Director's Responsibility Statement
A statement included in the Board's Report under Section 134, in which the directors affirm their responsibility for the financial statements, internal financial controls, and compliance with applicable laws.
Related terms
- Debtors Confirmation
A direct request to a customer to confirm their outstanding balance, used as external evidence for receivables.
- Detection Risk
The risk that the procedures performed by the auditor will not detect a misstatement that exists and could be material.
- Disclaimer of Opinion
Issued when the auditor is unable to obtain sufficient appropriate evidence and the possible effects could be both material and pervasive — the auditor does not express an opinion at all.
- Duplicate Invoice
The same purchase invoice entered into the books more than once, whether through re-entry, a restored backup, or two near-identical vendor records.
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