While Auditing Other Business Processes, an Auditor May Identify Information

question 79

Essay

While auditing other business processes, an auditor may identify information about contingent liabilities. What specific audit procedures relating to other business processes could uncover these liabilities?

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Definitions:

Ledger

A record that consolidates all transactions related to a particular account, facilitating the preparation of financial statements.

Analyzed

The process of examining data or a financial statement in detail to extract insights or identify trends.

Effect

The impact or outcome that results from a specific cause or action, often analyzed in studies to understand causal relationships.