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ASA 502 - Audit Evidence - Specific Considerations for Litigation and Claims - October 2009
Completeness of Litigation and ClaimsCompleteness of Litigation and Claims
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Completeness of Litigation and Claims
- The auditor shall design and perform audit procedures in order to identify litigation and claims involving the entity which may give rise to a risk of material misstatement, including: (Ref: Para. A1‑Aus A4.1)
- Enquiry of management and, where applicable, others within the entity, including in‑house legal counsel;
- Reviewing minutes of meetings of those charged with governance and correspondence between the entity and its external legal counsel; and
- Reviewing legal expense accounts. (Ref: Para. A4)