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Is a management representation letter necessary for a compilation?
Wiki User
∙ 11y ago
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.
Wiki User
∙ 11y ago
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What is a management representation letter?
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
Contents of management representation letter?
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.
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What is a management representation letter?
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
What actions can auditors take if management refuses to provide a letter of representation?
What actions can auditors take if management refuse to sign letter of representation
Who is allowed to sign auditors 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.)
Is a management Representation letter required for agreed upon procedures?
yes
How can you write a request letter for exclusive representation?
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.
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What is a notice of representation letter?
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