Problem 1 (10 points) Provided below is a list of statements that may or may not typically be included in the management representation letter LIST OF STATEMENTS THAT MAY OR MAY NOT BE INCLUDED IN THE MANAGEMENT REPRESENTATION LETTER Item Statement Included 1. The company is not independent with regard to the financial statements. The company appro ved all estimates made by the auditor in the financial statements. 3. T he company has made available to the auditor all minutes of the meetings of the board of directors. 4. All information in the notes to the financial statements is the representation of the auditor 5. The company has no plans that may materially affect the carrying value of assets or liabilities 6. We have no knowledge of alleged fraud or suspected fraud. 7. All items included in this letter are assumed to be immaterial 8. Related party transactions have been properly disclosed in the financial statements. 9. No events have occurred subsequent to the balance sheet date that would require disclosure in the financial statements. 10. We have recorded no transactions that would have a negative effect on earnings REQUIRED: Determine which of the above statements would typically be included in the management representation letter obtained by the auditor. Indicate your answer by inserting "YES" or "NO" in the box provided next to the statement