What must management provide in relation to the audit engagement letter?

Management must provide written representations as part of the audit engagement letter. Written representations serve as formal documentation from management confirming that the information provided to the auditors is accurate and that there have been no significant issues that could impact the financial statements. This is crucial because it helps to affirm that management has fulfilled its responsibility for the financial reporting and that they are aware of their obligations during the audit process. It also plays a significant role in the auditor's risk assessment and overall evaluation of the audit evidence.

The other options do not align with the requirements typically associated with the audit engagement letter. An initial audit fee estimate may be discussed, but it is not a mandatory component of the engagement letter. Similarly, while the auditor’s qualifications are vital for the audit process, they do not need management's approval within the context of the engagement letter. Lastly, while identifying risks associated with the business form part of the auditors' procedures, management is not required to provide a list of these risks in the engagement letter itself. Instead, this information tends to be gathered by the auditors through their own assessment and discussions with management.