Classify each of the following issues according to whether they will be
(1) Included in written representations in all audits,
(2) Included in written representations in audits of public entities (under AS 5), or ( 3) not included in written representations:
a. Management acknowledgment of its responsibility for the fairness of the financial statements in accordance with U. S. GAAP.
b. A list of pending or threatened litigation, claims, or assessments currently outstanding against the client.
c. A description of recommendations that allow the client to improve the efficiency and effectiveness of its operations.
d. Availability of all financial records and related data. e. Information related to the presentation and disclosure of items within the financial statements.
f. Disclosure of all significant deficiencies and material weaknesses in internal control.
g. Information concerning fraud involving management and employees who have significant roles in internal control.
h. Auditors’ judgment about the quality of the client’s accounting principles.
i. Management’s conclusion about the effectiveness of its internal control over financial reporting.
j. A statement that the financial statements are prepared according to U. S. generally accepted accounting principles.

  • CreatedOctober 27, 2014
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