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ARTICLE · 02 JUNE 2021

Directors' And Auditors' Responsibilities

Borg Galea & Associates
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In Malta, the majority of private limited companies rely solely on their auditors to prepare the financial statements as part of the audit process.

MaltaCorporate/Commercial Law
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In Malta, the majority of private limited companies rely solely on their auditors to prepare the financial statements as part of the audit process. However, who is ultimately responsible for the financial statements?

In preparing this publication, the authors researched different parts of the Companies Act (Chap 386 of the laws of Malta) as well as international standards for auditing. This publications aims to provide additional information about the role of directors.

Since it customary for auditors to prepare the financial statements of private limited companies, directors question who is responsible for the financial statements? Is it the directors who are responsible or the auditors since they are being paid to provide such service?

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