Describe the audit steps that generally would be followed in establishing the propriety of the recorded liability for federal income taxes of a corporation you are auditing for the first time. Required: a. Consideration should be given to the status of the liability for prior years and b. Consideration should be given to the status of the liability arising from the current year's taxable income. Describe the audit steps that generally would be followed in establishing the propriety of the recorded liability for federal income taxes of a corporation you are auditing for the first time. Required: a. Consideration should be given to the status of the liability for prior years and b. Consideration should be given to the status of the liability arising from the current year's taxable income