Zene Investments Limited, an investment company, held a significant portfolio of investments as at 31st March, 2026. During the audit, the…

Written representations about specific assertions: When obtaining evidence about, or evaluating, judgments and intentions, the auditor may consider one or more of the following: (i) The entity's past history in carrying out its stated intentions. (ii) The entity's reasons for choosing a particular course of action. (iii) The entity's ability to pursue a specific course of action. (iv) The existence or lack of any other information that might have been obtained during the course of the audit that may be inconsistent with management's judgment or intent. In addition, the auditor may consider it necessary to request management to provide written representations about specific assertions in the financial statements, in particular, to support an understanding that the auditor has obtained from other audit evidence of management's judgment or intent in relation to, or the completeness of, a specific assertion. Example: If the intent of management is important to the valuation basis for investments, it may not be possible to obtain sufficient appropriate audit evidence without a written representation from management about its intentions. Although such written representations provide necessary audit evidence, they do not provide sufficient appropriate audit evidence on their own for that assertion. The Audit Assistant's view is not appropriate. The auditor should evaluate management's intentions using relevant audit evidence and may obtain written representations where necessary. However, such representations cannot by themselves constitute sufficient appropriate audit evidence for the relevant assertion.