Financial Audit: The Department of Energy's Fiscal Year 2004 Management Representation Letter on Its Financial Statements Page: 4 of 22
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Section 333) require auditors to obtain certain representations from agency
management. These representations are part of the evidential matter to be
considered by the auditor in its audit of the agency's financial statements.
The representations obtained will depend on the circumstances of the
engagement and the nature and basis of presentation of the financial
statements. AU Section 333 discusses specific representations that should
be obtained from management, including a requirement to attach a
schedule of unadjusted financial statement misstatements for entities with
uncorrected misstatements.
In addition, OMB Bulletin 01-02 and FAM section 1001 contain guidance on
preparing federal agencies' management representation letters. According
to the FAM, in addition to the representations included in AU Section 333,
the auditor generally should consider the need to obtain representations on
other matters based on the circumstances of the audited entity. FAM
section 1001A lists 35 specific representations ordinarily included in the
management representation letter and also includes a requirement to
attach a schedule of unadjusted financial statement misstatements for
entities with uncorrected misstatements. (See enc. I for these
representations.) Representations listed in FAM section 1001A should be
customized to the situation of the entity being audited or excluded if
inapplicable. We perform our audit of the CFS in accordance with the FAM
and related auditing standards.
Treasury and OMB are to receive management representation letters from
certain federal agencies. This is important because U.S. generally accepted
government auditing standards require that Treasury and OMB provide us,
as principal auditor of the CFS, a management representation letter, and
their letter depends on the information in such agencies' management
representation letters. In their representation letter to us for the audit of
the fiscal year 2004 CFS, Treasury and OMB stated that their
representations are based primarily on the representations of those
agencies covered by the Chief Financial Officers (CFO) Act and other
selected agencies that were made in connection with the preparation of
these entities' respective financial statements and provided to OMB and
Treasury. For this reason, it is important that all federal agency
representation letters be complete and reliable.
Objectives, Scope, and In connection with our audit of the fiscal year 2004 CFS, we evaluated
Treasury's financial reporting procedures and related internal control,
including the CFS management representation letter. For the fiscal yearGAO-05-597R DOE's Management Representation Letter
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United States. Government Accountability Office. Financial Audit: The Department of Energy's Fiscal Year 2004 Management Representation Letter on Its Financial Statements, text, July 14, 2005; Washington D.C.. (https://digital.library.unt.edu/ark:/67531/metadc301139/m1/4/: accessed April 23, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.