Question
In: Accounting
You are a manager who works for Ross, Sigh LLP, a local accounting firm. Your client...
You are a manager who works for Ross, Sigh LLP, a local accounting firm. Your client is Transport Logistics (TL) transports hazardous materials from disposal facilities located in Alberta to a secure area.
Upon review of the minutes of the Board of Directors, you discover that TL has set up a higher than historical average provision for contingent liabilities related to spills that occurred while transporting the hazardous materials.
Required: Discuss 5 audit procedures performed during the completion of the audit phase that you would perform pertaining to contingent liabilities for TL.
Solutions
Expert Solution
Transport Logistics (TL) transports hazardous materials from disposal facilities located in Alberta to a secure area.
Upon review of the minutes of the Board of Directors, you discover that TL has set up a higher than historical average provision for contingent liabilities related to spills that occurred while transporting the hazardous materials.
The audit procedures should be followed as follows :-
The answer to the above mentioned question is below in form of images :-
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