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

Question: 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

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 in each instance, does one expression more than the other give you a greater comfort level with respect to the conformity of the with generally accepted accounting principles? Why or why not?

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