What procedures must the auditor perform to search for contingent liabilities ?
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Contingent liabilities
A contingent liability is an obligation of business related to an uncertain future event. The business must record it in its financial statements if the amount can be reliably estimated and it is probable that amount will be paid by business as a...
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Contingent liabilities exist or possible obligations on the balance sheet date when the final outcome is uncertain and contingent upon a future event ...View the full answer
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