Auditing and Assurance Services 1st Edition by Iris Stuart

Exercise 21

Select a company and search for contingent liabilities, commitments, and subsequent events in the annual reports.
a. Describe the nature of the contingent liabilities or commitments that you find. Are they disclosed or recorded in the financial statements
b. Describe the subsequent event in the annual report. Is it type I or type II How has it been handled in the financial statements