The responsibilities of the directors in relation to the accounting function of the company are as follows:-
1. To safeguard the company‘s assets and to prevent fraud and errors in the company.
2. To ensure that the company keeps proper accounting records.
3. To prepare annual financial statements to show the results of the company for the year and the state of affairs of the company at the balance sheet date. (Must show a true and fair view).
4. To deliver to the registrar of companies a copy of the company‘s audited
financial statements within seven months of the end of the accounting year.
5. To set up an ICS in the company to ensure that all the above are carried out