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'True and fair' in the Netherlands: inzicht or getrouw beeld ?

  • Stephen Zeff
  • Willem Buijink
  • Kees Camfferman
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    In the Netherlands, the standard form of the opinion paragraph of the auditor's report refers to the financial statements giving a getrouw beeld, a phrase which in its literal meaning and material content closely resembles the British 'true and fair view'. However, in Dutch reporting law, the central overriding criterion is worded differently. According to the law, the financial statements are to give an 'insight' into financial position and results. The co-existence of these two phrases, which pre-dates the Fourth Directive, is an interesting departure from practice in other European countries. In this paper, we present an historical analysis of this phenomenon. We argue that it is related to a number of central concerns of the Dutch audit profession, in particular its desire to stay abreast of international developments and its attempts to define a proper balance between auditor responsibility and legal requirements.

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    Article provided by Taylor & Francis Journals in its journal European Accounting Review.

    Volume (Year): 8 (1999)
    Issue (Month): 3 ()
    Pages: 523-548

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    Handle: RePEc:taf:euract:v:8:y:1999:i:3:p:523-548
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    1. Peter Walton, 1997. "The true and fair view and the drafting of the Fourth Directive," European Accounting Review, Taylor & Francis Journals, vol. 6(4), pages 721-730.
    2. Karel Van Hulle, 1997. "The true and fair view override in the European Accounting Directives," European Accounting Review, Taylor & Francis Journals, vol. 6(4), pages 711-720.
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