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Clearly define the nature of a 'contingent liability'. (3 Marks) Give one example of a contingent liability. Explain how they should be included in the

Clearly define the nature of a 'contingent liability'. (3 Marks) Give one example of a contingent liability. Explain how they should be included in the financial report, and why contingent liabilities are a concern to the auditor. What is a relevant audit procedure

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