Auditors are required on every engagement to obtain a representation letter from the client. required: a. what are the objectives of the client’s representation letter? b. who should prepare and sign the client’s representation letter? c. when should the client’s representation letter be obtained?

Stosch company's balance sheet reported assets of $112,000, liabilities of $29,000 and common stock of $26,000 as of december 31, year 1. if retained earnings on the balance sheet as of december 31, year 2, amount to $74,000 and stosch paid a $28,000 dividend during year 2, then the amount of net income for year 2 was which of the following? a)$23,000 b) $35,000 c) $12,000 d)$42,000