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1-Search the EDGAR database to find a 10-K that reports a contingent liability. Write a paragraph summarizing one of...

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Accounting

1-Search the EDGAR database to find a 10-Kthat reports a contingent liability. Write a paragraph summarizingone of the liabilities found in the financial statements. Did thecompany disclose the liability in the footnotes only, or did itrecognize the liability in the financial statements?


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


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

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1Search the EDGAR database to find a 10K 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 As per the US GAAP any expense that is likely to arise in the future but at the condition of that it may arise or may not arise is treated as a contingent liability The liability that is contingent at this time can be reported in the financial statements If the below test is passed We can measure the actual expense with some accuracy is if the    See Answer
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