Which of the Following Is True About Management Representations Obtained

question 433

Multiple Choice

Which of the following is true about management representations obtained during an engagement to review the financial statements of a nonissuer?

• A) Written representations from the current management are required for all periods being reported on.
• B) Written representations with respect to prior periods should not be provided by the current management if they were not present during those periods.
• C) Written representations should be addressed to members of management whom the accountant believes are responsible for and knowledgeable about the matters covered in the representation letter.
• D) Written representations need not include information concerning subsequent events.

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Definitions:

United States

A country located in North America, consisting of 50 states, and known for its significant influence on world politics, economy, and culture.

Witness

An individual who observes an event taking place, especially one who can give a first-hand account of it, often legally.

Will

A legal document by which a person expresses their wishes as to how their property is to be distributed at death, and names one or more persons, the executor, to manage the estate until its final distribution.

Age

A measure of the time an individual or object has existed, often used to denote maturity or the life stage of living beings.