MANAGEMENT, CONTROL AND ACCOUNTABILITY
FOR FINANCIAL RESOURCES
Table of Contents
Contents of the Annual Report 2
Financial Statements 2
The chairman’s statement 3
Operating and financial review 3
Risk reporting 4
Corporate governance statement 4
Social, environmental and ethical reporting 5
Issues that stakeholders value 7
Financial Statement Disclosures 7
Objectives and Strategy Items 7
Background Items 7
Management Discussion and Analysis Items 8
Innovation Value Drivers 8
Auditing Narratives 9
The annual report of a company is a comprehensive report which details the activities and the changes in the financial and strategic aspects of the business in its preceding financial year. The annual report consists of two components; the financial statements, and the voluntary narratives.
The financial statements of a company include the yearend profit and loss account, balance sheet, cash flow statement, the statement of changes in equity and the notes to the financial statements. This portion of the annual report is audited by the auditors, which means that the auditor comments on the reliability of the financial statements following a thorough investigation of the business.
“Voluntary narratives are defined as those parts of the annual report not mandated by Companies Act requirements and not reported on as part of the audit report. Such disclosure narratives include, among other things, the chairman’s statement, chief executive’s review, social and environmental reports, and risk disclosures” (Campbell and Slack, 2008; p. 4). This part of the annual return is entirely voluntary and is hence not subject to the scrutiny of the auditors.
The purpose of this report is to detail the contents of a general annual report, with a critical analysis of each section included, especially the narrative portion, from the point... [continues]
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