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Hello!
I would like to ask you about Letter of representation, that was mentioned in the lecture. Is it from directors to auditors? Like some confirmation? If so, can auditors rely on it?Thanks in advance!
It is from directors to auditors.
It is primarily used to corroborate (support) other evidence eg have all liabilities been included? It is not very strong evidence. However, in some cases it might be the only evidence available. For example, directors’ intentions about whether they will close down part of the business.
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