Page 49 - Honeywell Annual Report 2021 comm 10 09 v17a.cdr

Statement of Directors' Responsibilities

The Directors accept responsibility for the annual financial statements, which have been prepared using appropriate
accounting policies supported by reasonable and prudent judgments and estimates, in conformity with International
Financial Reporting Standards (IFRS) and the requirements of the Companies and Allied Matters Act, 2020 and Financial
Reporting Council of Nigeria Act, No. 6, 2011.

The Directors are of the opinion that the financial statements give a true and fair view of the state of the financial
affairs of the Company and of the financial performance during the year.

The Directors further acknowledge that they are ultimately responsible for the system of internal financial controls
established by the Company and place considerable importance on maintaining a strong control environment. To
enable the Directors to meet these responsibilities, the board of Directors sets standards for internal control
aimed at reducing the risk of error or loss in a cost effective manner. The standards include the proper delegation
of responsibilities within a clearly defined framework, effective accounting procedures and adequate segregation
of duties to ensure an acceptable level of risk. These controls are monitored throughout the company and all
employees are required to maintain the highest ethical standards in ensuring the Company's business is conducted
in a manner that in all reasonable circumstances is above reproach. The focus of risk management in the Company
is on identifying, assessing, managing and monitoring all known forms of risk across the company. While
operating risk cannot be fully eliminated, the Company endeavours to minimise it by ensuring that appropriate
infrastructure, controls, systems and ethical behaviour are applied and managed within predetermined
procedures and constraints.

Nothing has come to the attention of the Directors to indicate that the Company will not remain a going concern
for at least twelve months from the date of this financial statements.

Signed on behalf of the Board of Directors By:

Dr. Oba Otudeko B.Sc (Hon.) CFR
Chairman
FRC/2013/ICAN/0000002365
25th May, 2021

Olanrewaju Bamidele Jaiyeola
Managing Director/CEO
FRC/2014/ICAN/00000008542
25th May, 2021

50 HONEYWELL FLOUR MILLS | ANNUAL REPORT | 2021 World of Possibilities