A number of companies have pending lawsuits or other contingent liabilities reported in their financial statements.
1. Search the EDGAR database to find a company's 10-K that reports a contingent liability. Write a paragraph summarizing one of the liabilities found in the financial statements.
A. Did the company disclose the liability in the footnotes only, or did it recognize the liability in the financial statements?
B. What procedure might the auditors use to search for the contingent liabilities listed in part (A) ?
Read through Internet Assignment 21-39 in your textbook. Visit the Web site of the IIA (Institute of Internal Auditors). Answer the following questions in your posting:
What is the mission of the Institute?
Identify the differences between the Certified Internal Auditor (CIA) certificate and the Certified Public Accountant (CPA) certificate. Which certificate you would like to obtain? Why?