Which one of the following is NOT an audit procedure that is commonly used to search for contingent liabilities?
A) Review the minutes of directors and shareholders meetings.
B) Perform inquiries of management (orally and in writing).
C) Analyse legal expense for the period under audit.
D) Review the current year's tax return.

Question

Quizplus · Accepted Answer

Reviewing the current year's tax return is not a commonly used audit procedure to search for contingent liabilities. The other options, such as reviewing minutes of meetings, performing inquiries of management, and analyzing legal expenses, are commonly used procedures for this purpose.

Which One of the Following Is NOT an Audit Procedure