The letter itself, including the written representations, should be addressed to the auditor. Because the auditor is concerned with events occurring through the date of his or her report, the representations should be made as of the date of the auditor's report.
The specific written representations obtained by the auditor will depend on the circumstances of the engagement and the nature and basis of presentation of the financial statements. At a minimum, the following topics are normally addressed in the letter:
A. Financial Statements - management's responsibility for fair presentation and beliefs re: conformity with GAAP.
B. All requested information is complete.
C. Management's responsibility to prevent and detect fraud.
D. Subsequent events.
E. Related party transactions and guarantees
F, Significant estimates and material concentrations known to management
G. Certain Significant Risks and Uncertainties - including violation of laws/regulations; unasserted claims or assessments and litigation.
H. Compliance with contractual agreements
One other concept is that management's representations may be limited to matters that are considered either individually or collectively "material" to the financial statements, provided management and the auditor have reached an understanding on materiality for this purpose. Typically, material items are items such that would cause a reasonable person to have a different assessment of the entity's financial position if they proved to be different than what is stated in the financial statements.
a management letter of representation is a letter written by the management to the auditor confirming all the representations made to him in the couse of his audit work
According to the Statements of Standards for Accounting and Review Services, a management representation letter is not required for a compilation. A management representation letter is not needed either in this situation.
its the role of manager, he is the symbolic representation of an organization.
DATA flow diagram
because it gives a project to be successful because it contents contract management, schedule management, and investage (cost) management, you should find a equilibrium point considering those 3 elements.
a management letter of representation is a letter written by the management to the auditor confirming all the representations made to him in the couse of his audit work
According to the Statements of Standards for Accounting and Review Services, a management representation letter is not required for a compilation. A management representation letter is not needed either in this situation.
What actions can auditors take if management refuse to sign letter of representation
A MANAGEMENT REPRESENTATION LETTER is signed the management of the company being audited. An AUDIT ENGAGEMENT LETTER is signed by both an offical from the auditing firm and the management of the company being audited. (Nt exactly sure which one you wanted.)
yes
explain the contents of Enquiry letter.
There can sometimes be legal representation but not in all cases. It will depend on how in depth the case is and if it can be resolved with out legal assistance.
its the role of manager, he is the symbolic representation of an organization.
If a person is looking for exclusive representation, they should write a letter to an attorney of their choice. The letter should include why they need exclusive representation and ensure they have the funds to hire the attorney.
DATA flow diagram
What is the eight letter word for a pictorial representation of the frequency table?
100011