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Contingencies Discuss What a Contingency Is,the Auditor's Main Concerns About Them

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Contingencies
Discuss what a contingency is,the auditor's main concerns about them and how they are supposed to be dealt with by management and the auditor.Besides litigation,claims and assessments,what are some other types of contingencies?


Definitions:

Vestibule

An entryway or antechamber leading to the main part of a building, or the central cavity of the labyrinth of the inner ear.

Auditory Ossicles

The three small bones in the middle ear that transmit sound vibrations from the eardrum to the inner ear.

Endolymph

Fluid found within the membranous labyrinth of the inner ear.

Perilymph

The fluid that lies between the membranous and bony labyrinth of the inner ear, aiding in hearing and balance.

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