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If a client refuses to furnish a signed management representation letter, what is the impact on...

If a client refuses to furnish a signed management representation letter, what is the impact on the auditor’s report on the client’s financial statements?  

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Answer #1
Refusal of a signed management representation letter will lead to the suspicion that all other assertions made by management are wrong.
Hence, he cannot provide opinions on financial statements.
Therefore the auditor will give a disclaimer of opinion in its books.
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