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True and fair view of financial statement
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[QUOTE="Yakub02, post: 303663, member: 94426"] Self-review threats Self-review threats occur when a previous judgement needs to be re-evaluated by members responsible for that judgement. For example, where a member has been involved in maintaining the accounting records of a client he may be unwilling to find fault with the financial statements derived from those records. Again, this would threaten the fundamental principle of objectivity. Circumstances that may create self-review threats include, but are not limited to, business decisions or data being subject to review and justification by the same chartered accountant in business responsible for making those decisions or preparing that data. Advocacy threats A chartered accountant in business may often need to promote the organisations position by providing financial information. As long as information provided is neither false nor misleading such actions would not create an advocacy threat. Familiarity threats Familiarity threats occur when, because of a close relationship, members become too sympathetic to the interests of others. Examples of circumstances that may create familiarity threats include: i. A chartered accountant in business in a position to influence financial or non-Financial Reporting or business decisions having an immediate or close family member who is in a position to benefit from that influence. ii. Long association with business contacts influencing business decisions. iii. Acceptance of a gift or preferential treatment, unless the value is clearly insignificant [/QUOTE]
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True and fair view of financial statement
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