A major objective of written representations is to
A) Shift responsibility for financial statements from the management to auditors.
B) Provide a substitute source of audit evidence for substantive procedures that auditors would otherwise perform.
C) Provide management an opportunity to make assertions about the quantity and valuation of the physical inventory.
D) Impress on management its ultimate responsibility for the financial statements and disclosures.

Question

Quizplus · Accepted Answer

The objective of written representations is to impress on management its ultimate responsibility for the financial statements and disclosures. It does not shift responsibility to auditors (A), act as a substitute for substantive procedures (B), or provide an opportunity for management to make assertions about the quantity and valuation of physical inventory (C).

A Major Objective of Written Representations Is to