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Simple meaningFinancial statements that are free from material misstatement and fairly presented.
Relevant ActCompanies Act, 2013
Section / ruleSections 129, 143
Technical meaning
The standard against which auditors report on financial statements prepared under the applicable framework.
Practical example
The auditor's report states whether accounts give a true and fair view.
Related terms
Official reference
Companies Act, 2013, Sections 129, 143
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