ICAI has issued an Implementation Guide to Standard on Auditing (SA) 580 – Written Representations.
The Implementation Guide provide practical guidance on implementation of the Standard on Auditing (SA) 580 “Written Representations”. The Standard is effective for audits of financial statements for periods beginning on or after April 1, 2009.
Written representations are audit evidence that the auditor requires in connection with the audit of the entity’s financial statements
The Standard deals with the auditor’s responsibility to obtain written representations from management to support other audit evidence and to respond to written representations.
The Implementation Guide contains Introduction and Overview, Implementation Guidance, Illustrative Checklist and Appendices. Chapter 2 of the Implementation Guide contains detailed guidance on various aspects of SA 580 in a Question-Answer format. The Implementation Guide will enable auditors to comply with requirements of SA 580 effectively.
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