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Author Question: If the auditor concludes that there are contingent liabilities, he or she must evaluate the ... (Read 68 times)

Maddie9229

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on: Aug 21, 2022
If the auditor concludes that there are contingent liabilities, he or she must evaluate the significance of the potential liability and the nature of the disclosure needed in the financial statements. Which of the following statements is not true?
◦ The potential liability is sufficiently well known in some instances to be included in the financial statements as an actual liability.
◦ Disclosure may be unnecessary if the contingency is highly remote or immaterial.
◦ A CPA firm often obtains a separate evaluation of the potential liability from its own legal counsel rather than relying on management or management's attorneys.
◦ The client's attorneys must remain independent when evaluating the likelihood of losing the lawsuit.
Auditing and Assurance Services ¦ Arens, Elder, Beasley, Hogan ¦ 17th Edition
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Marked as best answer by Maddie9229 on Aug 21, 2022

rhhoagland

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Reply #1 on: Aug 21, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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Maddie9229

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Reply 2 on: Aug 21, 2022
YES! Correct, THANKS for helping me on my review

ricroger

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Reply 3 on: Yesterday
Excellent

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