Document ID: chunk:federal_register_of_legislation:F2023C00330:reg:10:p2
Version: federal_register_of_legislation:F2023C00330
Segment Type: reg
Provision Reference: reg 10 (pt 2/14)
Character Range: 11767–15138

charged with governance in an audit of a financial report.

      2. Appendix 1 lists other Australian Auditing Standards containing subject‑matter specific requirements for written representations.  The specific requirements for written representations of other Australian Auditing Standards do not limit the application of this Auditing Standard.

Written Representations as Audit Evidence

3.                   Audit evidence is the information used by the auditor in arriving at the conclusions on which the auditor's opinion is based.[1]  Written representations are necessary information that the auditor requires in connection with the audit of the entity's financial report.  Accordingly, similar to responses to enquiries, written representations are audit evidence.  (Ref: Para. A1)

4.                   Although written representations provide necessary audit evidence, they do not provide sufficient appropriate audit evidence on their own about any of the matters with which they deal.  Furthermore, the fact that management has provided reliable written representations does not affect the nature or extent of other audit evidence that the auditor obtains about the fulfilment of management's responsibilities, or about specific assertions.

Effective Date

5.                   [Deleted by the AUASB.  Refer Aus 0.3]

Objectives

6.                   The objectives of the auditor are:

(a)                To obtain written representations from management and, where appropriate, those charged with governance that they believe that they have fulfilled their responsibility for the preparation of the financial report and for the completeness of the information provided to the auditor;

(b)                To support other audit evidence relevant to the financial report or specific assertions in the financial report by means of written representations if determined necessary by the auditor or required by other Australian Auditing Standards; and

(c)                To respond appropriately to written representations provided by management and, where appropriate, those charged with governance, or if management or, where appropriate, those charged with governance do not provide the written representations requested by the auditor.

Definitions

7.                   For the purposes of this Auditing Standard, the following terms have the meanings attributed below:

    Written representation means a written statement by management provided to the auditor to confirm certain matters or to support other audit evidence.  Written representations in this context do not include the financial report, the assertions therein, or supporting books and records.

8.                   For purposes of this Auditing Standard, references to "management" should be read as "management and, where appropriate, those charged with governance."  Furthermore, in the case of a fair presentation framework, management is responsible for the preparation and fair presentation of the financial report in accordance with the applicable financial reporting framework; or the preparation of a financial report that gives a true and fair view in accordance with the applicable financial reporting framework.

Requirements

Management from whom Written Representations are Requested

9.                   The auditor shall request written representations from management