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approval of financial statements

Forums › ACCA Forums › ACCA AAA Advanced Audit and Assurance Forums › approval of financial statements

  • This topic has 1 reply, 2 voices, and was last updated 6 years ago by AvatarKim Smith.
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  • March 23, 2020 at 10:25 am #565563
    Avatarachilleasp
    Participant
    • Topics: 8
    • Replies: 21
    • ☆

    hello all,

    can a nominee director, who is also the only director and signs the FS, approve the FS? or do we need approval from the UBO?

    March 24, 2020 at 7:50 am #565616
    AvatarKim Smith
    Keymaster
    • Topics: 138
    • Replies: 8462
    • ☆☆☆☆☆

    You will more likely get a prompt response to a Q posted to the ask the tutor forum rather than this student forum.

    Who approves annual financial statements is a matter of company law – if the board of directors (usual) the board’s approval will be minuted in board minutes and the financial statements will be signed and dated on behalf of the board – e.g. by one director (if there is only one) or by two directors.

    A nominee director has no separate recognition in the UK, for example, so if a company has only one director (by whatever “label”), that is who will approve the financial statements.

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