Faye Jaworski, CPA, is auditing the financial statements of Fulbright Company. As she is nearing...
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Faye Jaworski, CPA, is auditing the financial statements of Fulbright Company. As she is nearing the audit completion date, Jaworski realizes that she needs to evaluate whether all material contingencies are properly accounted for and disclosed in Fulbrights financial statements. Because of its size, Fulbright has retained external counsel (Vinson, LLP) to handle its various legal matters.
List and discuss two common procedures that Jaworski will perform with respect to Fulbrights litigation, claims, and assessments.
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