"which of the following statements is most likely to be included in an attorney letter"

Why do auditors request responses to attorney letters from auditors?

Which of the following statements is most likely to be included in an attorney letter? a. “Certain representations in this letter are described as being limited to matters that are material.” b. “If any unasserted claims or assessments are omitted from this disclosure, please pro-vide this information directly to our auditors.” ...

Which method is used to corroborate information on litigation claims and assessments?

2. Which of the following statements is most likely to be included in an attorney letter? A. “Certain representations in this letter are described as being limited to matters that are material.” B. “Please furnish to our auditors such explanation, if any, that you consider necessary to supplement the foregoing information.” C.

What is an auditor required to establish in writing with clients?

Which of the following statements is most likely to be included in an attorney letter? "Please furnish to our auditors such explanation, if any, that you consider necessary to supplement the foregoing information." After the audit report release date, the auditors determine that an important auditing procedure was omitted. Which of the ...

When does an attorney letter limit the scope of an audit?

Dec 09, 2021 · Which of the following statements is most likely to be included in an attorney letter? - 23289148 MariadelizaMag6622 MariadelizaMag6622 09.12.2021 Science Senior High School answered Which of the following statements is most likely to be included in an attorney letter? 1 See answer

What should be included in a representation letter?

Contents of a Management Representation Letter All board of directors minutes are complete. Management has made available all letters from regulatory agencies regarding financial reporting noncompliance. There are no unrecorded transactions. The net effect of all uncorrected misstatements is immaterial.Feb 5, 2022

Which of these persons generally does not participate in writing the management letter?

Which of these persons generally does not participate in writing the management letter? - Client's outside attorneys. Which of the following is ordinarily performed last in the audit examination? Obtaining signed written representations.

What is the primary purpose of obtaining written representations?

Written representation – A written statement by management provided to the auditor to confirm certain matters or to support other audit evidence.

Are attorney letters required in an audit?

15 Question—Section 337 paragraph . 06 requires an auditor to request that the client's management send a letter of inquiry to those lawyers with whom management has consulted concerning litigation, claims, or assessments. In some instances, management may not have consulted a lawyer.

Who has the primary responsibility for establishing and maintaining a company's system of internal control?

ManagementManagement is responsible for establishing and maintaining an adequate system of internal control over financial reporting, including safeguarding of assets against unauthorized acquisition, use or disposition.

Which of the following is typically the auditors initial procedure performed to identify litigation claims and assessments?

Which of the following is typically the auditors' initial procedure performed to identify litigation, claims, and assessments? Inquire of the entity regarding the existence of litigation, claims, and assessments.

Which of the following matters would an auditor most likely include in a management representations letter?

Which of the following matters will an auditor most likely include in a management representation letter? Management's acknowledgment of its responsibility to detect employee fraud.

What is the nature and purpose of a letter of representations?

written confirmation from management to the auditor about the fairness of various financial statement elements. The purpose of the letter is to emphasize that the financial statements are management's representations, and thus management has the primary responsibility for their accuracy.

When using management's written representations as audit evidence about the completeness assertion An auditor should consider that such representations?

When using management's written representations as audit evidence about the completeness assertion, an auditor should consider that such representations: Complement, but do not replace, substantive procedures designed to support the assertion.

What is an attorney's letter?

An attorney's letter is a formal business letter sent by a certified public accountant (CPA) to a client's attorney. The attorney's letter verifies the information sent by the management of a company pertaining to pending litigation of the company.

What is a letter of audit inquiry?

A letter of audit inquiry to the client's lawyer is the auditor's primary means of obtaining corroboration of the information furnished by management concerning litigation, claims, and assessments.

What is an audit response letter?

audit response letter provided to the auditor in which a lawyer provides information about loss. contingencies as of a date after the date of the lawyer's initial response to the audit inquiry letter. and any previous update.