You and your team have completed your fieldwork and have a handful of other considerations before...

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Accounting

You and your team have completed your fieldwork and have ahandful of other considerations before you compete the audit andissue your report. These activities are designed to ensure nothingsignificant has occurred between the completion of your fieldworkand the issuing of the audit report. You are assigned as a senioron the staff, in line to be promoted to manager, to instruct theother staff on the importance of considering contingentliabilities, letters from client lawyers, and subsequent events.Create a 10- to 12-slide presentation for the staff. Explain theimportance of reviewing for contingent liabilities and subsequentevents. Describe the requirements for reviewing for contingentliabilities and subsequent events.

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3.9 Ratings (475 Votes)

Sir I would be glad to answer this question in some practical aspect I skipping the technical part of the same because it may vary from region to region because the USA have IFRS Europe have IAS and India have its Accounting Standards to deal with the same Contingent Liability Definition A possibility liability on the occurrence of an uncertain event Liability is ensured but the amount cannot be See Answer

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