What is "true and fair"?

Interesting work on Audit in the Brydon review: , concluding that audit can "serve a much more useful purpose", and it can serve a wider stakeholder group. The review moves audit concerns closer to corporate governance issues, stating “The purpose of an audit is to help establish and maintain deserved confidence in a company, in its directors and in the information for which they have responsibility to report, including the financial statements.” The report recommends that ‘true and fair’ be replaced in UK company law with the term ‘present fairly, in all material respects’. Have a think :

FRC: REPORT OF THE INDEPENDENT REVIEW INTO THE QUALITY AND EFFECTIVENESS OF AUDIT :

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/852960/brydon-review-final-report.pdf