Directors and financial statements

The Centro decision (ASIC v Healey [2011] FCA 717) makes important findings about the role and responsibility of directors in approving financial statements.  It is not enough to rely on management and auditors, directors must take reasonable steps to understand and consider for themselves the content of the financial statements, and make further enquiries if required.

More information on the decision can be found in the attached update.

Significant cases, legislation or articles referred to

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