Management Representation Letter in External Audit

To outline the auditor's responsibilities and scope of work

To summarize the audit findings and recommendations for the company

To attest to the accuracy and completeness of the financial statements provided to the auditors (correct)

To provide the auditors with a legal defense against potential lawsuits

All members of the company's executive management team

The external auditor and the company's board of directors

The CEO and the most senior accounting person (e.g., CFO) (correct)

The external auditor and the company's legal counsel

During the audit fieldwork

Before the audit fieldwork begins

After the financial statements are issued, along with the auditor's opinion

After the audit fieldwork is completed, but before the financial statements are issued (correct)

<p>To serve as part of the audit evidence used by the auditors</p> Signup and view all the answers

<p>The management representation letter shifts some blame to management</p> Signup and view all the answers

<p>The auditor typically will not issue an opinion without a signed management representation letter</p> Signup and view all the answers