ASA 800 - Special Considerations—Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks - July 2016
Responsibilities of Management and ThoseResponsibilities of Management and Those Charged with Governance for the Financial Report[26]
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Responsibilities of Management and Those Charged with Governance for the Financial Report[26]
Management is responsible for the preparation of the financial report in accordance with the financial reporting provisions of Section Z of the contract and for such internal control as management determines is necessary to enable the preparation of a 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 Company’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financial reporting process.