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Conformity and Conservatism - External Auditor Report
Conformity
Although the user of the accounts expects the accounts to conform to general accepted accounting principles and the IFRSs, simple rigid conformity can lead to a misleading view. Since whether we simply included profits from overseas branches and if those benefits are not obtainable to shareholders because of exchange control restrictions, so then the accounts would be as misleading.
Conservatism
The concept of prudence is highly esteemed in the accounting profession. However, taken to extremes it could result in accounts not giving a true and fair view as in the case of long term construction contracts, contingent liabilities and in substance over form transactions. An accountant is a pessimist through nature since the auditor must guard against over conservatism.
Research and development Panorama Ltd manufactures and distributes a wide range of general pharmaceutical products. Selected audited data for the reporting period ended 31 Dec
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Method of corrercting evidence?
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hi, im a preformer and i want to know should i be myself duing an audition or should i act proper ans sweet like everyone els
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What is business risk and what controls should organizations have in place? Business Risk and Controls Business or operational risks related to the activities carried out
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