Registered Companies are required to circulate annual reports to members of the company. Some of the most important components are the Auditors Report and the Directors Report.

(i) Briefly explain the type of opinion that may be expressed in the reports and how such opinions affect the organization. (ii) The Directors Report is a key component of the Annual Financial Report of a company. State and explain any four (4) of the contents of the Directors Report. ( iii) You believe that financial statements are meaningful only when key accounting concepts and conventions are followed. Explain any three (3) of such concepts.