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Financial Auditing Please list and discuss the following concerning contingencies: 1. How are contingencies handled by GAAP? 2. How do auditors obtain sufficient appropriate audit

Financial Auditing

Please list and discuss the following concerning contingencies:

1. How are contingencies handled by GAAP?

2. How do auditors obtain sufficient appropriate audit evidence concerning contingencies?

3. What should the auditor do if the client doesn't follow GAAP concerning contingencies?

4. What should the auditor do if the auditor can't obtain sufficient appropriate audit evidence?

5. What should the auditor do if the auditor can not estimate a contingency and the probability of it occurring is probable?

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