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:

Atomic Open Sentence

A basic, unquantified statement that contains one or more variables and becomes a proposition when the variables are specified.

Compound

Composed of two or more elements, parts, or substances.

Atomic

Relating to the basic, indivisible entities or components of a system.

Truth-functional Compound

A logical compound statement whose truth value is determined by the truth values of its component parts.