L19 Notes_Part_5 - liability and what are the relevant GAAP...

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Questions: •Does a scope restriction occur if it is known to both the auditor and attorney that the attorney’s response is limited to matters either individually or collectively material? Must the attorney reveal all possible unasserted claims? Is an attorney letter a confirmation?
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Audit Completion Procedures: The search for unrecorded contingent liabilities. What is a contingent
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Unformatted text preview: liability and what are the relevant GAAP recommendations? Actual Liability: Generally, a definite obligation for a known amount arising from a past transaction Option: Book liability Contingent Liability: a potential future obligation to an outside party for an unknown amount resulting from activities that have already taken place Options: book, disclose, nothing...
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L19 Notes_Part_5 - liability and what are the relevant GAAP...

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