proper accounting and other records that will enable the preparation of true and fair financial statements.
Specific to financial reporting, company directors are responsible for;
- Review of financial statements
- Having sufficient and up-to-date knowledge of accounting principles to understand financial statements
- Appointment of management to ensure business continuity (i.e CEO, CFO)
- Finance function is provided by competent and adequate personnel
- Acquiring external help if needed
- Internal audit, checks and balances