Answer
It is the legal responsibility of management to prepare and present the financial statements of the company in accordance with the relevant accounting standards and regulations. Accountants are hired by the management to fulfil this role and hence accountants are part of the management team. Management takes all the decisions of a company and senior accountants are part of the management team, hence they are accountable and responsible for anything that happens in the company. Management acts as the agents of shareholders/owners of the company, hence they have the ultimate responsibility.
Work Step by Step
No steps involved.
