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As audit senior in charge of the audit of Q Limited, you have asked your audit staff to review the audit files and make a list of items for inclusion in the management representation letter. The staff have provided the following draft list of points:
Liabilities
Property, Plant and Equipment
Trade Receivables
Required:
Question (i) Outline the main purpose of a management letter. From the information gathered above, outline the items which should be included in the management representation letter, giving reasons.
Question (ii) The directors of Q Limited have refused to provide a management representation letter. What action should the auditor take as a result of this refusal?
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