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STATEMENT ON DIRECTORS RESPONSIBILITY For Preparing The Annual Financial Statements Board of Directors is required by the Companies Act 2016 (the Act) to prepare financial statements which give a

How to fill out statement on directors responsibility

How to fill out statement on directors responsibility

1. Review the company's articles of association to understand the specific requirements for the statement on directors responsibility.
2. Gather information on the company's financial performance, operations, and any potential risks or challenges.
3. Identify the key areas where directors have responsibilities, such as compliance with laws and regulations, financial reporting, and strategic decision-making.
4. Clearly outline the actions taken by the directors to fulfill their responsibilities in the statement.
5. Include any mitigating factors or explanations for any areas where the directors may have fallen short in meeting their responsibilities.
6. Ensure the statement is accurate, transparent, and complies with all legal requirements.
7. Have the statement reviewed by legal counsel or other relevant professionals before finalizing and submitting it.

Who needs statement on directors responsibility?

1. Companies listed on stock exchanges
2. Companies seeking financing from banks or investors
3. Companies subject to regulatory oversight
4. Companies with a board of directors

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What is statement on directors responsibility?

The statement on directors' responsibility is a formal disclosure that outlines the responsibilities of the board of directors in relation to the financial statements and overall governance of the company. It typically confirms that the directors have taken appropriate steps to ensure accuracy and compliance with applicable laws and regulations.

Who is required to file statement on directors responsibility?

Typically, it is required to be filed by the board of directors of a company, particularly those whose financial statements are being audited. This includes publicly listed companies and certain private companies that meet specific criteria.

How to fill out statement on directors responsibility?

To fill out a statement on directors' responsibility, the directors must review the company's financial statements, ensure that all necessary disclosures are made, and confirm that proper accounting records are maintained. They need to sign the statement, affirming their responsibility for the integrity of the financial statements.

What is the purpose of statement on directors responsibility?

The purpose of the statement on directors' responsibility is to provide transparency and accountability regarding the financial statements of the company. It serves to assure stakeholders that the directors are committed to high standards of financial integrity and governance.

What information must be reported on statement on directors responsibility?

The statement must report information such as compliance with applicable accounting standards, the assessment of the company's ability to continue as a going concern, the effectiveness of internal controls, and the acknowledgment of the directors' responsibilities regarding the preparation of the financial statements.