You and your team have completed your fieldwork and have a handful of other considerations before you compete the audit and issue your report. These activities are designed to ensure nothing significant has occurred between the completion of your fieldwork and the issuing of the audit report. You are assigned as a senior on the staff, in line to be promoted to manager, to instruct the other staff on the importance of considering contingent liabilities, letters from client lawyers, and subsequent events.

Createa 10- to 12-slide presentation for the staff.

Explainthe importance of reviewing for contingent liabilities and subsequent events.

Describethe requirements for reviewing for contingent liabilities and subsequent events.

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1) Slide 3 - Primary Audit Objectives in Identifying Contingent Liabilities

2) Slide 4/5 -Contingencies & commitments - Audit Procedures

3) Slide 6&7 -Attorney Letters

4) Slide 8 -Subsequent Event Review and Slide 9 -Impact of Type I and Type II Subsequent Events

5) Slide 10 and 11 - Subsequent Event Audit Tests (ONLY SLIDE I NEED TO BE DONE)

ONLY TWO SLIDES NEED TO BE DOWN 10 AND 11

Completing the Audit Xavier Walton Post-fieldwork testing Three areas of focus Contingent Liabilities Attorney responses Subsequent Events Primary Audit Objectives in Identifying Contingent Liabilities Describe audit objectives associated with identifying contingent liabilities Contingencies & Commitments - Audit Procedures Detail audit procedures for contingencies and commitments Contingencies & Commitments - Audit Procedures Detail audit procedures for contingencies & commitments Attorney Letters Describe why this is done/objective and timing - also describe which types of attorneys responses are requested of(i.e. cases where the client is the defendant or there is a potential loss contingency) Attorney Letters (cont'd) Describe what should be included within the standard attorney inquiry Subsequent Event Review Give background on why this is done Impact of Type I and Type II Subsequent Events Describe the two types and impact on how they're reflected in f/s Subsequent Event Audit Tests Detail audit steps for subsequent event procedures Subsequent Event Audit Tests Continuation of prior slide