Who has the responsibility to draw up, check and approve the financial statements?

According to Dutch law, the board of directors has to draw up a balance sheet and a specified profit and loss account. With respect to this specification, a cash flow statement has to be included. Furthermore, the average number of employees in the previous year and the compensation paid to the (individual) directors must be specified. The company’s financial statements have to be checked and audited by an external accountant.

The accountant will draw up a report (accountantsverklaring) based on his findings. This report has to be presented along with the financial statements. Without this report the financial statements cannot be approved by the general meeting. Furthermore, each individual director of the company has to sign off the financial statements. In case all shareholders are directors, this will at the same time be the signing off by the general meeting.

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