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We say financial statements show true and fair view. So what is fair and true view?

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Question ajoutée par Fida Abo Alrob , Sr. Copywriter , Imena Digital
Date de publication: 2014/04/22
Muhammad Akram Shahzad Mughal
par Muhammad Akram Shahzad Mughal , Assist. Manager Inventory & Warehouse , KahrPlast Co.

True and fair view in auditing means that the financial statements are free from material misstatements and faithfully represent the financial performance and position of the entity

 

TRUE AND FAIR VIEW is one of the most prominent principles of accounting. It suggests that an enterprise should provide a true and fair view about its financial conditions and operating results. The concept of true and fair view does not mean absolute truth about enterprises. Financial statements are a product of managements judgments and estimates. The principle of true and fair view requires comparative truth about the enterprises picture. True and fair view is rather defined operationally; it is thought to be accomplished by complying with all other lower accounting principles.

Mukkaram Siddique
par Mukkaram Siddique , Finance, Management & Stocks , Amazon Foods Saudi Arabia

True and Fair view is:That Financial Statements are free from material misstatement.

 

In exact language of Auditing:Auditors assure that during their course of Financial Statements Audit, nothing came to their attention from which they could conclude that Financial Statements are Materially Misstated of are bias.

SHADI ZOZO SALEH IMSEEH
par SHADI ZOZO SALEH IMSEEH , assistant general finance director , Zozo Imseeh Comapany

THIS MEAN THE AUDITOR ISSUE UNMODIFIED OPINION AND FIANANCIAL STATEMENT FREE

FROM MATERIAL MISTATEMENT BUT BE CAREFULL THAT AUDITOR RESPONSIBILTIIES 

TO OBTAIN A REASONABLE ASSURRANCE 

Naveen Naveen
par Naveen Naveen , Assistant Manager , Baker Tilly DGP & Co.

 Application of the principal qualitative characteristics such as prudence, substance over form, materiality etc. and of appropriate accounting standards normally results in financial statements that convey what is generally understood as a true and fair view of such information.

Mohammad Matin Alam
par Mohammad Matin Alam , Payroll Manager , Saudi Manpower Solutions Company

financial statements which are free from material misstatements are called true view. financial statements which are not free from material misstatements are called fair view.

Dim chidinma
par Dim chidinma , Accounting Officer , Glo.bal Lifting services Limited, Trans Amadi

it means that the financial statements are free from material misstatement and faithful represent the financial performance and position of the firm

Muhammad Arsalan Zeb
par Muhammad Arsalan Zeb , Senior Auditor , Mazars Chartered Accountants

Simply put true & fair means financial statements are free from material misstatements and errors.

Muhammad Mizanur Rahman
par Muhammad Mizanur Rahman , Deputy Manager, Accounts & Finance , Multi Securities & Services Ltd.

Preparation of true and fair financial statements has been expressly recognized as one of the responsibilities of the directors of companies in the corporate law of several countries such as in the Companies Act 2006 in the UK. Auditors must therefore consider whether directors have fulfilled their responsibility for the preparation of true and fair financial statements when providing an audit opinion.

Company law of certain jurisdictions require the auditors to expressly state in their audit report whether in their opinion the financial statements present a true and fair view of the financial performance and position of the entity.

Ahmmad Rasel ACA
par Ahmmad Rasel ACA , Deputy general manager finance , N.R Group

Free from error and material misstatements

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