Fairness - auditing, Auditing

Fairness -  Auditing

The word fair can have the following meanings:  on the other hand clear, plain and distinct and on the one impartial, equitable and simple.  When fair is required in an accounting text, all can be considered relevant.

Whenever we ask ourselves the questions-fair to whom? So it seems which we should be fair to the user of the accounts in such the user of the accounts has certain expectations.  He expects which accounts will comply along with the Companies Act utilization and he expects also which the accounts will conform to commonly accept the IAS and accounting principles, thus whether we can convince the expectations of the user it can be felt such we have been fair.  Therefore this leads us to relevance, or we say as, the accounts must provide a view which is relevant to the uses of the user.  Therefore it will be expected that the accounts will prove the resources requirement in the company, the changes in the resources and claims against those resources and claims over a period of time.  The accounts report on historical events also.  Therefore they are not intended to be needed for decision making hence they are regularly required for this purpose.

 

Posted Date: 1/24/2013 7:11:52 AM | Location : United States







Related Discussions:- Fairness - auditing, Assignment Help, Ask Question on Fairness - auditing, Get Answer, Expert's Help, Fairness - auditing Discussions

Write discussion on Fairness - auditing
Your posts are moderated
Related Questions
Problem: (a) Your client has sought your advise on the procedures to be adopted for carrying out the stocktaking which is based on a year-end count. You are required to prepa

Goodwill and Business Combinations - Intangible Assets Goodwill is the one of most strange of all assets since it cannot be differentiate from the business.  It cannot be sold

For each threat explain how it might be avoided.

methods of determining break even point

All of the following must certify that a public company's financial statements are accurate, complete, and not misleading, except for the Chief financial officer. Director of human

Internal Control - Investment Whether a trading concern holds merely a few investments, there is unlikely to be any organized internal control systems particularly for those i

Non Current Assets or Fixed Assets In usual countries, not current assets are commonly classified like: a) Intangible assets Patents Licences Developme

Reference to an expert in auditor’s report When issuing an unmodified auditor’s report, the auditor must not refer to the work of the expert. This is because such a reference m

Auditor Further point to note is which modern companies can be exclusively large along with multi-national activities.  So preparing accounts for that a group becomes a widely

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