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
Disclosures about Inventories - IAS 2 IAS 2 specifies disclosures about inventories. In a large manufacturing company, no article in the balance sheet appears verification

how to operate distribute amount and section rate also provision party bill

Records kept by AUDITOR of procedures applied, tests performed, the information obtained and pertinent conclusions reached in the course of the AUDIT. (2) Any records developed by

For each threat explain how it might be avoided.


Procedures in computing the work of the expert The auditor must obtain reasonable assurance that the expert's work constitutes appropriate audit evidence in support of the fina

The function of internal audit is concerned with analysis of internal check. The internal audit can look into the duties of every employee. All employees are given jobs on the basi

Ask quesThe following situations involve a possible violation of the MIA ByLaws (on professional ethics, conduct and practice). For each situation, (1) decide whether or not the Co

list four assertions that relate to account balances

Develop a list of tasks the auditor should perform in planning this audit engagement, before any audit testing begins. Handbook section CAS 315 lists management assertions embod