During a Review,the Auditor Is Required to Obtain Written Representations

question 39

Multiple Choice

During a review,the auditor is required to obtain written representations from management.Which of the following is not one of the required elements of the representation?

• A) Management's responsibility for the fair presentation of the financial statements.
• B) Management's belief that it has answered all inquiries fully and truthfully.
• C) Management has made all adjustments identified during the review.
• D) Management has disclosed information about subsequent events.

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Definitions:

Dealer Cost

The actual cost to the dealer or retailer to acquire a product before any mark-up for profit.

Real Estate Fees

Charges or commissions paid to agents or companies for services related to buying, selling, or leasing properties.

Proceeds

The total amount of money received from a transaction or series of transactions.

Sales Commission

A portion of the sale price of a product or service that is paid to the individual or entity responsible for making the sale.