1
Q
what is the format of written representation?
A
1) Prepare a draft management representation letter.
2) Ask the directors to sign it
3) Require its return as evidence before audit report is signed.
2
Q
What are the contents of the management representation letter?
A
- Confirmation that management has fulfilled its responsibility for the preperation of FS
- Conformation that all relevant information has been provided
- Conformation that all transactions have been recorded and reflected in the FS.
2
Q
When should the management letter be dated?
A
As near as possible to the due date of the audit report
3
Q
A
ACA: Assurance
flashcards
Decks in class (12)
# Cards
-
Chapter 1: Concept of and need for assurance22
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Chapter 2: Process of assurance engagement6
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Chapter 3: Process of assurance- Planning8
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Chapter 3.2: Process of assurance- Planning5
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Chapter 4: Process of assurance- Evidence and reporting5
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Chapter 5: Internal controls6
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Chapter 9: Internal audit3
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Chapter 10: Documents6
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Chapter 11: Evidence and Sampling5
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Chapter 12: Written representation4
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Chapter 14: Codes of professional ethics and regulatory issues5
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Chapter 16: Confidentiality5
