What is the purpose of obtaining management’s representations? What impact does the management representations letter have on other audit steps that need to be performed?
Answer to relevant QuestionsWhat are the two types of subsequent events that affect a financial statement audit? What subsequent events affect an ICFR audit? How does each of these impact the audit findings?To what individuals does an auditor make communications? For an ICFR audit, briefly explain how the communications required to go to the various individuals differ.What specific words are characteristics of the different types of audit reports?Why do companies in the automotive industry need extensive IT systems linked to purchasing to manage their inventory?What are important detective controls for cash disbursements?
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