A major objective of written representations is toa. Shift responsibility for financial statements from the management to auditors.b. Provide a substitute source of audit evidence for substantive procedures that auditors would otherwise perform.c. Provide management an opportunity to make assertions about the quantity and valuation of the physical inventory.d. Impress on management its ultimate responsibility for the financial statements and disclosures.
A major objective of written representations is toa. Shift responsibility for financial statements from the management to auditors.b. Provide a substitute source of audit evidence for substantive procedures that auditors would otherwise perform.c. Provide management an opportunity to make assertions about the quantity and valuation of the physical inventory.d. Impress on management its ultimate responsibility for the financial statements and disclosures.
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process
Section: Chapter Questions
Problem 7CYBK
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A major objective of written representations is to
a. Shift responsibility for financial statements from the management to auditors.
b. Provide a substitute source of audit evidence for substantive procedures that auditors would otherwise perform.
c. Provide management an opportunity to make assertions about the quantity and valuation of the physical inventory.
d. Impress on management its ultimate responsibility for the financial statements and disclosures.
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