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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.
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
WHAT ARE THE MAIN PURPOSE OF HAVING PUBLIC SECTOR AUDITING
Assertions about disclosure Assertions about disclosure and presentation : a) Rights and Occurrence and obligations -disclosed transactions and events and other issues
auditor is a watch dog not a blood hound
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