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Auditing and Internal Review: Assignment
Auditing and Internal Review: Assignment
REVIEW
ASSIGNMENT
GROUP 25
GROUP MEMBERS
1. PAA KWEKU ARTHUR – 9039810
2.SAMUEL ASANTE - 9040419
3.GODFRED KWABENA ASANTE - 9040219
4.STEPHEN STEFAN ADJEI - 9034419
5.EMMANUEL ASARE ASANTE - 9040019
6.GIDEON KOFI ANSAH - 9038819
7.DAVID EFFAH - 9046519
8.ENOCH APPIAH KUBI - 9039619
9.CHRISTABEL APPIAH - 9039419
10. PHILIPA FRIMPONG ANYIMADU – 9039019
Section 127—Keeping of accounting records and
preparation of financial statements
(1) A company shall keep proper accounting records with respect to the financial
position and changes in the accounting records, and with respect to the control of
and accounting for assets
acquired whether for resale or for use in the business of the company, and, in
particular with respect to
(a) the sums of money received and expended by, or on behalf of, the company
and the matters in respect of which the receipt and expenditure takes place;
(b) the sales and purchases by the company of property, goods and services; and
(c) the assets and liabilities of the company and the interests of the members in
the company.
(2) For the purposes of subsection (1), accounting records which do not give a
true and fair view of the state of affairs of the company and are not necessary for
the preparation of the proper income statements and statement of financial
position in accordance with sections 129 to 135 are not proper accounting
records.
(3) The accounting records may be kept by making entries in bound volumes, or,
subject to compliance with subsections (2) and (3) of section 293, by a system of
electronic recording, or otherwise.
(4) The accounting records shall be kept at the registered office of the company or
at any other place in Ghana that the directors consider fit, and shall be open to
inspection by the directors, company Secretary and auditors of the company.
(5) The financial statements of a company shall
(a) comprise a
(i) statement of financial position,
(ii) statement of comprehensive income,
(iii) statement of cash flows,
(iv) statement of changes in equity, and
(v) summary of significant accounting policies and other explanatory notes to the
financial statements; and
(b) be prepared in compliance with International Financial Reporting Standards
adopted by the Institute of Chartered Accountants, Ghana or any other standards
approved or adopted by the Institute.