What is true & fair concept in auditing?

Question

What is true & fair concept in auditing?

Answer 1

True and fair concept in Auditing is that the person who audits the accounts has checked all the accounts in terms of money, means that they have the proof for what and how much they have purchased it may be relating to bills what the company has paid for or at the receiving end where the company has received on sales etc.

It depends upon the auditor who has checked all the accounts of a business and has audited and has certified that the business is running in a proper manner.