The year-end financial statement of Chaos 2 Ltd, a listed company based in Europe, include a statement of financial position, a statement of comprehensive income, cash flow statement, equity statement but no disclosures. The directors argue that the financial statements are included in the group financial statements of Chaos 1 Ltd. Please explain if the financial statements are in accordance with the European requirements of financial reporting.  explain the purpose of an audit in this case

Answer rating: 100% (QA)

In accordance with European requirements of financial reporting the financial statements of Chaos 2 Ltd should include all necessary disclosures and b... View the full answer