Management Representations

Question 1

Is the auditor required to obtain a management representation letter?

Answer 1

Yes

Question 2

Failure to obtain a rep letter is a?

Answer 2

Scope limitation

Question 3

What does the client assert in a management rep letter?

Answer 3

That all material matters have been adequately disclosed to the independent auditor

Question 4

When is the rep letter obtained?

Answer 4

At the end of the audit

Question 5

Management’s refusal to furnish a rep letter generally results in a?

Answer 5

Disclaimer of opinion or withdrawal from audit

Question 6

What date should be on the management rep letter?

Answer 6

Same date as the audit report

Question 7

Who must sign the rep letter?

Answer 7

Members of management with overall responsibility for financial and operating matters