1 point Which one of the following should be disclosed in the foot note to the financial statements? When it is at least reasonably possible that a loss has been sustained. When the amount of loss can be reasonably estimated. It is probable that a loss had been sustained before the balance date All of the above 1 point What should an auditor do to confirm loss contingency due to litigation cases? Confirm with the corporation's legal counsel regarding any pending litigations. Confirm with the corporation's legal counsel regarding any threatened litigations. Obtain a list describing all threatened and pending litigations from management. All of the above 1 point It is the management's responsibility to ensure financial statements are stated fairly. True False