During an audit engagement, Robert Wong, CPA, has satisfactorily completed an examination of accounts payable and other

Question:

During an audit engagement, Robert Wong, CPA, has satisfactorily completed an examination of and other liabilities and now plans to determine whether there are any loss contingencies arising from litigation, claims, or assessments.
What are the audit procedures Wong should follow with respect to the existence of loss contingencies arising from litigation, claims, or assessments? Do not discuss reporting requirements.

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...