Part 15Accounts and reports
Chapter 4Annual accounts
General
393Accounts to give true and fair view
1
The directors of a company must not approve accounts for the purposes of this Chapter unless they are satisfied that they give a true and fair view of the assets, liabilities, financial position and profit or loss—
a
in the case of the company’s individual accounts, of the company;
b
in the case of the company’s group accounts, of the undertakings included in the consolidation as a whole, so far as concerns members of the company.
2
The auditor of a company in carrying out his functions under this Act in relation to the company’s annual accounts must have regard to the directors' duty under subsection (1).