For the purposes of the approved auditing standards, what are the differences, if any, between the phrases 'true and fair view' and 'presents fairly, in all material respects'?
A)The phase 'true and fair view' is used for fair presentation frameworks while the phrase 'presents fairly, in all material respects' is used for compliance frameworks.
B)The two phrases are equivalent.
C)The phase 'true and fair view' is used for general-purpose financial reporting frameworks while the phrase 'presents fairly, in all material respects' is used for special purpose financial reporting frameworks.
D)The phase 'true and fair view' is used for reasonable assurance reports while the phrase 'presents fairly, in all material respects' is used for limited assurance reports.

Question

Quizplus · Accepted Answer

Both phrases are used interchangeably and have the same meaning in the context of auditing standards - that the financial statements present fairly, in all material respects, the financial position, results of operations, and cash flows of the company in accordance with the applicable financial reporting framework.

For the Purposes of the Approved Auditing Standards, What Are