ISA 580 Written representation MCQs

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A written representation is a written statement by management provided to the auditor to confirm certain matters or to support other audit evidence
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ISA 580, Written representation

A written representation is a written statement by management provided to the auditor to confirm certain matters or to support other audit evidence. Here on MCQs.club we have prepared easy Multiple-Choice Questions (MCQs) on ISA 580, Written representation revised IFAC that fully cover the ISA 580 summary and definition, ISA 580 MCQs with answers, these MCQs are a basis of conclusions. These MCQ on SA 580 are helpful for Competitive exams, Professional Accountancy exams and Business management exams.

  1. A written representation is: A written statement by management provided to the auditor to confirm certain matters or to support other audit evidence.
    1. True
    2. False
  1. ISA 580 Written Representations requires the auditor to obtain written representations from management:
    1. That they have fulfilled their responsibilities for the preparation of the financial statements.
    2. That they have provided the auditor with all relevant information.
    3. To support other audit evidence relevant to the financial statements or specific assertions if deemed necessary by the auditor.
    4. All of the above
  1. A representation to support other audit evidence may be appropriate where more reliable forms of evidence are not available. Examples include:
    1. Whether the selection and application of accounting policies are appropriate
    2. Specific assertions about classes of transactions, accounts balances and disclosures requiring management judgment.
    3. Both A&B
    4. None
  1. If a representation by management is contradicted by other audit evidence, the auditor should:
    1. consider whether his risk assessment of that area is still appropriate
    2. consider whether additional audit procedures are needed
    3. if he has concerns about the integrity of management, document those concerns and consider withdrawing from the audit.
    4. All of the above
  1. Which of the following statement is correct?
    1. Written representations cannot be a substitute for more reliable evidence that should be available and do not constitute sufficient appropriate evidence on their own, about any of the matters with which they deal.
    2. Written representations should only be sought to support other audit evidence.
    3. Both A&B
    4. None
  1. Which of the following statement is correct?
    1. The auditor will often draft the wording of the written representation letter but it must be printed on client headed paper, addressed to the auditor and signed by the client.
    2. The date of the written representation letter should be the same as the date the financial statements are authorised. It must be obtained and signed before the auditor’s report is finalised.
    3. Both A&B
    4. None
  1. Written representations are client generated, and may be subject to bias. It is therefore a potentially unreliable form of audit evidence. The auditor must consider the reliability of written representations in terms of:
    1. Inconsistencies with other forms of evidence.
    2. Concerns about the competence, integrity, ethical values or diligence of management.
    3. Both A&B
    4. None
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