- 5 Marks
AA – May 2020 – L2 – Q1a – Introduction to Audit and Assurance Engagements
Define and explain the concept of "true and fair view" in the context of ISA 700/701.
Question
The main objective of an audit is to enable the auditor express an opinion on the financial statements being audited. ISA 700/701 requires that the auditors’ opinion should state whether the financial statements give a true and fair view and are fairly presented in all material respects in accordance with applicable financial reporting framework where an unmodified opinion is expressed.
Required:
Explain what is meant by true and fair view. (5 marks)
Find Related Questions by Tags, levels, etc.
- Tags: Audit, Auditor's Opinion, Financial Statements, ISA 700/701, True and Fair View
- Level: Level 2
- Topic: Introduction to Audit and Assurance Engagements
- Series: MAY 2020
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