UK Accounting Glossary
Accountability is the obligation to give an account.
Accountability is the obligation to give an account. For limited companies, it’s assumed that the company directors are accountable to its shareholders and that this responsibility is discharged, in part, by the directors’ provision of an annual report and accounts.
In any accountability relationship, there will always be at least one principal and at least one agent.
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This glossary post was last updated: 27th January 2019.