There is quite a lot of misunderstanding about what auditors mean when they sign off accounts as "true and fair". For instance, they are not 100% certifying every number in the balance sheet and profit and loss account.
"True" means the numbers given by the directors are reasonably accurate to within a level of tolerable error. If the accounts of, say, BP had to be certified as accurate to the nearest penny, the audit fee would be prohibitively high.
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Thousands more pay inheritance tax with figures expected to double before decade’s endNumber of deaths triggering inheritance tax rose 13% in a year with more increases predicted as Rachel Reeves’ pension reforms apply from April 2027
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