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LEGAL REQUIREMENT

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA BT – FIA FBT › LEGAL REQUIREMENT

  • This topic has 2 replies, 2 voices, and was last updated 9 years ago by AvatarKen Garrett.
Viewing 3 posts - 1 through 3 (of 3 total)
  • Author
    Posts
  • December 3, 2016 at 6:36 pm #353504
    Avataryoel
    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
    Avataryoel
    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
    AvatarKen Garrett
    Keymaster
    • Topics: 10
    • Replies: 10657
    • ☆☆☆☆☆

    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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