Question

Which of the following expressions most likely would be included in a management representation letter? 1.we...

Which of the following expressions most likely would be included in a management representation letter?

1.we do not intend to provide any information that may be construed to constitute a waiver of the attorney client privilege
2.there are no significant deficiencies in internal control identified during the prior years audit of which those charged with governance are unaware
3. Certain computer files and other required audit evidence may exist only for a short period of time and only in computer readable form.
4. No events have occurred subsequent to the balance sheet date that require adjustment to, or disclosure in the financial statements

Homework Answers

Answer #1

The following would most likely be included in Management Representation Letter(MRL):

1. This point would not be included in MRL as any information which may constitute as waiver of the attorney client privilege would not be included.

2. The following point would be included in MRL to provide clarification regarding significant deficiencies in internal control.

3. This point is not important and would not be included in MRL.

4. Such point would be included in MRL as the same is required to provided information to Auditor regarding Subsequent Events.

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