If the Management Representation Letter Is Not Obtained

question 67

Multiple Choice

If the management representation letter is not obtained,

• A)issue the audit report and request that management send the letter as soon as possible
• B)issue the report with an adverse opinion
• C)issue the report with an "except for" opinion
• D)the audit evidence should not be considered complete

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Definitions:

Operating

The day-to-day activities or functions necessary for a business or organization to run effectively and efficiently.

Competitive Market

A market structure characterized by many buyers and sellers, free entry and exit, and a product for which there are many substitutes.

Profit

The financial gain obtained when the amount earned from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity.

Good

A tangible product or commodity that satisfies human wants or needs.