True and fair view of auditing?

A True and fair view in accounting (specifically auditing) means that a financial statement is free from material misstatements and faithfully represents the financial performance and positioning of an entity

indepence assurance and objectivity

It should not be in the vague or it should contain all the required and essential based on the auditing

True and Fair means that the financial statements are free from material misstatement, proper books of accounts have been kept, the financial statements are consistent with the underlying records, the financial statements have been prepared in accordance with the acceptable accounting standards and relevant legislation, the assets and liabilities shown exist, properly valued and pertain to the entity and that all expenses and revenues stated relate to the operations of the business.

True and Fair is the term using in the audit report of financial statements to express the condition that financial statements are truly prepared and fairly presented in accordance with the International Financial Reporting standards

True means it is based on figures supported by documents. and Fair means all infomation is provided for evaluation

It means, the auditor's report to a company's shareholders should be accurate of company's annual report and accounts. Also should express very clearly about the assets, Inventory, etc... matching with ledger / system.

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.

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External auditors give an opinion on the truth and fairness of financial statements. This is not an opinion of absolute correctness.

True and Fair are not defined in law or audit guidance but the following definitions are accepted.

True - information is factual and conforms with reality. In addition the information conforms with required standards and law. The financial statements have been correctly extracted from the books and records..

Fair - information is free from discrimination and bias and in compliance with expected standards and rules. The accounts should reflect the commercial substance of the company 's underying transactions.

The auditor 's report refers to the fact that the audit is planned and performed to obtain reasonable assurance whether the financial statements are free from material misstatements. This is because the auditor cannot check everything and therefore can only provide reasonable not absolute assurance.