April 2022
Intermediate to advanced
1056 pages
34h 59m
English
Content preview from Wiley Practitioner's Guide to GAAS 2022
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25AU-C 580 Written Representations
- Technical Alert
- Scope
- Definition of Term
- Objectives of AU-C Section 580
- Requirements
- Reliance on Management Representations
- Obtaining Written Representations
- Financial Statements
- Completeness of Information
- Fraud
- Recognition, Measurement, and Disclosure
- Subsequent Events
- Tailoring the Representation Letter
- Materiality Considerations
- Addressing and Dating the Letter
- Signing the Letter
- Doubt about Reliability of Written Representation
- Requested Representation Letter Not Provided
- Representations Required by Other AU-C Sections
- Auditor's Relationship with a Small or Nonpublic Client
- AU-C 580 Illustrations
TECHNICAL ALERT
In July 2020, the ASB issued SAS 143, Auditing Accounting Estimates and Related Disclosures. The SAS makes minor changes to AU-C 580. Those changes are included in this chapter.
SCOPE
AU-C 580 provides guidance on when to obtain written representations from management and those charged with governance. Illustrations at the end of this chapter list other AU-C sections with written representation requirements. (AU-C 580.01)
DEFINITION OF TERM
Source: AU-C 580.07. For the definition related to this standard, see Appendix A, “Definitions of Terms”: Written representation.
OBJECTIVES OF AU-C SECTION 580
The objectives of the auditor are to
- obtain written representations from management and, when appropriate, those charged with governance that they believe that ...
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