ASA 700 - Forming an Opinion and Reporting on a Financial Report - December 2015
Responsibilities of Management and ThoseResponsibilities of Management and Those Charged with Governance for the Financial Report[45]
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Responsibilities of Management and Those Charged with Governance for the Financial Report[45]
Management is responsible for the preparation and fair presentation of the financial report in accordance with Australian Accounting Standards,[46] and for such internal control as management determines is necessary to enable the preparation of the financial report that is free from material misstatement, whether due to fraud or error.
In preparing the financial report, management is responsible for assessing the Entity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Entity’s financial reporting process.