In europe the audit reports use the expression true and, Ask an Expert

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In Europe, the audit reports use the expression "true and fair view" to characterize the results of the audit. Do you think there is a meaningful difference between that language and the "present fairly" statement made in U.S. audit reports?

As a user of the financial statements in each instance, does one expression more than the other give you a greater comfort level with respect to the conformity of the financial statements with GAAP? Why or why not?

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