You are a manager with Hodges Jones \& Sylvia (the Firm) and a member of the Firm's audit team for the audit of Foxtrox Corporation (the Company). The Company supplies lumber for residential construction projects in the Southeastern United States. The engagement senior on the engagement is in the process of assisting you in finalizing the Firm's audit of the financial statements as of and for the year ended December 31, 2022, and you have asked her to prepare the initial draft of the management representation letter. In the process of reviewing the draft of the management representation letter with her, she asked you a number of questions about the letter and commented to you, "couldn't we save a lot of time with some of the general audit program steps, such as subsequent events, contingencies, and compliance with laws and regulations, by simply getting management's written representation regarding any potential issues?" Required: By reference to AU-C Section 580, Written Representations, prepare a brief note to be used while discussing this comment with the engagement senior