Author Question: Contingent liability disclosure in the footnotes of the financial statements would normally be made when (Read 61 times)

caca31 · **on:** Aug 21, 2022

Question 1

Audit procedures related to contingent liabilities are initially focused on
◦ accuracy.
◦ completeness.
◦ existence.
◦ occurrence.

Question 2

Contingent liability disclosure in the footnotes of the financial statements would normally be made when
◦ the outcome of the accounting event is deemed probable, but a reasonable estimation as to the amount cannot be made by the client or auditor.
◦ a reasonable estimation of the loss can be made, but the outcome is not probable.
◦ the outcome of the accounting event is deemed probable, and a reasonable estimation as to the amount can be made.
◦ the outcome of the accounting event as well as a reasonable estimation of the loss cannot be made.

RodrickHac · **Reply #1 on:** Aug 21, 2022

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