The Management Representation Letter (MRL) — what to include, when to date, what it means.
To obtain written representations from management that complement and supplement other audit evidence.
SA 580 sits in the Concluding phase of the audit. The Standards on Auditing are issued by the ICAI Auditing and Assurance Standards Board (AASB) and deemed to be prescribed by the Central Government under Section 143(10) of the Companies Act 2013. Compliance with SAs is mandatory for every audit conducted by a Chartered Accountant in India.
For authoritative text, refer to the ICAI AASB Compendium of Standards on Auditing at icai.org.
Editable, letterhead-ready formats that put SA 580 into practice — built from the ICAI working-paper set, free to download.
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SA 580 — Written Representations — is a Standard on Auditing issued by the ICAI Auditing and Assurance Standards Board. The Management Representation Letter (MRL) — what to include, when to date, what it means. To obtain written representations from management that complement and supplement other audit evidence.
Yes. Standards on Auditing are deemed to be prescribed under Section 143(10) of the Companies Act 2013, and ICAI members must comply with them in every audit of historical financial information. Non-compliance must be justified and can attract professional consequences in peer review, NFRA inspection, and disciplinary proceedings.
Documentation sufficient for an experienced auditor with no previous connection to the audit to understand what was done and why (SA 230). For SA 580 in the concluding phase, that means evidencing: Written representations dated as near as practicable to the date of the auditor's report; From management with appropriate authority and knowledge — typically CEO/MD and CFO; Mandatory representations: responsibility for FS, completeness of information, disclosure of related parties, subsequent events, fraud, compliance.
