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Describe how johnsons testing in phases i-iii of the audit

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Reference no: EM13589100

Elizabeth Johnson, CPA, has completed the audit of notes payable and other liabilities for Valley River Electrical Services and now plans to audit contingent liabilities and commitments.

Required

  • Distinguish between contingent liabilities and commitments and explain why both are important in an audit.
  • Describe how Johnson's testing in phases I-III of the audit of notes payable might help her obtain evidence about the four presentation and disclosure objectives.
  • Identify three useful audit procedures for uncovering contingent liabilities that Johnson will likely perform in the normal conduct of the audit, even if she had no responsibility for uncovering contingencies.
  • Identify three other procedures Johnson is likely to perform specifically for the purpose of identifying undisclosed contingencies.

Reference no: EM13589100

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