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:

Late Adulthood

The stage of life typically associated with old age, focusing on retirement, physical decline, and reflecting on life achievements.

Retirement

The act of leaving one's job and ceasing to work, typically due to reaching a certain age or health condition, often leading to changes in lifestyle.

Career

involves a series of jobs or occupations undertaken over a period of time, often in a specific industry, that provides progression and personal livelihood.

Conception

The process of fertilization where a sperm and egg meet, resulting in the formation of a zygote and the beginning of pregnancy.