Qualities of final accounts
i) That they use acceptable accounting principles which have been consistently
applied and are appropriate to business
ii) The results of operations; income statement, state of affairs; Balance sheets and all other information included in financial statements are compatible with each other and with auditor‘s knowledge of enterprise
iii) There is adequate disclosure of all appropriate matters and the information contained in financial statements is suitably classified and presented e.g. a loan to subsidiary should not be described as cash at bank
iv) There is compliance with statutory requirements e.g. the Companies Act
v) There is compliance with other relevant regulations e.g. stock exchange regulations.
vi) There is compliance with accounting standards.
