audit.....

Substantive procedure – An audit procedure designed to detect material misstatements at the assertion level. Substantive procedures comprise:
(i) Tests of details (of classes of transactions, account balances, and disclosures), and
(ii) Substantive analytical procedures


From Jan 2005, from the point of view of HKICPA , the “true and fair view”for is full set financial statements and “true and correct view”is simplified version of financial statements. The second is considered favourable choice to small to medium size entreprise because it save cost and time for financial reporting and you follow an accounting standard of only 73 pages (whereas there are over thousand pages of standards for the first one).
Since “true and correct view” is restricted to small to medium size enterprises and is a quite new one, it is more rare than “true and fair view”
Details:
From accounting period commencing from 1 Jan 2005 and later, when you say a set of financial statements give a true and fair view, the very first prerequirsite is compliance with HKFRSs. http://www.hkicpa.or g.hk/ebook/main.php
From accounting period commencing from 1 Jan 2005 and later, when you say a set of financial statements give a true and correct view, the very first prerequirsite is compliance with SME-FRS. The second prerequisite is fullfilling requirements in s.141D of the Companies Ordinance
http://www.legislati on.gov.hk/blis_ind.n sf/e1bf50c09a33d3dc4 82564840019d2f4/b5a0 1135d9427ea548256cf3 0013affe?OpenDocumen t
which requires agreement of using this format of financial statements by ALL shreholders, and the company itself has no HK holding company nor subsidiary.