Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please read and read again the requirement before answering it 1-Search theEDGAR databaseto find a 10-K that reports a contingent liability. Write a paragraph summarizing

Please read and read again the requirement before answering it

1-Search theEDGAR databaseto find a 10-K that reports a contingent liability. Write a paragraph summarizing one of the liabilities found in the financial statements. Did the company disclose the liability in the footnotes only, or did it recognize the liability in the financial statements?

2-What procedures might the auditors use to search for the contingent liabilities listed in part (1)? Explain the steps in the procedure in detail, as well as how they would provide the outcome desired.

What additional procedure could be performed? List the procedure, explain how it is performed, and discuss why it would be appropriate. PS: 1- Search theEDGAR databaseto find a 10-K that reports a contingent liability. Write a paragraph summarizing one of the liabilities found in the financial statements. Did the company disclose the liability in the footnotes only, or did it recognize the liability in the financial statements?

2-What procedures might the auditors use to search for the contingent liabilities listed in part (1)? Explain the steps in the procedure in detail, as well as how they would provide the outcome desired.

What additional procedure could be performed? List the procedure, explain how it is performed, and discuss why it would be appropriate.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Social Responsibility Audit A Management Tool For Survival

Authors: John W Humble

1st Edition

0900853522, 978-0900853524

More Books

Students also viewed these Accounting questions

Question

outline some of the current issues facing HR managers

Answered: 1 week ago