Why are written management representations and lawyers’ letters obtained at the final stage of the audit and dated as close as possible to the audit report date?
Answer to relevant QuestionsHow can related-party transaction affect the financial statements?What procedures can be used to verify the accuracy of the information presented in the cash flow statement?In connection with your audit, you request that management provide you with a letter containing certain representations, such as the following:1. The auditee has satisfactory title to all assets.2. No contingent or ...You are in the process of winding up the field work on Top Stove Corporation, a company that manufactures and sells kerosene space heating stoves. To date, there has been every indication that the financial statements of the ...What is the overall objective of an audit of an organization’s financial statements, and how does an auditor achieve this objective?
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