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Wiley Practitioner's Guide to GAAS 2018, 2nd Edition
book

Wiley Practitioner's Guide to GAAS 2018, 2nd Edition

by Joanne M. Flood
April 2018
Beginner to intermediate content levelBeginner to intermediate
880 pages
28h 54m
English
Wiley
Content preview from Wiley Practitioner's Guide to GAAS 2018, 2nd Edition

AU-C 580 Written Representations

AU-C Original Pronouncement

Source Statement on Auditing Standards (SAS) 122.

AU-C Definition of Term

Source: AU-C 580.07

  1. Written representation. A written statement by management 1 provided to the auditor to confirm certain matters or to support other audit evidence. Written representations in this context do not include financial statements, the assertions therein, or supporting books and records.

Objectives of AU-C Section 580

AU-C Section 580.06 states that:

…the objectives of the auditor are to

  1. obtain written representations from management and, when appropriate, those charged with governance that they believe that they have fulfilled their responsibility for the preparation and fair presentation of the financial statements and for the completeness of the information provided to the auditor;
  2. support other audit evidence relevant to the financial statements or specific assertions in the financial statements by means of written representations if determined necessary by the auditor or required by other AU-C sections; and
  3. respond appropriately to written representations provided by management and, when appropriate, those charged with governance or if management or, when appropriate, those charged with governance do not provide the written representations requested by the auditor.

Requirements

Reliance on Management Representations

Management representation letters are audit evidence, and they serve to:

  1. Establish and remind ...
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Publisher Resources

ISBN: 9781119396482Purchase book