The ‘true and fair view’ concept is one of two competing but not mutually exclusive legal or professional standards for financial reporting quality that have been subject to debate on their meaning, use and importance. The other is ‘present fairly in accordance with generally accepted accounting principles.

Required:

Explain the concept of true and fair and how a company can ensure that the financial accounts are true and fair and of its performance for the financial year ended on that date

Answer rating: 100% (QA)

Answer True and fair view in auditing means that the financial statements are free from material misstatements and faithfully represent the financial ... View the full answer