particularly those in the catering, retail, tourism andconsumer-based industries. Directors, having a key responsibility to approvethe assumptions adopted by the entity and the key areas of judgement andestimation applied in preparing the financial statements, ...
The FRC’s statement points out that the relevance of the true and fair requirement is indicated by the fact that professional judgement should be applied at all stages of accounts preparation, as opposed to mechanically following the accounting standards. For example: where there is a choice of...
partners and staff of partners and staff o Partners and staff adhere to the principles underlying auditing and ethical standards. o Partners and staff exhibit professional scepticism in their work and are robust in dealing with issues identified during the audit. o Partners and managers have the ...