I have a question from my auditing class, I am trying to get my head around loss contingencies as they relate to the Emphasis of Matter and Other Matter paragraphs. If the company had a copyright infringement, a loan guarantee, or penalty that would be classified as a required note disclosure because it was considered probable or reasonably possible, does it “automatically” mean that this will be called out in the Audit Report under Other Matter or Emphasis of Matter? In other words, do all loss contingencies need to be in the Audit Report under an EOM or OM paragraph?
do all loss contingencies need to be in the Audit Report under an EOM or OM paragraph? No. That will be too much for certain companies. Materiel cases, yes. What is material? Company and auditor decide.
Hi sir Farhat just wanna ask if theres any updates do you made to this playlist (auditing)? Because I saw the changes in the cover of some of the videos. Just asking because I almost done watching all the videos in this playlist.tnx
I just got hired for my first accounting position and I wanted to THANK YOU! God bless you!!
I have a question from my auditing class, I am trying to get my head around loss contingencies as they relate to the Emphasis of Matter and Other Matter paragraphs. If the company had a copyright infringement, a loan guarantee, or penalty that would be classified as a required note disclosure because it was considered probable or reasonably possible, does it “automatically” mean that this will be called out in the Audit Report under Other Matter or Emphasis of Matter? In other words, do all loss contingencies need to be in the Audit Report under an EOM or OM paragraph?
do all loss contingencies need to be in the Audit Report under an EOM or OM paragraph? No. That will be too much for certain companies. Materiel cases, yes. What is material? Company and auditor decide.
Hi sir Farhat just wanna ask if theres any updates do you made to this playlist (auditing)? Because I saw the changes in the cover of some of the videos. Just asking because I almost done watching all the videos in this playlist.tnx