Guarantees by the client of the liabilities of others are included as contingencies that are assessed by auditors during their concluding procedures.

Question

Quizplus · Accepted Answer

This statement is true. Auditors assess the contingent liabilities of a company, which includes guarantees made by the client for the liabilities of others. Evaluation of contingent liabilities is one of the concluding procedures carried out by auditors.

Guarantees by the Client of the Liabilities of Others Are