Loss Contingencies

During an audit engagement, Harper CPA has satisfactorily completed an examination of accounts payable and other liabilities and now plans to determine whether there are any loss contingencies arising from litigation, claims, or assessments

What audit procedures should Harper follow with respect to the existence of loss contingencies arising from litigation, claims, and assessments: do not discuss reporting requirements.

Solution Summary

This solution provides information related to the requisite audit procedures a company should follow with respect to the existence of loss contingencies arising from litigation, claims, and assessments.