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2 out of 4 Trustee are not prepared to sign the Trustee representation letter. As an auditor I'm in dilemma what to do.
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Personally, if we are talking an individual Trustees (ie. not a Corporate Trustee), I would like ALL Trustees tosign the Trustee Representation Letter. With all the litigation against Auditors, it's too easy for a Trustee to say they didn't realise what was going on and in the case of a loss to the Fund, guess who they try and blame. As for the Financials, I agree that at least half of the Trustees need to sign.