Management Representations Flashcards
1
Q
Is the auditor required to obtain a management representation letter?
A
Yes
2
Q
Failure to obtain a rep letter is a?
A
Scope limitation
3
Q
What does the client assert in a management rep letter?
A
That all material matters have been adequately disclosed to the independent auditor
4
Q
When is the rep letter obtained?
A
At the end of the audit
5
Q
Management’s refusal to furnish a rep letter generally results in a?
A
Disclaimer of opinion or withdrawal from audit
6
Q
What date should be on the management rep letter?
A
Same date as the audit report
7
Q
Who must sign the rep letter?
A
Members of management with overall responsibility for financial and operating matters
