true and fair financial statements

[mhn786]

<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by faisal_desperado</i>
<br />[quote]<i>Originally posted by waqas_naeem</i>
<br />To prepare financial statements which gives <b>true and fair</b> view of business state of affairs.

1.what is meant by phrase "TRUE AND fAIR"?
2.How to determine that financial statements are true and fair?
3.who is responsible to ensure that statements are true and fair?
4.who will determine that statements are ture and fair?
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">

Dear Waqas,

The respective responses to your queries are the followings.

1- The term “True and Fair” implies that Financial statements should be presented fairly in all mateiral respects and are inaccordance with the applicable IFRS & other related laws & regulations.

2- Their are certain procedures that an auditor applys to ascertained whether financial statements are True and Fair

3- Primarily, this is the responsibility of the Management to ensure whether the statements are True and Fair.

4- This is the responsibility of the Auditor to determine whether Statements are true and fair,


Best Regards,

MHN