Nicholas Doulas, the partner-in-charge of the Fairfax Financial Holdings audit wrote a management representation letter. It would have included:

Question

Quizplus · Accepted Answer

The management representation letter is a formal document that summarizes the representations made by management during the audit. It typically includes written details of verbal representations made by management, as well as a representation that there have been no material frauds and errors. Therefore, options A and B are both correct and the best choice is C, which includes both options. Option D is incorrect because the management representation letter is a standard part of the audit process.

Nicholas Doulas, the Partner-In-Charge of the Fairfax Financial Holdings Audit