A number of companies have pending lawsuits or other contingent liabilities reported in their financial...
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Accounting
A number of companies have pending lawsuits or other contingent liabilities reported in their financial statements:
A. Search EDGAR data base at www.sec.gove/edgar/searchedgar/company serach.html.
Find a company's 10-K that reports a contingent liability. Sumarazi one of the liabilities fouund in the financial statements. Did the company disclose the
liability in the footnots only, ordi it recoginize the liability in the financial statements
B. What procedures might the auditors use to search for the contingent liabilities listed in part a.
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