility of the auditors to form an independent opinion based on
the audit of the financial statements and to report to the members thereon. The
audit of the financial statements does not relieve the directors of any of their
responsibilities on the financial statements.

---

Share : Facebook Twitter Google+ Digg

Jika Anda menyukai Artikel di blog ini, Silahkan klik disini untuk berlangganan gratis via email, Anda akan mendapat kiriman artikel setiap ada artikel yang terbit di Our Akuntansi