As per the Conceptual framework, the financial information must have below provided characteristics to be useful for primary users.
a) Relevance
b) Faithful Representation
As per Auditing Standard AUS “Management Representations”, an auditor is required to obtain a written representation from the management as an audit evidence. This management may be relevant financial information; however, there are chances that management does not present it faithfully to deceive others (Shad, et al. 2019).
Sunk cost or committed costs are those cost which has already been incurred and shall not be a part of consideration now or in future. This type of cost may be faithfully represented but may not be relevant for the primary users or management (Dam, & Hotwani, 2018).
An auditor shall take external confirmations of balances as per the relevant Standard on Auditing. The confirmed balances of creditors and debtors are both relevant and faithfully represented in the financial reports of the company.
Corporate disclosure policy of the organisations may be used to maintain or regain organisational legitimacy by following ways:
a) Corporate disclosure policy aims to provide information and education regarding the changes taking or taken place in the activities or operations of the organisation.
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