Transcription of Management Representations - American Institute of ...
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Management Representations - American Institute of ...
Management Representations1941AU Section 333 Management Representations (Supersedes SAS No. 19.)Source: SAS No. 85; SAS No. 89; SAS No. 99; SAS No. section 9333 for interpretations of this for audits of financial statements for periods ending on orafter June 30, 1998, unless otherwise section establishes a requirement that the independent auditorobtain written Representations from Management as a part of an audit of fi-nancial statements performed in accordance with generally accepted auditingstandards and provides guidance concerning the Representations to be on Management an audit, Management makes many Representations to the au-ditor, both oral and written, in response to specific inquiries or through the fi-nancial statements. Such Representations from Management are part of theaudit evidence the independent auditor obtains, but they are not a substitutefor the application of those auditing procedures necessary to afford a reasonablebasis for an opinion regarding the financial statements under audit.
a comprehensive basis of accounting other than generally accepted accounting principles. The specific representations to be obtained should be based on the nature and basis of presentation of the financial statements being audited. 4 Paragraph .07 of section 312, Audit Risk and Materiality in Conducting an Audit, states that
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