The AAS was issued to establish standards on the use of management representations as audit evidence, the procedures to be applied in evaluating and documenting management representations, and the action to be taken if management refuses to provide appropriate representations. The Standard touches upon topics including situations in which the auditor should obtain management representations, management representation vis a vis other audit evidence, documentation of such representations, types of management representations, basic elements of management representation letters, etc. the Standard also contains example of a management representation letter on the different elements of the financial statements
The AAS is effective for all audits relating to accounting periods commencing on or after April 1, 1995.
Issued in February, 1996.
Published in the Handbook of Auditing Pronouncements, Vol. I, (Edn. 2003).
Also available as a separate publication of the Institute (Price: Rs. 15/-).