ASA 502 - Audit Evidence - Specific Considerations for Litigation and Claims - October 2009
Written Representations (Ref: Para.7)Written Representations (Ref: Para.7)
Start here
Get a plain-English read of Written Representations (Ref: Para.7)
Turn the raw legal text into a practical explanation grounded in ASA 502 - Audit Evidence - Specific Considerations for Litigation and Claims - October 2009.
Written Representations (Ref: Para.7)
Aus A8.12 ASA 580 deals with the auditor’s responsibility to obtain written representations from management and, where appropriate, those charged with governance, in an audit of a financial report. Appendix 2 of that Standard provides an illustrative example of a representation letter.
Aus A8.13 As management is the primary source of information regarding litigation and claims, the auditor is required to request management to provide written representations about such matters. Written representations from management provide audit evidence regarding litigation and claims that may have a material effect on the financial report.