Manifestaciones escritas o carta de representación obtenida de una auditoría de EF, según NIA 580
Summary
TLDRThe video script discusses the importance of the written representation letter or management letter in financial statement audits, as per the NIA 580 standard. It emphasizes the need for auditors to obtain this letter from management and, if applicable, from corporate governance bodies, to ensure the accuracy and integrity of financial statements. The letter should reflect the management's responsibility for financial preparation, internal control systems, fraud monitoring, and tax policy. The script also advises on the timing of obtaining this letter, ideally close to the auditor's report date, and the consequences of not obtaining it, which may lead to a qualified opinion or abstention from expressing an opinion due to significant limitations.
Takeaways
- 📝 The script discusses the NIA 580 standard, which pertains to written representations or letters of representation obtained in relation to an audit of financial statements.
- 🔔 It emphasizes the importance of subscribing to the channel and sharing content for broader access to useful information.
- 📑 The representation letter or written representations are documents related to financial statement audits, where the auditor must perform procedures to obtain these statements from management and, if applicable, those in charge of corporate governance.
- 📝 The letter should be requested from top management and, if a corporate governance body exists, from them as well, to ensure it reflects the auditor's findings.
- 👤 In the letter, management is expected to affirm their responsibility for the preparation and presentation of financial statements, the design and operational effectiveness of internal control systems, monitoring for fraud, and maintaining tax policies to avoid inaccuracies.
- 📋 The auditor should ensure that the procedures performed align with the representations made in the letter, confirming congruence between management's statements and the auditor's findings.
- 📅 The appropriate time to obtain the representation letter is as close as possible to the date of the auditor's report, but not later, to maintain the integrity and relevance of the audit evidence.
- 🚫 If the representation letter is not obtained, the auditor must consider the implications as per NIA 580 and NIA 75, potentially qualifying their opinion or abstaining from expressing an opinion if the limitation is significant.
- 🖋 The letter should be signed by individuals involved in the preparation of financial statements, including the chief accountant, financial manager, and those responsible for monitoring financial statements, as well as representatives from the board of directors or corporate governance if applicable.
- 🏢 The representation letter is typically provided on the company's letterhead and is given to the auditor towards the end of the audit process.
- 📈 The letter serves as a formal document where the administration acknowledges the scope of the audit, their responsibilities, and the possibility of other audits with different scopes, and is documented as part of the audit evidence.
Q & A
What is the main topic of the video script?
-The main topic of the video script is the discussion of the NIA 580 standard, which refers to written representations or letters of representation obtained in relation to an audit of financial statements.
What does NIA 580 stand for?
-NIA 580 is a standard that guides auditors on how to obtain written representations or affirmations from management and, when applicable, those charged with governance regarding the financial statements.
Who should provide the written representations or affirmations according to NIA 580?
-According to NIA 580, the written representations should be provided by the management and, if there is a corporate governance body, by those charged with governance.
What are the responsibilities that should be acknowledged in the written representations?
-In the written representations, the management should acknowledge their responsibility for the preparation and presentation of the financial statements, the design and operational effectiveness of the internal control system, monitoring for fraud, and designing and maintaining tax policies to ensure the accuracy of the financial statements.
What is the purpose of obtaining the written representations?
-The purpose of obtaining the written representations is to ensure that the auditors' procedures are congruent with the management's assertions and to gather evidence that supports the financial statements being audited.
Can the auditor request a specific letter for an issue that arose during the period?
-Yes, the auditor can request a specific letter for an issue that arose during the period if they consider it necessary, in addition to the standard written representations.
What is the appropriate timing for obtaining the written representations according to NIA 580?
-According to paragraph 14 of NIA 580, the written representations should be obtained as close as possible to the date of the auditor's report, but not later than the date of the report.
What happens if the auditor does not obtain the written representations?
-If the auditor does not obtain the written representations, NIA 580, specifically paragraph 19, suggests considering the effect on the audit opinion, and paragraph 20 allows the auditor to refrain from expressing an opinion if the limitation is significant.
Who should sign the written representations?
-The written representations should be signed by those involved in the preparation of the financial statements, including the chief financial officer, financial manager, and any relevant executives or members of the corporate governance body if it exists.
What is the general format of the written representations?
-The written representations are generally a letter on the company's letterhead, signed by the executives, acknowledging their awareness of the audit scope, their responsibilities, and any other concurrent audits with different focuses.
Why is the written representations letter important for the auditor?
-The written representations letter is important for the auditor as it serves as part of the audit evidence, and in some cases, it may be the only document that provides evidence of the management's assertions.
Outlines
📜 Introduction to ISA 580 and Written Representations
The video script begins with a warm welcome and an introduction to the topic of ISA 580, which focuses on written representations or a representation letter related to financial statements. It emphasizes the importance of obtaining this document as part of an audit process. The speaker invites viewers to subscribe to the channel for direct information and encourages sharing the content. The script explains that the representation letter is obtained from management and, if applicable, from those in charge of corporate governance. It outlines what is expected to be included in the letter, such as management's responsibility for the preparation and presentation of financial statements, the design and operational effectiveness of internal control systems, monitoring for fraud, and the design and maintenance of tax policies to ensure accuracy in financial reporting. The video also mentions that the date for obtaining the representation letter should be as close as possible to the date of the auditor's report, but not later.
🖋 Signatories and Purpose of the Representation Letter
This paragraph delves into who should sign the representation letter, which includes those involved in the preparation of financial statements, such as the chief accountant and financial manager. It also mentions that if there is a board of directors or corporate governance, the letter should be signed by the relevant executives or legal representatives. The representation letter is described as a formal document provided by the company's management, often on letterhead, and signed by executives to acknowledge their awareness of the audit scope, their responsibilities, and the existence of different types of audits with varying scopes. The letter serves as part of the audit evidence and should be consistent with the evidence gathered during the audit process, fulfilling the requirements of International Standards on Auditing.
Mindmap
Keywords
💡Audit
💡Representation Letter
💡Financial Statements
💡Management Assertions
💡Internal Control System
💡Fraud Monitoring
💡Tax Policy
💡Auditor's Report
💡Corporate Governance
💡Written Assertions
💡Audit Evidence
Highlights
Introduction to the NIA 580 and its relation to written representations or representation letters in financial statement audits.
Invitation to subscribe to the channel and the importance of sharing content for wider dissemination of information.
Explanation of the auditor's responsibility to obtain written representations from management and those charged with governance.
Details on what is requested in the representation letter, including the management's responsibility for financial statements and internal control systems.
Emphasis on the congruence between the auditor's procedures and the representations made by management in the letter.
The expectation that management will acknowledge their responsibility for the preparation and presentation of financial statements.
The requirement for management to confirm the design, implementation, and operational effectiveness of internal control systems.
The importance of management's responsibility to monitor for fraud and ensure accurate financial statement representation.
Discussion on the responsibility for designing and maintaining tax policies to avoid inaccuracies in financial statements.
Mention of Appendix 1 as a model for the representation letter, with the need for customization based on audit requirements.
The option to request specific representation letters for issues arising during the audit period.
The appropriate timing for obtaining the representation letter, which should be as close as possible to the audit report date.
Consequences of not obtaining the representation letter and its impact on the auditor's opinion as per NIA 580 and NIA 75.
Guidance on how to handle situations where management refuses to provide the representation letter.
Identification of the individuals who should sign the representation letter, including those involved in financial statement preparation and oversight.
The role of the representation letter as a formal document signed by executives, acknowledging their awareness of the audit scope and responsibilities.
The importance of the representation letter as part of the audit evidence, ensuring congruence with the evidence obtained during the audit.
Conclusion and a reminder of the value of the representation letter in fulfilling the requirements of International Auditing Standards.
Transcripts
[Música]
mis queridos amigos Un verdadero gusto
como siempre saludarlos en esta ocasión
vamos a utilizar este video para hablar
acerca de la nia 580 Y es que esta Norma
hace referencia a las manifestaciones
escritas o carta de representación que
se obtiene en relación a una oría de
estados
financieros antes de entrar a ver el
tema invito a quienes no se han suscrito
al Canal que activen la campanita y
pueden recibir información directa al
mismo tiempo invitarlos a que compartan
el contenido de este tema para que
llegue a ser de información útil de
muchas
[Música]
personas
[Música]
[Aplausos]
[Música]
bueno la carta de representación o
manifestaciones escritas como
actualmente se le conoce a esta a este
documento a esta carta pues es un
documento que obtenemos que está
relacionada a una auditoría de estados
financieros en el alcance de esta Norma
hace referencia que el auditor
debe ar los procedimientos para obtener
esa carta con las manifestaciones o
afirmaciones de la gerencia y cuando
proceda de los encargados del gobierno
corporativo a quién le pedimos esta
carta esta carta va a va a ser
solicitada entonces a la alta gerencia a
los directivos Y si en la organización
existe un gobierno corporativo Pues a
ellos le vamos a pedir también que
firmen ese documento que nos hagan sus
afirmaciones qué es lo que solicitamos
en esa carta Pues que ellos nos
manifiesten de manera escrita todo lo
relevante y reflejado en los estados
financieros pero no solo es que nos
manifiesten en esa carta sino que
nosotros hayamos hecho nuestros
procedimientos y el resultado nuestros
procedimientos sea congruente con lo que
ellos nos están diciendo o Ellos nos
están manifestando en este documento
Pues en esta carta nosotros esperaríamos
que ellos manifiesten que son
responsables de la preparación y
presentación de los estados financieros
que ellos son los responsables del
diseño la implementación la eficacia
operativa del sistema de control interno
que ellos son los responsables de
monitorear de que no exista fraude en la
organización y que se reflej los estados
financieros que ellos son
responsables de diseñar y mantener una
política tributaria con la finalidad de
que los estados financieros no contengan
incorrecciones en esa en ese tema en esa
materia Bueno eso es por mencionarles
algunos temas en la norma usted va a
encontrar como un anexo o apéndice uno
un ejemplo pero solo es un modelo usted
debe diseñar agregar procedimientos que
considere necesarios que son congruentes
en relación a una auditoría de estados
financieros en este caso usted también
puede pedir una carta específica por un
tema eh que surgió durante un periodo si
usted así lo considera no solo se puede
limitar a obtener esta carta también
puede pedir otras
cartas qué fecha debe obtener Cuál es la
fecha adecuada para obtener este
documento bueno según el párrafo 14 de
la niña 580 la fecha para obtener esta
carta de manifestaciones escritas debe
ser lo más cercano a la fecha de su
informe a la fecha de su dictamen pero
no más allá de la fecha de su dictamen
cuando la norma se refiere a lo más
cercano es posible que sea un dos días
antes de de que usted emita su dictamen
pero no puede ser con posterioridad Por
qué no se permite eso porque es posible
que usted ya entregando su informe ya no
le vayan a dar esa carta Qué sucede
cuando nosotros no obtenemos esa carta
por eso es importante obtenerla antes o
en el peor de los casos el mismo día que
usted está fechando su dictamen Qué
sucede cuando nosotros no obtenemos esa
carta de manifestaciones es decir
nosotros les estamos indicando que nos
manifiesten cierta información y si
ellos se niegan pues la nia 580 como
hemos estado analizando en el párrafo 19
Establece que usted considere ese efecto
según
eh la nia 75 donde usted puede calificar
su opinión en el párrafo 20 Establece
que usted se abstenga de opinar si así
lo considera porque estamos hablando de
una limitación bastante bastante grande
no sabemos que que hay detrás de esa
limitación Por algo se están negando a
darnos esa carta Quiénes deben firmar
esa carta pues las deben firmar aquellas
personas que están involucradas en el
proceso de la preparación de los estados
financieros Asimismo deben involucrarse
en este caso sería el contador general
gerente financiero Por otra parte debe
deben ser firmada esta carta por aquel
personal que está encargado del
monitoreo de los estados financieros si
existe un consejo de administración
podría ser el presidente podría ser
representante legal si hay gobierno
corporativo los ejecutivos que sean
necesarios en general Qué es esa carta
es una carta con membrete de su cliente
de la empresa que ellas ellos lo hacen
justo cuando se vaya a terminar la
auditoría en términos generales Qué es
una carta de representación es un
documento en forma de carta que la
administración le entrega con papel mem
pretado en la mayoría de casos firmada
por los ejecutivos en donde ellos han
manifestado que están conscientes del
alcance de la auditoría que están
conscientes de sus responsabilidades y
que están conscientes de que en algún
momento existe otra auditoría de otro
carácter de otro enfoque Pues los
alcances podrían ser diferentes esa
carta la obtenemos y la documentamos
como parte de la evidencia de auditoría
en algunas circunstancias ese será el
único documento que tenemos como
evidencia de una manifestación que nos
ha hecho la administración La idea es
que esa carta sea congruente con la
evidencia que hemos obtenido Y de esa
manera pues cumplir con los
requerimientos de las normas
internacionales de auditoría Eso es todo
por ahora mis queridos amigos nos
encontramos en una nueva oportunidad
[Música]
gracias
utako
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