Page 195 - CA Final Audit Titanium Full Book. (With Cover Pages)

CA Ravi Taori
- Management's responsibility for the preparation of financial statements in accordance with the applicable
financial reporting framework.
- Assurance that all transactions have been recorded and are reflected in the financial statements.

Public Statements by Management.
- If law or regulation requires management's public statements on its responsibilities, and these statements
provide some or all of the needed representations, they need not be included again in the written representation.

Other Written Representations.
- Beyond the required representations under this SRE, the practitioner might request other written
representations about the financial statements.
- These can be to complete the practitioner’s evidence regarding certain items or disclosures in the financial
statements deemed important for a conclusion.

Management's Written Representations.
The practitioner shall also request written representations from management disclosing:
(Shortcut: FRaNCS NGo)
- Facts about any known Frauds or suspected frauds.
- Identity of Related parties and their transactions.
- Known Non-compliance with laws and regulations affecting the financial statements.
- Material Commitments, obligations, or contingencies affecting the financial statements
- All Subsequent events post the financial statements' date requiring adjustment or disclosure.

- Non-monetary transactions or no consideration transactions undertaken in the reporting period.
- Information on the use of the Going concern assumption.

If Representations are Not Provided
- If management doesn't provide the requested representations, the practitioner shall:
- Discuss with management and governance.
- Re-evaluate the integrity of management and evaluate the reliability of representations.
- Take actions, including determining the effect on the conclusion in the practitioner’s report according to this
SRE.

Disclaimer or Withdrawal
- The practitioner shall disclaim a conclusion or withdraw from the engagement if:
- There's doubt about the integrity of management making the written representations unreliable.
- Management does not provide required representations on its responsibilities for financial statement
preparation and recording of transactions.

(CNO SRE 2400.160) Evaluating evidence obtained from the procedures performed
Basic Principle- Evaluate Evidence & Perform Other Procedures.
The practitioner shall evaluate whether sufficient appropriate evidence has been obtained from the procedures
performed. If not, they shall perform other procedures judged by the practitioner to be necessary in the
circumstances to be able to form a conclusion on the financial statements.

Further Explanation of above principle.
Insufficient Evidence: In some circumstances, the practitioner may not have obtained the evidence expected
through the design of primarily inquiry, analytical procedures, and procedures addressing specific circumstances.

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