What representations would you request that management make in the representation letter with respect to related parties? Receivables? Inventories? Minutes of meetings? Subsequent events?
Answer to relevant QuestionsWhat is the purpose of to-do lists in the audit documentation? What is a good reason for keeping the to-do lists in the audit working paper files? Crankwell Inc. is preparing its annual financial statements and report to shareholders. Management wants to be sure that all of the necessary and proper disclosures are incorporated into the financial statements and the ...The following events occurred in independent cases, but in each instance the event happened after the close of the fiscal year under audit but before all members of the audit team had left the office of the auditee. For each ...What is the overall objective of an audit of an organization’s financial statements, and how does an auditor achieve this objective?After the audit report has been issued, someone discovers that the auditee had a material, unrecorded bank loan outstanding at year-end. There was no confirmation requested from that bank as the auditors were not aware of ...
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