Internaltional Standard On Auditing Essay

658 words - 3 pages

MANAGEMENT REPRESENTATION LETTER
BY ULTIMATE LOAN RECIPIENT

(a) Loan funds were not used for activities that would adversely affect the environment, or activities that limit the choice of reasonable alternatives prior to satisfying Rural Development environmental requirements;

(b) Loan funds were not used to pay off or refinance any existing indebtedness or costs of the Project that was incurred prior to Rural Development receipt of the Intermediary’s completed application;

(c) Loan funds were not used for any electric or telecommunications purpose or for the Intermediary’s electric or telecommunications operations, for affiliated operations of the Intermediary, or for the ...view middle of the document...

The Intermediary, Board Member and/or employee, its officers, manager, their spouses, children, or close relatives have an ownership interest in the project.

2. The Intermediary, Board Member and/or employee, its officers, manager, their spouses, children, or close relatives have an ownership interest in the property or other assets being purchased by the project.

3. The Intermediary, Board Member and/or employee, its officers, manager, their spouses, children, or close relatives providing technical assistance financed with project funds.

4. Any other activity which may have the appearance of a conflict of interest.

(h) Loan funds were not used for any purpose when receipt of loan funds is conditioned upon the requirement that the Ultimate Recipient acquire electric or telecommunications service from the Intermediary or its affiliates;

(i) Loan funds were not used for any gambling activity;

(j) Loan funds were not used for a Project that would result in the transfer of existing employment or business activity more than 25 miles from its existing location;

(k) Loan funds...

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