The Companies Act, 2013 casts responsibility on each and every director to apply their judgment in preparation of annual accounts according to applicable accounting standards and accounting policies, preparing accounting

Directors Responsibility Statement Section 134(5) of the Companies Act, 2013 casts responsibility on each and every director to apply their judgment in preparation of annual accounts according to applicable accounting standards and accounting policies, preparing accounting records on going concern basis. The directors are responsible to devise a proper system to ensure compliance with all applicable laws. The Directors' Responsibility Statement is required under Section 134(5) of the Act to state as under: In preparing the annual accounts, the applicable accounting standards and proper explanations relating to material departures were followed. The directors had selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit and loss of the Company for that period. The directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the Act's provisions for safeguarding the Company's assets and for preventing and detecting fraud and other irregularities. The directors had prepared the annual accounts on a going concern basis. In the case of a listed company, the directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and operating effectively. The directors had devised a proper system to ensure compliance with all applicable laws and that such systems are adequate and operating effectively.