Multi-million dollar product liability law suit

Reference no: EM13282019

You read in the newspaper that your audit client is involved in a multi-million dollar product liability law suit. This surprised you because neither the Vice President of Finance nor the Controller had mentioned it to you. In addition, there are no entries in the general ledger or on the financial statements that indicate a loss contingency accrual. What audit steps would you take with respect to the current litigation?

Reference no: EM13282019

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