Auditing

We discussed the Molex case, where there was an issue around the lack of information on the representation letter that was deemed to be unacceptable by the external auditors. This situation caused the external auditors to be removed and the CEO and CFO to be replaced. Please answer the following two (3) questions:

1.Why is it important for management to include all relevant accounting, control, and other significant business matters in the representation letter?

2.Why is the representation letter important confirmation audit evidence for the external auditors to use in their final evaluation of the audit?

3.Based on your understanding of the case and review of class materials, what would be your professional auditor conclusion if you believed that the representation letter was not complete or factually accurate from Molex?

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