Wiley Practitioner's Guide to GAAS 2013: Covering all SASs, SSAEs, SSARSs, and Interpretations

AU 333: Management Representations1

AU-C 580: Written Representations

AU EFFECTIVE DATE AND APPLICABILITY

Original Pronouncement	Statements on Auditing Standards (SASs) 85, 89, and 99.
Effective Date	These statements are now effective.
Applicability	Audits of financial statements in accordance with generally accepted auditing standards (GAAS).

AU-C EFFECTIVE DATE

SAS No. 122, Codification of Auditing Standards and Procedures, is effective for audits of financial statements with periods ending on or after December 15, 2012.

AU-C 580 does not change extant requirements in any significant respect.

AU DEFINITIONS OF TERMS

Representation letter. Written representations obtained from management to confirm oral representations explicitly or implicitly given to the auditor, to indicate and document the continuing appropriateness of such representations, and to reduce the possibility of misunderstanding concerning the matters that are the subject of the representations. It has the following characteristics:

1. Presented in writing and covers all periods addressed in audit report.

2. Addressed to the auditor.

3. Dated no earlier than the date of the auditor’s report.

4. Signed by management on client letterhead.

5. Acknowledges management’s responsibility for the financial statements and management’s belief that the financial statements are presented in accordance with generally accepted accounting principles (GAAP).

6. Confirms management’s oral and written representations to ...