You are a manager who works for Ross, Sigh LLP, a local accounting firm. Your client is
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Question:
You are a manager who works for Ross, Sigh LLP, a local accounting firm. Your client is Transport Logistics (TL) transports hazardous materials from disposal facilities located in Alberta to a secure area.
Upon review of the minutes of the Board of Directors, you discover that TL has set up a higher than historical average provision for contingent liabilities related to spills that occurred while transporting the hazardous materials.
Required: Discuss 5 audit procedures performed during the completion of the audit phase that you would perform pertaining to contingent liabilities for TL.
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