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The audit of accruals and prepayments.

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › The audit of accruals and prepayments.

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by Ken Garrett.
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  • December 1, 2017 at 5:54 pm #419471
    vikulchik07
    Participant
    • Topics: 26
    • Replies: 12
    • ☆

    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!

    December 1, 2017 at 6:20 pm #419480
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10594
    • ☆☆☆☆☆

    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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