Category: Auditing
Briefly highlights the management responsibilities relating to the financial statements The management responsibilities in relation to the financial statements include the following: 1. The overall responsibility for the preparation and …
(a) Classification of certain items reported in the financial statements is based on the management’s intentions. In such a situation the auditor has to rely on management representations. Required: List the factors …
Management Representation to Auditor and its Reliability As part of the audit process, the management provides written representations to confirm certain matters in connection with the audit. Required: (a) State …
Familiarity threats: This may occur when, because of a close relationship, a chartered accountant becomes too sympathetic to the interests of others. A member of the engagement team having a …
Self-Interest Threat: self interest threat may occur as a result of the financial or other interests of a chartered accountant or of an immediate or close family member. A financial interest …