True and Fair': UK Auditors' View

Abstract

An earlier paper surveyed the behaviour of finance directors of the 900 largest UK companies with respect to giving a true and fair view in annual accounts. This present paper results from personal interviews with technical partners of all the 20 largest UK auditing firms (which includes the auditors of nearly all the companies in the previous survey). The paper examines the operational meaning of ‘true and fair’ to large auditing firms, and how it fits into the context of law and standards. It is concluded that one effect of the requirement as it works in practice is to give support to auditors' views in areas not yet covered by accounting standards. Contrasts emerge between the interpretations of directors and those of auditors.

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