Australia: Checklist for public company directors signing off the accounts this reporting season

Last Updated: 28 August 2015
Article by James Lonie and Michael MacMahon

Most Read Contributor in Australia, May 2018

The Corporations Act imposes on directors the critical responsibility of approving and adopting the financial report. Directors cannot delegate that responsibility, even to apparently competent and reliable persons.

Below we provide a high level snapshot of these key duties and what is required of public company directors.

READY?

 

1. Do you have the necessary minimum financial literacy and basic knowledge of key accounting standards?

 

As a director you have an "irreducible core duty" to: