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Attempts at definition of the 'true and fair' view
There following quotations represent authoritative views on the meaning of true and fair view.
A true and fair view implies that all statutory and other information is not only available but is presented in a form in which it can be readily and be properly appreciated. Sir Russell Kettle.
A true and fair view implies appropriate grouping and classification of items. Consistent application of commonly accepted principles. The Institute of Chartered Accountants in Australia - Recommended on Accounting Principles 1964.
Such the meaning attached to the term fair and true has been built up over the years by standards of presentation specifically required by the Act; established accounting techniques; case law decisions; the natural desire of responsible directors of companies and auditors to ensure that the facts and figures which are presented in the public properly reflect the position; and last but not least general sense. Sir Henry Benson 1962.
For an auditor to be able to say that a financial statement is true and fair it must be:
fair and true has become a term of art. It is usually understood to mean a presentation of accounts drawn up according to accepted accounting principles using accurate figures as far as possible and reasonable estimates otherwise, and arranging them so as to be show within the limits of current accounting practice as objective a picture as possible free from willful bias, distortion, manipulation or concealment of material facts.
Insurance Companies Authoritative documents involved as: The Insurance Act The Companies Act IFRS 4 Insurance Contracts The major legislation governing insu
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Providers of Funds A further point to note is that modern companies can be very large with multinational activities. Preparing accounts for such a group becomes a very complex
Existence of Debtors - Audit Process The easiest technique to establish the existence of a debtor is to enquire the debtor if he exists. This is done through use of a practice
Develop an audit program to identify and reduce potential fraud using ACL.
Audit of Current Assets Verification of Work and Stocks in Progress Authoritative documents: IAS 2/ISA 500/501 IAS 1 Preparation of financial statements requires inv
Examples of Specialists Examples of specialists or experts whose work may be relied upon include: For valuations such as land and buildings, machinery and plant,
audit procedure for shares or common stock
Process to Adopt Liabilities It is significant that the auditor realises which such liabilities can exist and he should obtain reasonable steps to unearth them whether they ex
The Use of Engagement Letters There is a contractual relationship among an accountant and his client. The accountant must therefore make sure that at the time he decided to exe
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