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Management Representations as a Source of Audit Evidence
International Standard on Auditing as abbreviated ISA 580 Management Representations gives guidance and standards on the requirement of management representations as audit evidence, the process to be applied in documenting and evaluating management representations and the action to be taken whether management reject to offers suitable representations.
The auditor should get suitable representations from management
The auditor should get evidence which management acknowledges its responsibility about the fair presentation of the financial statements in accordance along with the relevant financial reporting framework, and where he has approved the financial statements. The auditor can get evidence of management's acknowledgment of such approval and responsibility from relevant minutes of meetings of directors of the board or similar body or through obtaining a written representation as of the financial statements of management or a signed copy.
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Method of corrercting evidence?
factors that influence auditors judgement on sufficiency of audit evidence
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