2.5 pts Craig, an audit partner assigned to the engagement of Rostrum Enterprises is discussing the management letter with one of the audit interns, Kia. Kia is struggling to understand why the auditing firm would spend time and resources preparing and sending this letter. Which of the following choices would represent Craig's best response to Kia's question? O The management letter allows the external auditing firm to document weaknesses in internal control which management needs to fix. So long as these weaknesses are formally documented and delivered to management in a management letter, the auditor can check during future year's audits to ensure these weaknesses have been corrected and will not be held liable for misstatements related to these controls. O The management letter is required by generally accepted auditing standards for all publicly-traded companies, and must be submitted to both the client's management and the audit committee by the last day of the audit. O The drafting and transmittal of the management letter allows the auditor to notify management of observed and documented weaknesses in internal control. This communication to management also allows the auditor to observe how management responds to this notification, which provides a measure of management's concern with effective internal control. O The external auditors' role in providing the management letter is to help itself avoid future litigation pertaining to areas of material weaknesses in internal control that the client has not corrected. If the auditor fails to deliver this notification in a timely manner, the audit firm may be jointly liable for suits brought against the client by third parties. Previous