Why do companies release financial statements and make disclosures in the first place?
Answer: The owners' of the company (shareholders) have left the day-to-day operations of the company in the hands of managers. The owners' want to check in on how the company is doing and evaluate whether the business is being properly managed.
The CEO and CFO of the company must provide a written discussion of operations, liquidity, and capital resources.
Management of the company has to acknowledge its responsibility for:
The financial statements,
other information contained in the company's annual report, and
maintaining and assessing internal controls.
Additionally, management must certify that the financial statements are materially accurate.
In a notice issued to shareholders announcing the company's annual meeting (proxy statement) a company must also disclose the compensation paid to its directors and top executives.