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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.
The Need for an Audit If you take an example of a modern large liability company, we can clearly distinguish between the providers of funds and those who control those funds. The
Fleet Bhd operates a chain of high street retail outlets selling clothing and household items. In 1995, this company was heading for a financial loss and was deemed to have lost st
I need a 5 schedules like the sample on the attachment please follow the Instructions you will see in the instructions attachments 4 companies and you have to choose 5th one by yo
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Meaning of True in Auditing Meaning of 'true and fair'/present fairly' Truth in accounting is quite different form scientific truth. Accounting does without a deal along w
Attempts at definition of the 'true and fair' view There following quotations represent authoritative views on the meaning of true and fair view. A true and fair view impli
Auditors Procedures - Audit Process The relevant authority on post balance sheet events is ISA. The preparation of loss and profit account and balance sheet will forever inclu
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policy od collecting refernces
Techniques of Obtaining Evidence ISA 500 mentions them as such: Inspection of documents or records, Inspection of tangible assets, Observation, Inq
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