ASRE 2410 - Review of an Interim Financial Report Performed by the Independent Auditor of the Entity - April 2006
Other Liabilities and Contingent LiabiliOther Liabilities and Contingent Liabilities
Start here
Get a plain-English read of Other Liabilities and Contingent Liabili
Turn the raw legal text into a practical explanation grounded in ASRE 2410 - Review of an Interim Financial Report Performed by the Independent Auditor of the Entity - April 2006.
Other Liabilities and Contingent Liabilities
-
Obtain a schedule of the other liabilities and determine whether the total agrees with the trial balance.
-
Compare major balances of related expense accounts with similar accounts for prior periods.
-
Enquire about approvals for such other liabilities, terms of payment, compliance with terms, collateral and classification.
-
Enquire about the method for determining other liabilities.
-
Enquire as to the nature of amounts included in contingent liabilities and commitments.
-
Enquire whether any actual or contingent liabilities exist which have not been recognised in the accounts. If so, discuss with management and/or those charged with governance whether provisions need to be made in the accounts or whether disclosure should be made in the notes to the interim financial report.