If a statutory board complies with a standard prescribed by law, will AGO deem these financial statements as true and fair?
Compliance with legislated financial reporting standards per se does not necessarily result in financial statements that are true and fair. In forming an audit opinion, AGO will also assess the appropriateness of accounting policies adopted by the statutory board and the adequacy of its disclosures so as to determine whether the financial statements do show a true and fair view of its financial position and results. For example, if a statutory board chooses not to disclose certain transactions (even if allowed under the financial reporting standards) and AGO assesses that these non-disclosures had materially affected the financial statements, AGO will issue a modified or a qualified audit report depending on the severity of the non-disclosure. This is consistent with the requirements of the Singapore Standards on Auditing.
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