Question: What are the standard audit completion procedures? What is a provision? What is a contingent liability? A contingent asset? Enumerate the procedures to test for

  1. What are the standard audit completion procedures?
  2. What is a provision? What is a contingent liability? A contingent asset?
  3. Enumerate the procedures to test for contingencies and commitments.
  4. What are subsequent events? Give at least two examples of subsequent events.
  5. Enumerate the procedures to test for subsequent events in the context of an audit.

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