olubenson
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Business or company directors are responsible for the preparation of the financial statements of the establishment, which give a true and fair view of the state of affairs of the business body, and of the profit or loss for the specific period in time. They must also comply with the financial laws as laid down by the government.
Company directors must ensure that:
Company directors must ensure that:
- Proper accounting records are maintained
- Applicable accounting standards are followed
- Suitable accounting policies are adopted and consistently applied
- The judgments and estimates made must be reasonable and prudent
- Internal control procedures are instituted which, as far as reasonably possible, safeguard the assets of the company and prevent irregularities and fraud.