Client representation letters are required by professional auditing standards, whereas management letters are optional.

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This statement is true. Client representation letters are required by professional auditing standards, whereas management letters are optional. Client representation letters are letters from the client's management to the auditor, providing certain representations about the financial and other information provided to the auditor. Management letters, on the other hand, are letters from the auditor to the client's management, providing recommendations for improving the client's internal controls and other operational procedures. While management letters are usually provided as a value-added service to the client, they are not required by auditing standards.

Client Representation Letters Are Required by Professional Auditing Standards, Whereas