Yakub02
Banned
Preparation and reporting of information'
Chartered accountants in business are often involved in the preparation and reporting of information that may either be made public or used by others inside or outside the employing organisation.
Such information may include financial or management information, for example:
i. forecasts and budgets; ii.
financial statements; iii. management discussion and analysis; and iv. the management letter of representation provided to the auditors as part of an audit of financial statements. Information must be prepared and presented fairly, honestly and in accordance with relevant professional standards. In particular, financial statements must be prepared and presented in accordance with the applicable Financial Reporting standards.
A chartered accountant in business must maintain information for which he is responsible in a manner that: (i) describes clearly the true nature of business transactions, assets or liabilities; (ii) classifies and records information in a timely and proper manner; and (iii) represents the facts accurately and completely in all material respects.
Threats to compliance with the fundamental principles, for example self-interest or intimidation threats to objectivity or professional competence and due care, may be created where a chartered accountant in business may be pressured (either externally or by the possibility of personal gain) to become associated with misleading information or to become associated with misleading information through the actions of others
Chartered accountants in business are often involved in the preparation and reporting of information that may either be made public or used by others inside or outside the employing organisation.
Such information may include financial or management information, for example:
i. forecasts and budgets; ii.
financial statements; iii. management discussion and analysis; and iv. the management letter of representation provided to the auditors as part of an audit of financial statements. Information must be prepared and presented fairly, honestly and in accordance with relevant professional standards. In particular, financial statements must be prepared and presented in accordance with the applicable Financial Reporting standards.
A chartered accountant in business must maintain information for which he is responsible in a manner that: (i) describes clearly the true nature of business transactions, assets or liabilities; (ii) classifies and records information in a timely and proper manner; and (iii) represents the facts accurately and completely in all material respects.
Threats to compliance with the fundamental principles, for example self-interest or intimidation threats to objectivity or professional competence and due care, may be created where a chartered accountant in business may be pressured (either externally or by the possibility of personal gain) to become associated with misleading information or to become associated with misleading information through the actions of others
