Explain purpose of the letter of representation

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Reference no: EM132882254

During the final stage of the first audit of Krest National Bank Ltd. You request the client to provide you with a letter of representation. The Client reads representations you are requesting and refuses to furnish the letter. The client states its position to be as follows: -

"You are asking us to tell you all manner of things which we appointed you to find out. You are requesting us to say such things as „all the transactions undertaken by the bank have been properly reflected in the accounting records? and yet we pay you to carry out the audit. You should know whether these statements are true or not".

a) Explain to the client the purpose of the letter of representation.

b) Describe the nature of the content of a letter of representation. Your answer should be illustrated with specific examples of items which may appear in a letter of representation.

c) Explain the reliability of a letter of representation as audit evidence and the extent to which the auditors could rely on this evidence.

d) Explain the consequences of your client's refusal to furnish a letter of representation

Reference no: EM132882254

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