Accounting · Written Representations
Which of the following statements is a standard and necessary representation that should be included in a written representation letter from management to the external auditor?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Significant assumptions used in making accounting estimates are entirely free from any estimation uncertainty
- 2Professional judgement and scepticism have been exercised throughout the course of the audit
- 3Due to inherent limitations of the audit, there is a risk that some material misstatements will not be detected
- 4All transactions have been recorded in the accounting records and are reflected in the financial statements✓
Correct answer
All transactions have been recorded in the accounting records and are reflected in the financial statements
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