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Classify each of the following issues according to whether they will be (1) included in written representations in all audits, (2) included in written
Classify each of the following issues according to whether they will be (1) included in written representations in all audits, (2) included in written representations in audits of public entities (under PCAOB standards), or (3) not included in written representations: a. Management acknowledgment of its responsibility for the fairness of the financial statements in accordance with U.S. GAAP. Not included in written representations. Included in written representations in all audits. Included in written representations in audits of public entities. b. A list of pending or threatened litigation, claims, or assessments currently outstanding against the client. Included in written representations in audits of public entities. Not included in written representations. Included in written representations in all audits. c. A description of recommendations that allow the client to improve the efficiency and effectiveness of its operations. Not included in written representations. Included in written representations in audits of public entities. Included in written representations in all audits. d. Availability of all financial records and related data. Included in written representations in audits of public entities. Included in written representations in all audits. Not included in written representations. e. Information related to the presentation and disclosure of items within the financial statements. Not included in written representations. Included in written representations in all audits. Included in written representations in audits of public entities. f. Disclosure of all significant deficiencies and material weaknesses in internal control. Included in written representations in all audits. Not included in written representations. Included in written representations in audits of public entities. g. Information concerning fraud involving management and employees who have significant roles in internal control. Included in written representations in all audits. Included in written representations in audits of public entities. Not included in written representations. h. Auditors' judgment about the quality of the client's accounting principles. Not included in written representations. Included in written representations in all audits. Included in written representations in audits of public entities. 1. Management's conclusion about the effectiveness of its internal control over financial reporting. Not included in written representations. Included in written representations in audits of public entities. Included in written representations in all audits. J. A statement that the financial statements are prepared according to U.S. generally accepted accounting principles. Not included in written representations. Included in written representations in audits of public entities. Included in written representations in all audits.
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