Identifying Loss Contingencies Question Description Oncethe audit evidence is gathered and …

Identifying Loss ContingenciesQuestion Description Oncethe audit evidence is gathered and the testing is complete, how do youknow there are no other items outstanding? To ensure the audit iscomplete, it is important to examine loss contingencies.JasonLong, CPA, has completed his examination of accounts payable and otherliabilities of the Jackson Company. He has now shifted his attention tosearch for any loss contingencies by looking for litigation, claims, andother types of assessments.How should Jason Long plan to search for these loss contingencies?What are some sources he can use to identify if loss contingencies exist?What should be considered when reporting loss contingencies? add reference