Parsley
Sage Rosemary & Ginsburg llp
“always a reasonable result for a
reasonable fee, always”
MEMORANDUM
To:
|
Learned
H. Sage, Managing Partner
|
From:
|
Mike
Marget
|
Date:
|
April
6, 2012
|
Re:
|
The
Auditors are Coming! -- Management
Representation Letter
|
Good
News. The auditors have substantially
completed their work and have concluded that no adjusting journal entries are
required to the books for the year ended December 31, 2011.
They
did offer one proposed adjusting entry – which I talked them out of. It is the same suggestion they make every
year – we should set aside a $25,000 reserve for possible uncollectible client
costs advanced. This proposed entry
would reduce firm income by $25,000 and reduce the net assets by a similar
amount.
I
oppose the proposed entry (for the same reasons as in prior years) – it serves
no real purpose. Even conceding that
$25,000 of our client costs advanced will not be collected next year, we
recognize the cost write-offs as they occur.
Moreover, we manage our accounts receivable diligently and attempt to
collect as much as possible and timely write-off amounts which grow old and
appear uncollectible. Finally, this
$25,000 reduction of net income is not deductible for tax purposes – so there
is no tax rationale for doing so.
Frankly,
this entry has become a game with us.
They propose it; I reject it.
They get to make the point that they are doing their job, but because
the amount is not material, I get to reject it thus putting them in their
place. It’s okay. This item will undoubtedly be discussed again
at the Final Meeting with the Auditors.
Attached
is a draft copy of the financial report – income statement, balance sheet, cash
flow statement (as well as subsidiary reports showing changes in partners’
capital accounts), together with the auditor’s written opinion. Also attached is a copy of the Management
Representation Letter which the firm must provide to Beane & Beane before
everything is completed. So you know,
pursuant to the firm’s loan agreement with Big Bucks Bank, we need to provide
the bank with a copy of the financial statements and audit report on or before April
30th.
As
to the Management Representation Letter, the language (as in prior years) is
what Beane & Beane asks us to attest to or represent to them. It states that we have not withheld any
pertinent financial information from them and lists any number of things we do
and don’t do – just as we have told them – but they want it in writing.
It
is customary for the Management Representation Letter to be signed by the law
firm’s chief executive officer, chief operating officer (Administrator) and
chief financial officer. I am prepared
to sign it and to go over any questions you may have prior to you signing it.
The
date of the letter corresponds to the date Beane & Beane substantially
completed their work on this year’s examination of the financial statements.
Thanks for the audit management letter. helped me at right time http://www.samplelettertemplates.com/legal-letters/legal-representation-letter.html/
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