What procedures might the auditors use to search for the contingent liabilities listed in part?

Anonymous
timer Asked: Nov 6th, 2015
account_balance_wallet $5

Question description

A number of companies have pending lawsuits or other contingent liabilities reported in their financial statements.

a.

Search the EDGAR database found at http://www.sec.gov/edgar/searchedgar/companysearch.html to find a company’s 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?

b.

What procedures might the auditors use to search for the contingent liabilities listed in part (a)?

Please finish it on time. 

Thank you. 

Tutor Answer

Cornell University

flag Report DMCA
Review

Anonymous
Outstanding Job!!!!

Similar Questions
Hot Questions
Related Tags

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors