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While Auditing Other Business Processes, an Auditor May Identify Information

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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?


Definitions:

Organic Product

A substance that originates from living entities or is produced through organic processes.

Reaction

A process in which substances, the reactants, transform into different substances, the products, through a chemical change.

Reaction

A process in which substances, the reactants, undergo chemical changes to form new substances, known as products.

Product

The substances that result from the completion of a chemical reaction.

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