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Completing the Audit;Learning Objective 1;Summary of theAudit Process;Phase IV –Completing the Audit;A contingent liability is potential future obligation to an outside party for an unknown amount resulting from activities that have already taken place.;Likelihood of Occurrence and Financial Statement Treatment;Audit Procedures forFinding Contingencies;Audit Procedures forFinding Contingencies;Learning Objective 2;A list including (1) pending threatened litigation and (2) asserted or unasserted claims or assessments with which the attorney has had involvement.;A request for the identification of any unlisted pending or threatened legal action or a statement that the client’s list is complete.;Learning Objective 3;Period Covered bySubsequent Events Review;Those that have a direct effect on the financial statements and require adjustment; Declaration of bankruptcy by a customer with an accounts receivable balance. Settlement of a litigation at an amount different from the amount recorded on the books; Disposal of equipment not being used in operations at a price below the current book value Sale of investments at a price below recorded cost;Advisability of Disclosure; Inquiry of management Correspond with attorneys Review internal statements prepared subsequent to the balance sheet date Review records prepared subsequent to the balance sheet date Examine minutes issued subsequent to the balance sheet date Obtain a letter of representation;The first date is the date for the completion of field work except for a specific exception.;Learning Objective 4;Perform final analytical procedures. Evaluate the going-concern assumption. Obtain a management representation letter. Consider information accompanying the basic financial statements. Read other information in the annual report;Information Accompanying Basic Financial Statements;Information Accompanying Basic Financial Statements;Learning Objective 5;Sufficiency of evidence;E