What is meant by contingent liability, Auditing

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What is meant by contingent liability

Response to the following questions:

1. Define what is meant by contingent liability. What three categories are used to classify a contingent liability? Give four distinct examples of contingent liabilities.

2. What information does the auditor ask the attorney to provide on pending or threatened litigation?

If possible, please give examples to better understand your answers.

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Auditing: What is meant by contingent liability

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Auditing: What is meant by contingent liability

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