Identifying Loss Contingencies

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Once
the audit evidence is gathered and the testing is complete, how do you
know there are no other items outstanding? To ensure the audit is
complete, it is important to examine loss contingencies.

Jason
Long, CPA, has completed his examination of accounts payable and other
liabilities of the Jackson Company. He has now shifted his attention to
search for any loss contingencies by looking for litigation, claims, and
other types of assessments.

  • How should Jason Long plan to search for these loss contingencies?
  • What are some sources he can use to identify if loss contingencies exist?
  • What should be considered when reporting loss contingencies?

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