List four specific matters that should be included in a client representation letter.

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List four specific matters that should be included in a client representation letter.


Answer:

• Management’s acknowledgment of its responsibility for the fair presentation in the statements of financial position, results of operations, and cash flows in conformity with generally accepted accounting principles or other comprehensive basis of accounting.
• Availability of all financial records and related data.
• Completeness and availability of all minutes of meetings of stockholders, directors, and committees of directors.
• Information concerning related-party transactions and related amounts receivable or payable.
• Plans or intentions that may affect the carrying value or classification of assets or liabilities.
• Disclosure of compensating balances or other arrangements involving restrictions on cash balances, and disclosure of line-of-credit or similar arrangements.

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