Why is it so important to obtain a letter of representations from an audit client?
Answer to relevant QuestionsHow can auditors evaluate internal controls when their clients use IT outsourcing?Refer to the notes payable audit program excerpt presented in Exhibit 7-3. If an auditor had a copy of his client’s data file for its notes receivable, how could a general audit software or data analysis software package ...What kinds of audit tools are used to perform routine tests on electronic data files taken from databases? List the types of tests that can be performed with these tools.Issues with the client representation letter.a. Would it be appropriate for Pannor to reopen the audit testing phases in order to expand procedures, in light of the lack of representative evidence from management? Why or why ...Describe what is likely to occur if company personnel erroneously recorded a sales transaction for the wrong customer? What if a cash receipt was applied to the wrong customer? Identify internal controls that would detect or ...
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