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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.
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a) Would King & Queen be liable to EFL? Provide specific case references to support your answer.
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Related Parties - Audit Evidence IAS 24 prescribes the disclosures essential to the possibility to draw attention which the financial position and loss or profit of an entity
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Banks The Authoritative documents are: The Central Bank of Kenya Act, The Companies Act Cap 486. IAS 30 Disclosure in the Financial statements of Banks and Similar
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