True and fair view
Definition
The standard of financial statement presentation required by statutory audit frameworks in the UK, EU, India, and many Commonwealth jurisdictions. In the United States, the equivalent concept is 'presents fairly, in all material respects.' Both standards require conformity with the applicable reporting framework and freedom from material misstatement.
Related terms
- Chain of custody
- The documented chronological record of who collected, handled, transferred, and examined a piece of evidence. For digital evidence, chain of custody includes...
- Forensic audit
- An examination of an organisation's financial records and systems conducted specifically to gather evidence for legal proceedings. Distinguished from a regular audit...
- ISA 240
- International Standard on Auditing 240, 'The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements,' issued by the IAASB. Sets...
- Reasonable assurance
- The high but not absolute level of assurance that a statutory auditor seeks to obtain before expressing an opinion. Reasonable assurance acknowledges...
- Statutory audit
- An audit required by law or regulation, conducted by an independent external auditor, with the objective of expressing an opinion on whether...
Explained in
- Statutory Audit Versus Forensic Audit: Key DistinctionsThe standard of financial statement presentation required by statutory audit frameworks in the UK, EU, India, and many Commonwealth jurisdictions. In the Unite...