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Contingent liabilities are circumstances that could result in an actual liability if certain events occur. Since these items are not yet recorded in the financial
Contingent liabilities are circumstances that could result in an actual liability if certain events occur. Since these items are not yet recorded in the financial statements, how would you, as an auditor, investigate if any such contingencies exist? What types of contingencies do you believe are the most difficult to find, and what steps would you take to make sure none exist? |
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