Association of Chartered Certified Accountants (ACCA) Certification Practice Test 2026 - Free ACCA Practice Questions and Study Guide

The responsibility for preparing the financial statements within an organization lies primarily with the directors. They have the overall accountability for the financial reporting of the company and ensure that the financial statements are prepared in accordance with accounting standards and regulatory requirements. The directors are tasked with setting the company’s strategic direction and ensuring that financial reporting is accurate and reliable.

While the accounting staff plays a critical role in compiling and drafting the financial statements, their work is performed under the supervision and guidance of the directors. Auditors are responsible for examining the financial statements to provide an independent opinion on their fairness, but they do not prepare the statements themselves. Shareholders, on the other hand, are the owners of the company and do not have a direct role in the preparation of financial statements; their involvement is typically more focused on reviewing the financial performance and ensuring it aligns with their interests as owners. Thus, the directors are ultimately responsible for the financial statements.