|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).|
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.
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: