Exam (elaborations)
D251 M3 SUMMARY QUESTIONS AND ANSWERS
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D251 M3 SUMMARY QUESTIONS AND ANSWERS
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In which situation could management and an auditor decide not to correct the
misstatements found during an audit?
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"The misstatements, in the aggregate, are immaterial."
If the misstatements in the aggregate are immaterial, management and the
auditor may decide not to correct the misstatements.
, Which audit procedure should an auditor perform to provide reasonable assurance
that a client complied with laws and regulations?
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"Obtain an understanding of internal controls the client has implemented
to achieve proper compliance."
The first step the auditor should undertake is to obtain what controls the
client has implemented to assure compliance with key laws and
regulations.
Which date should be used for a management representation letter?
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"The audit report date."
The management representation letter should be dated on the same date
that the auditor's report is dated.
Which statement would be included in a management representation letter?
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