If a potential loss on a contingent liability is remote, the liability usually is

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If a potential loss on a contingent liability is remote, the liability usually is

If a potential loss on a contingent liability is remote, the liability usually is

▸ disclosed in footnotes, but not accrued.

▸ neither accrued nor disclosed in footnotes.

▸ accrued and indicated in the body of the financial statements.

▸ disclosed in the auditor's report but not disclosed on the financial statements.

Textbook

Auditing and Assurance Services

Edition: 17^th

Authors: Arens, Elder, Beasley, Hogan

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