Define: Accountability

UK Accounting Glossary

Definition: Accountability

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What is the dictionary definition of Accountability?

Dictionary Definition

Accountability is the obligation to give an account. For limited companies, it’s assumed that the company directors are accountable to it’s 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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