What Information Should Be Included in the Representation Letter

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The Answer is a. The representation letter should include discussion of:
b. Specific reference to management's responsibilities for the financial statements
c. A statement that management believes the financial statements to be free of material misstatement.
d. The completeness of financial records, documents, minutes of board meetings, and regulatory reports made available to the auditor
e. The absence of unrecorded errors or transactions related to the financial statements and management's belief that the effect of any uncorrected errors is immaterial
f. The completeness of information pertaining to related party transactions
g. The completeness of information pertaining to subsequent events and uncertainties
h. Information about any frauds or illegal acts that may have occurred
i. Management plans that might have an impact on the valuation or classification of transactions
j. Legal title of assets, liens against assets, and compliance with contractual obligations.
k. Information about issues that may require disclosure or accounting recognition including significant estimates, risk and uncertainties, regulatory noncompliance, unasserted claims, and contingent losses

What Information Should Be Included in the Representation Letter

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What Information Should Be Included in the Representation Letter

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Correct Answer:
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