When Performing a Review (SSARS Review) of Financial Statements, the Accountant

question 54

True/False

When performing a review (SSARS review) of financial statements, the accountant is required to obtain a letter of representation from management.

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Definitions:

Sales Contract Formation

The process through which parties agree upon the terms of a sale, resulting in a legally binding contract encompassing the sale of goods or services.

Interpretation

The act of explaining, reframing, or understanding the meaning or significance of something.

Tangible Things

Physical items that can be seen, touched, and measured, as opposed to intangible items like rights or patents.

Identification

The process of recognizing or establishing the identity of a person or thing.