Audit Procedures Businesses Often Have Litigation Against Them That the Auditor Has

question 12

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:

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Definitions:

Written Records

Documentation captured in written form, archiving events, transactions, observations, or decisions.

Archival Data

Information that is obtained from stored records including written, video, audio, and digital sources.

Traditional Data

Information that has been collected in long-established or conventional ways, often not involving modern technology.

Accurate Information

Information that is correct, precise, and free of errors.