- 1 Marks
AAA – Nov 2012 – L3 – SA – Q3 – Regulatory Framework and Professional Standards
Identifying non-responsibilities of directors related to accounting functions in a company.
Question
The responsibilities of the directors in relation to the accounting functions of the company fall under the following EXCEPT:
A. Safeguarding the company’s assets and preventing errors and fraud in the company
B. Defining the concept of materiality and tolerable error as a guide to the auditor
C. Ensuring that the company keeps proper accounting records as defined in the legislations
D. Setting up internal control system in the company as a standard practice
E. Preparing the financial statements to show the results of the company for the year and financial position as at year-end
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