In obtaining representations from lawyers, Jill Malano's aim is to receive the representation letters as early as

Question:

In obtaining representations from lawyers, Jill Malano's aim is to receive the representation letters as early as possible after the balance sheet date. This provides her with a signed letter from every lawyer in time to investigate properly any exceptions. It also eliminates the problem of a lot of unresolved loose ends near the end of the audit. Evaluate Malano's approach.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...