What is the main purpose of a written management representation letter? a. Shift responsibility for financial statements

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What is the main purpose of a written management representation letter?

a. Shift responsibility for financial statements from the management to the auditor.

b. Provide a substitute source of evidence for detail procedures auditors would otherwise perform.

c. Provide management a place to make assertions about the quantity and valuation of the physical inventory.

d. Obtain management’s acknowledgement of its ultimate responsibility for the financial statements and disclosures.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Related Book For  answer-question

Auditing An International Approach

ISBN: 978-1259087462

7th edition

Authors: Wally J. Smieliauskas, Kathryn Bewley

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