Show Key Co. plans to present comparative financial statements for the years ended December 31, 2005, and 2006, respectively. Smith, CPA, audited Key's financial statements for both years and plans to report on the comparative financial statements on May 1, 2007. Key's current management team was not present until January 1, 2006. What period of time should be covered by Key's management representation letter? What date should be on management representation letter?A management representation letter would ordinarily be dated the same date as the auditor's report, although it may be dated and received later to confirm oral representations. However, the letter should be is not dated no earlier than the auditor's report.
Who is management Rep letter addressed to?The Management Representation Letter is a letter addressed to a federal entity's external auditor, signed by senior management. The letter attests to the accuracy of the financial information that the federal entity has submitted to the auditors for their analysis.
Who normally writes management representation letter to whom?Management representation is a letter issued by a client to the auditor in writing as part of audit evidences. The representations letter must cover all periods encompassed by the audit report, and must be dated the same date of audit work completion.
What is a written representation from management?Written representation – A written statement by management provided to the auditor to confirm certain matters or to support other audit evidence.
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