Compliance is a critical component of a Board’s responsibilities. Signing-off on financial statements is an important regulatory requirement prior to presenting financial reports to stakeholders and regulatory bodies.
This checklist is designed to provide a summary of key questions the Board should ask in relation to the financial statements, in order to ensure that they are accurate and fully comply with the various Accounting standards and regulatory body requirements.
The importance of having such a checklist is to ensure Boards better understand financial reporting, and are better able to discharge this key responsibility.
This checklist should be seen as Work in Progress and can be expanded over time. It offers an important starting point.