contingent liabilities and commitments Archives

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.

Posted on February 22, 2023 by Assessments

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 […]

Communicate effectively with the audit committee and management. Identify the auditor’s responsibilities when facts affecting the audit report are discovered after its issuance.

Posted on February 22, 2023 by Assessments

Design and perform audit tests related to presentation audit objectives. Conduct a review for contingent liabilities and commitments. Obtain and evaluate letters from the client’s attorneys. Conduct a post- balancesheet review for subsequent events. Design and perform the final steps in the evidence-accumulation segment of the audit. Integrate the audit evidence gathered and evaluate the […]

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Tag: contingent liabilities and commitments

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.

Communicate effectively with the audit committee and management. Identify the auditor’s responsibilities when facts affecting the audit report are discovered after its issuance.