Clause 134 - Financial statement, Board’s report, etc

Financial statement approval requirements impose Board signing, disclosure of board report contents and attachment of auditor's report.

The law mandates Board approval and specified signatures on every financial statement before auditor submission, requires attachment of the auditor's report and that signed financial statements be circulated with prescribed notes and the Board's report. The Board's report must disclose mandated items including the Directors' Responsibility Statement, explanations for auditor or secretarial audit qualifications, particulars of loans, guarantees, investments and related party contracts, state of affairs, reserves and dividend proposals, post balance sheet changes, risk management and corporate social responsibility policies, and, where applicable, Board performance evaluation. The Directors' Responsibility Statement must confirm accounting standards compliance, adequate records and controls, going concern treatment, and systems ensuring legal compliance. Penalties apply for noncompliance.