Which of the following statements is not true with respect to management representations obtained as per AAS11?
Correct answer: B. It should always be in working
- A. Authenticated copy of relevant minutes of meetings may be regarded as management representation
- B. It should always be in working
- C. It may be dated prior to the report date
- D. It should be addressed to the auditor
Explanation
Management representations are not necessarily required to be in writing in every circumstance, although written representations are more reliable and are normally obtained for significant matters. Minutes, proper dating, and addressing the representation to the auditor are acceptable requirements.
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About Auditing
Auditing examines accounting records and financial statements to determine whether they present a reliable and fairly stated position. The subject covers audit objectives, internal controls, audit evidence, materiality, vouching, verification, working papers, auditor independence, audit reports, and the distinction between an audit and accounting or investigation.
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