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LEGAL REQUIREMENT

This topic has 2 replies, 2 voices, and was last updated 7 years ago by Ken Garrett.

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December 3, 2016 at 6:36 pm #353504
yoel
Participant
- Topics: 12
- Replies: 11
Which of the following are consequences of failure to comply with the legal requirements of maintaining financial records?
a. fines
b. prosecution
c. difficulties raising finance
d. unqualified audit report
e. damaged reputation
f. qualified audit report
December 3, 2016 at 6:40 pm #353505
yoel
Participant
- Topics: 12
- Replies: 11
MA ANSWER WAS a, b, c, d, e, because i believe they should be consequences but I was given an answer of a, b, c, e and f only qualified audit report should not be a consequence whats ur take on this sir
December 3, 2016 at 9:47 pm #353551
Ken Garrett
Keymaster
- Topics: 10
- Replies: 10522
I agree with A B C E F
An unqualified audit report is given only if the financial statements show a true and fair view. They could not do that if proper financial records had not been maintained.
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