Question: # 1- Please explain and provide examples Auditors face several issues when assessing the probability of a contingent loss and a range of possible losses.

# 1- Please explain and provide examples

Auditors face several issues when assessing the probability of a contingent loss and a range of possible losses. In your post, address the following:

  • Discuss the ways in whichS. GAAP and IFRS estimates of contingent losses can differ.
  • How is the terminology different between U.S. GAAP and IFRS?
  • Why are the differences in estimating contingent losses important to know?

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