What is MRL and why it is used and who takes it? If not received, then what will be the effect on audit opinion in audit report?

MRL stands for Management Representation Letter. It is a letter obtained by the auditor from the management of the audited entity. The purpose of the MRL is to document management’s acknowledgement of its responsibility for the financial statements and to confirm various representations made to the auditor during the audit process. The MRL is used…...