Attempts to define true and fair, Auditing

Assignment Help:

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.


Related Discussions:- Attempts to define true and fair

Examples of specialists, Examples of Specialists Examples of specialis...

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,

The use of engagement letters, The Use of Engagement Letters There is a...

The Use of Engagement Letters There is a contractual relationship among an accountant and his client. The accountant must therefore make sure that at the time he decided to exe

General phases of control evaluation, General phases of control evaluation ...

General phases of control evaluation are: Phase 1: Understand and document • Understand the client's internal control • Document the understanding of internal control o

Importance of related party transactions, Importance of Related Party Trans...

Importance of Related Party Transactions Whenever the existence of about transactions and parties among such parties are considered ordinary features of business, the auditor

Financial statements rely, Financial Statements Rely All Financial prov...

Financial Statements Rely All Financial providers people must be sure that the financial statements can be relied upon. It should be noted that: 1. The auditor himself must be

Procedures in evaluating the work of expert, Procedures in Evaluating the W...

Procedures in Evaluating the Work of Expert The auditor must get reasonable assurance which the expert's work constitutes suitable audit evidence in based of the financial inf

#TITLE, WHAT OF COST OF JOURNAL ENTRY?

WHAT OF COST OF JOURNAL ENTRY?

Action if management refuses to provide representations, Action if Manageme...

Action if Management Refuses to Provide Representations If management refuses to provide a representation that the auditor considers essential, this constitutes a scope restric

Acl to perform audit procedures in audit program, Sales are shipped FOB shi...

Sales are shipped FOB shipping point with credit terms n/45. You have verified that the last shipping number used in 2009 was 261,336 and that numbers were used in numerical order.

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd