The Management Representation Letter For Review Engagement is a crucial document required during financial statement review engagements in Indonesia. It is typically prepared at the conclusion of a review engagement when an independent accountant has performed procedures less extensive than an audit but more thorough than a compilation. The letter, mandated by Indonesian review standards (SPR 2400), serves as written confirmation from management about the accuracy and completeness of information provided during the review. This document is essential when a full audit is not required but stakeholders need some level of assurance about financial statements. It includes management's acknowledgment of their responsibilities, confirmations about the financial statements' preparation in accordance with Indonesian accounting standards (PSAK), and representations about various matters such as fraud, compliance, and subsequent events. The letter helps establish clear communication between management and the review firm while providing an additional layer of documentation for the review engagement.
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1. Letter Header: Date, addressee (the reviewing firm), and reference to the review engagement
2. Opening Statement: Purpose of the letter and identification of financial statements under review, including the period covered
3. Management's Responsibilities: Acknowledgment of management's responsibility for financial statements and internal controls
4. Financial Statements Representations: Confirmation that financial statements are prepared in accordance with applicable financial reporting framework (PSAK)
5. Information Provided: Confirmation of completeness of information provided to reviewers
6. Recognition of Transactions: Confirmation that all transactions have been recorded and reflected in the financial statements
7. Fraud and Error: Representations regarding knowledge of fraud or suspected fraud and significant errors
8. Compliance: Statements regarding compliance with laws and regulations
9. Subsequent Events: Disclosure of events occurring after the balance sheet date
10. Going Concern: Assessment of entity's ability to continue as a going concern
11. Closing and Signatures: Signature block for authorized management representatives with their titles
1. Related Party Transactions: Additional representations about related party transactions and relationships - include if there are significant related party transactions
2. Litigation and Claims: Specific representations about legal matters - include if there are ongoing legal issues
3. Asset Valuation: Specific representations about complex asset valuations - include for companies with significant complex assets
4. Regulatory Compliance: Industry-specific regulatory compliance statements - include for regulated industries
5. Foreign Exchange: Representations about foreign currency transactions and risks - include if there are significant foreign operations
6. Environmental Matters: Statements about environmental liabilities and compliance - include for companies with environmental impacts
1. Schedule A - Unadjusted Differences: List of uncorrected misstatements identified during the review
2. Schedule B - Specific Representations: Detailed representations for complex or significant areas requiring additional detail
3. Schedule C - List of Bank Accounts: Complete list of bank accounts and authorized signatories
4. Appendix 1 - Financial Statements: Copy of the financial statements being referred to in the representation letter
5. Appendix 2 - Key Management Personnel: List of key management personnel responsible for financial reporting and their roles
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