Which of the following statements is NOT correct when considering 'true and fair' from an auditing perspective?
A) True and fair financial statements should not mislead the reader.
B) True and fair financial statements should be able to be relied upon to make decisions.
C) The income statement, balance sheet and cash flow statement are not on their own sufficient to provide a true and fair view.
D) To be true and fair financial statements must be completely accurate.

Question

Quizplus · Accepted Answer

Financial statements can be considered true and fair even if they are not completely accurate, as long as they are free from material misstatements and provide a reliable representation of the company's financial position.

Which of the Following Statements Is NOT Correct When Considering