December 7, 2018


Throughout the audit of a set of financial statements, the phrase “management/director’s responsibility” appears. It is included in the engagement letter, the financial statements and the auditor’s report.  But what does it mean? Management is responsible for the management of the business, for implementing and monitoring of internal controls in the business, and in terms of the Companies Act (“the Act”), for maintaining adequate accounting records and the content and integrity of the financial statements.  These financial statements must be issued annually to reflect the results thereof. These financial statements are used by various users (shareholders, directors, banks, SARS, etc.) […]
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