Factors Affecting the Outcomes of Legal Claims against Auditors Current Issues in Auditing American Accounting Association

Evaluating this likelihood or probability is where things can get a bit murky. According to ASC 450, the probability can range from remote to probable. Exactly where within the range the probability of an unfavorable outcome falls helps determine whether the unasserted claim contingency should be accrued, disclosed, or ignored for financial reporting purposes. If […]