Question: In Europe the audit reports use the expression true and
In Europe, the audit reports use the expression “true and fair view” to characterize the results of the audit. Do you think there is a meaningful difference between that language and the “present fairly” statement made in U.S. audit reports? As a user of the financial statements in each instance, does one expression more than the other give you a greater comfort level with respect to the conformity of the financial statements with generally accepted accounting principles? Why or why not?
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