Measures have been introduced recently to further regulate the conduct of auditors, but are we following the US down the rules-based route?
People outside the business community would imagine that the audit of annual accounts produces a ‘right answer’ or ‘wrong’.
Yet life is never that simple. Putting together financials requires professional judgment, which creates shades of grey.
The best interpretation of accounting and governance standards should present the most accurate and transparent picture of a company’s financial status.
Auditors check the numbers, and use their judgment to decide whether they present and true and fair view of annual accounts.
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