Contents of directors responsibilities
– Ensuring that proper books of accounts are maintained by company
– Ensuring that the financial statements as income statement, Balance sheet and cashflow statements have been prepared in accordance with identified relevant reporting framework e.g. international Accounting Statements.
– Timely preparation of financial statements
– Designing an internal control system
– Implementing internal control system
– Ensuring accuracy, completeness of financial statements
– Designing appropriate accounting policies and procedures e.g. for depreciation
– Ensure that accounting policies adopted are consistently applied from period to period
– Ensure that any departure from reporting framework is properly reflected, disclosed in financial statements
– Ensure uniformity in application of International Accounting Standards and accounting policies
– Ensure that they inform the shareholders of the contents in financial statements. They should interpret the policies adopted and other technical financial matters.
– Implementing an internal control system that ensures errors and frauds are detected.
– Ensuring preventive measures are instituted to ensure errors and frauds do not occur
– Where errors and frauds have occurred, ensure that controls are in place to correct such
– Ensure controls are in place to detect errors and frauds in financial statements
