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1 page/≈275 words
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APA
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Accounting, Finance, SPSS
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English (U.S.)
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Topic:

Auditors' Procedures on Searching for Contingent Liabilities

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This assignment is for a follow up post to the attached.
Management will typically have a conservative view on contingencies and be hesitant to report them in the financial statements. They may feel that the disclosure of contingencies could lower stock prices and lead to lawsuits. As an auditor, you should look for contingencies and make sure they are properly reported. The proper accrual or disclosure of contingencies supports transparent reporting and could reduce the possibility of lawsuits from investors and creditors by providing them with realistic expectations.
The procedures the auditors used to search for contingent liabilities are listed in the attached.
Do you agree with the procedure they have presented? Why or why not? What additional procedure could be performed? List the procedure, explain how it is performed, and discuss why it would be appropriate.

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Response Post #Oracle
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I agree with the auditors' procedure to identify contingent liabilities because it effectively captured information that had material significance on Oracle’s consolidated statements of operations. The claims awarded as Hewlett-Packard Company Litigation were captured as acquisition-related based on Oracle’s Form 10-K. In addition, the procedures auditors can employ to search for contingent liabilities, as listed in the post, are authentic. Inquiring of and discussing with the management concerning the company’s policies and procedures or contingent liabilities’ identification, evaluation, and accounting ensures reasonable estimation of the amounts in the financial reports (Franklin et al., 2019). The entities majorly focus on consulting the

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