The Board of Directors and the Responsibility for Preparation of Final Accounts

Abstract

Shareholders and other stakeholders have key interest in the financial standing and results of an entity which are detailed in the financial statements. This article therefore focuses on the board of directors and the responsibility for the preparation of final accounts. The words final accounts and financial statements are used interchangeably in this paper as they have similar meanings.

The details in this article are entirely collected through secondary research due to the specialized nature of the paper. Reference was specifically made from scholarly articles in finance and management, various text books in finance and management, and journals from professional bodies such as AAT, ACCA and CIMA.