Chapter 24, Problem 24DQP

a.

To determine

Explain the difference between the contingent liabilities and commitments. Also, explain the importance of both in an audit.

b.

To determine

List the three useful audit procedures that would be perform by the Person J during the audit program, even if Person J does not have responsibility for uncovering contingencies.

c.

To determine

List the other three other procedures that person J would likely to perform specifically for the purpose of identifying undisclosed contingencies that would helps in obtaining evidence about the presentation audit objective.

d.

To determine

List the three useful audit procedures for uncovering commitments that Person J would likely to perform as a part of the audit in other accounts.