What Is a Written Representation

question 100

Multiple Choice

What is a written representation?

• A)A written statement by management provided to the auditor to confirm certain matters or to support other audit evidence.
• B)A letter from management to the auditor acknowledging management's responsibility for the preparation of the financial statements.
• C)A written statement containing details of any verbal representations made by management during the course of the audit.
• D)A letter from auditor to the management informing their concerns.

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Definitions:

Free-Trade Zone

A specially designated area where goods can be imported, stored, handled, manufactured, or reconfigured without being subject to customs duty.

Dumping

The practice of a company or country exporting goods at a price lower than their domestic market or below their cost of production.

Exports

Goods or services sold by a country to buyers in other countries.

Quotas

Limits set by governments on the quantity of a certain good that can be imported or exported during a specified time frame.