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Tougher Standards for Management Statements.

The International Auditing and Assurance Standards Board has revised the international standards requiring management to provide auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together  with a clear written statement that auditors have received all the information they need

International Standard on Auditing 580 (Revised and Redrafted), Written Representations, requires the auditor auditor n. an accountant who conducts an audit to verify the accuracy of the financial records and accounting practices of a business or government. A proper audit will point out deficiencies in accounting and other financial operations.  to request management to provide written representations that it has fulfilled ful·fill also ful·fil  
tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils
1. To bring into actuality; effect: fulfilled their promises.

 its responsibility for the preparation and presentation of the financial statements, has provided the auditor with all the relevant information, and that all transactions have been recorded and are reflected in the financial statements.

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Title Annotation:International Auditing and Assurance Standards Board
Publication:California CPA
Article Type:Brief article
Geographic Code:1USA
Date:Jun 1, 2008
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