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 […]