Identify three other procedures Johnson is likely to perform specifically for the pur- pose of identifying undisclosed contingencies to help her obtain evidence about the presentation audit objective.

Elizabeth Johnson, CPA, has completed the audit of notes payable and other liabilities for Valley River Electrical Services and now plans to audit contingent liabilities and commitments.
a. Distinguish between contingent liabilities and commitments and explain why both
are important in an audit.
b. Identify three useful audit procedures for uncovering contingent liabilities that
Johnson will likely perform in the normal conduct of the audit, even if she had no
responsibility for uncovering contingencies.
c. Identify three other procedures Johnson is likely to perform specifically for the pur-
pose of identifying undisclosed contingencies to help her obtain evidence about the
presentation audit objective.
d. Identify three useful audit procedures for uncovering commitments that Johnson will likely perform as part of the audit in other accounts.

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