Attempts to define true and fair, Auditing

Attempts to define True and Fair

It must be concluded that there has been slight attempt precisely to define fair and true.

The Companies Act needs an auditor to report in fair and true view terms as relates the profit and loss account and balance sheet.  The Companies Act since, does not define that what constitutes a fair and true view.  We have no decided case anywhere or in Kenya or in the world that has given a definition of fair and true view.

It has therefore been left to the profession to try to define the meaning of true and fair view or at least to determine what not a true and fair view is.  The Companies Act in the 6th Schedule provides the minimum disclosure needs of items in profit and loss account and the balance sheet.  It would therefore seem to follow that compliance along with the needs of the 6th Schedule, thus would result in the accounts providing a fair and true view.

Posted Date: 1/24/2013 7:07:53 AM | Location : United States







Related Discussions:- Attempts to define true and fair, Assignment Help, Ask Question on Attempts to define true and fair, Get Answer, Expert's Help, Attempts to define true and fair Discussions

Write discussion on Attempts to define true and fair
Your posts are moderated
Related Questions
methods of determining break even point

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,



Kevin Black, the sole owner of a small bakery, has been told that the business should have financial statements reported on by an independent auditor. Kevin Black, having some b

Verification Work - Audit Process At the same time the audit process will need verification work as an example: examination of costing records, allocation and verification of

Organization - Work Related Health Problems There are various organizations both government and private which conduct researches on Biomedical and Ergonomics, Behavioral Scien

Conformity and Conservatism - External Auditor Report Conformity Although the user of the accounts expects the accounts to conform to general accepted accounting princi

Banks under Companies Act Banks are incorporated under the Companies Act like any other business but are granted special privileges under the same Companies Act and subjected t

WHAT OF COST OF JOURNAL ENTRY?