Why are many of the revenue and expense accounts audited by analytical procedures only?
Answer to relevant QuestionsWhat procedures can be applied to audit minor expense accounts?What representations would you request that management make in the representation letter with respect to related parties? Receivables? Inventories? Minutes of meetings? Subsequent events? Auditors are required to obtain representation letters from the auditee’s lawyer to elicit information on claims and possible claims that may affect the financial statements.Required:a. Discuss the audit evidence provided ...The controller of Kim Engineering Ltd. (KEL) sent a legal representation letter to KEL’s law firm at the request of the company’s auditors. The controller told the auditors that there are no lawsuits presently ongoing. ...List the four types of financial reporting frameworks for financial statements set out in CAS 200. Explain which type of framework IFRS and ASPE would be classified as.
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