Audit Procedures Businesses Often Have Litigation Against Them That the Auditor

question 81

Essay

Audit procedures Businesses often have litigation against them that the auditor has to identify and adequately disclose.List the financial assertions that apply to Contingencies.For each assertion indicate two or three audit procedures that would address that assertion. Organize you answer as follows:
Financial statement assertion $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ Audit procedure(s)

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Definitions:

Commitment

The state or quality of being dedicated to a cause, activity, or relationship, often manifesting as a willingness to give time and energy to something believed in.

Premarital Cohabitation

The practice of living together as a couple in a long-term relationship without being married.

Convenient

Describes something arranged or existing for ease and comfort or located in a way that makes it easy to reach.

Living Expenses

The costs associated with daily living, including housing, food, transportation, and utilities.