L19 Notes_Part_7 - 2.IRS agent reports 3. minutes 4....

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Contingent Liabilities: SFAS No. 5 Types of Contingent Liabilities: 1. litigation (e.g., patent infringement, product liability) 2. income tax disputes 3. disputes with regulatory bodies 3. product warranties 4. notes receivable discounted, receivables sold with recourse 5. guarantees of obligations of others
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Contingent Liabilities: Uncovering How do you discover Contingent Liabilities? 1.inquire of management - letter of representation
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Unformatted text preview: 2.IRS agent reports 3. minutes 4. analyze legal expense 5. review legal correspondence 6. read contracts, loans, and lease agreements 7. confirm with attorneys. Suppose the attorney refuses to provide information on asserted or unasserted claims? i. Does the nature of refusal matter? ii. What is the desired date of the attorney's letter? 8. review working papers...
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This note was uploaded on 10/05/2011 for the course ACG 5637 taught by Professor Monikacaushoulli during the Fall '08 term at University of Florida.

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L19 Notes_Part_7 - 2.IRS agent reports 3. minutes 4....

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