Audit and Assurance
122 Points
Joined May 2009
DIRECTORS’ RESPONSIBILITY STATEMENT (SECTION 217 (2AA)
The Board’s report shall also include a Directors’ Responsibility Statement, indicating
therein, —
(i) that in the preparation of the annual accounts, the applicable accounting standards
had been followed along with proper explanation relating to material departures;
(ii) that the directors had selected such accounting policies and applied them consistently
and made judgments and estimates that are reasonable and prudent so as to give a true
and fair view of the state of affairs of the company at the end of the financial year and of
the profit or loss of the company for that period;
(iii) that the directors had taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of this Act for
safeguarding the assets of the company and for preventing and detecting fraud and other
irregularities;
(iv) that the directors had prepared the annual accounts on a going concern basis.
(Section 217AA)