Question

Which of the following statements ordinarily is not included among the written client representations made by the chief executive officer and the chief financial officer?

A. "Sufficient audit evidence has been made available to the auditor to permit the issuance of an unqualified opinion."
B. "There are no unasserted claims or assessments that our lawyer has advised us are probable of assertion and must be disclosed."
C. "We have no plans or intentions that may materially affect the carrying value or classification of assets and liabilities."
D. "No events have occurred subsequent to the balance sheet date that would require adjustment to, or disclosure in, the financial statements."

Answer 1

The statement "Sufficient audit evidence has been made available to the auditor to permit the issuance of an unqualified opinion" is not typically included in the written representations by the CEO and CFO, as it is the responsibility of the auditor.

Step-by-step explanation:

The statement that is ordinarily not included among the written client representations made by the chief executive officer (CEO) and the chief financial officer (CFO) is: "Sufficient audit evidence has been made available to the auditor to permit the issuance of an unqualified opinion." This statement is typically a responsibility of the auditor, not the executives. The written representations from the CEO and CFO normally cover the accuracy and completeness of financial information, disclosure of all relevant information, and the absence of significant events affecting the financial statements.

Written representations are a key aspect of the audit process and are designed to confirm certain matters related to the financial statements, as well as support other audit evidence. Statements B, C, and D are examples of typical representations that management would provide to affirm their responsibilities in relation to the financial reporting and the audit.