Identify and list the responsibilities of company directors in relation to the company‘s accounting system

Directors have the following responsibilities in relation to the company‟s accounting system

  •  Responsibility to put in place a system that will ensure proper accounting records are maintained. The Companies Act requires management to keep proper books of accounts, this is only possible with a proper accounting systems;
  •  They are responsible for ensuring that appropriate controls are put in place within the operation of the accounting system;
  •  Responsibility to continuously review the operation of the controls to ensure that they are adequate for the operations of the company;
  •  To ensure that the accounting system and the internal control system safeguards the company‘s assets.

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