From the List Below, Select the Procedures That an Auditor

question 16

Essay

From the list below, select the procedures that an auditor would use to test for contingent liabilities.
a. Inquire of SEC officials regarding reported violations by the entity that create claims.
b. Read the entity's contracts, loan agreements, leases, and other documents.
c. Read the entity's minutes of meetings of shareholders, directors, and committees.
d. Request a representation letter from all the entity's employees.
e. Read the legal briefs of all suits filed against the entity's competitors.
f. Request the entity's management to prepare a letter of inquiry to the entity's attorney regarding pending litigation against the entity.

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Definitions:

Designated Group

Specific populations identified for affirmative action or diversity inclusion initiatives, often based on race, gender, disability, or other characteristics.

Immigrants

Individuals who move from their country of origin to reside in a foreign country, often in search of better living conditions or opportunities.

Aboriginals

Indigenous peoples to a specific region, often recognized as the first inhabitants of their respective areas.

Contingent Workers

Employees who do not have long-term contracts but are hired on a temporary basis, often to meet seasonal demands or short-term projects.