It means interpreting or applying a rule of regulation literally, rather than in a practical and flexible way which accords justice and also ensures a truer picture of the reality is presented. Exploration companies are the victims of black letter law when it comes to auditors signing off on their accounts each year. Because of the way accounting rules are written, companies routinely have to publish a set of audited accounts in which the auditor will state that there is significant concern about the financial viability of the company going forward.
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