Internet Assignment Search the Internet:A number of companies have pending lawsuits or other contingent liabilities reported in their financial statements

a.Search the EDGAR database found athttp://www.sec.gov/edagr/searchedgar/companysearch.html

to find a company's 10-K that reports a contingent liability. Write paragraph summarizing one of the liabilities found in the financial statements.

i.Did the company disclose the liability in the footnotes only or did it recognize the liability in the financial statements

ii.What procedures might the auditors use to search for the contingent liabilities listed in part (i)