Discussion Post
Auditors face several issues when assessing the probability of a contingent loss and a range of possible losses. In your post, address the following:
o Discuss the ways in which GAAP and IFRS estimates of contingent losses can differ.
o How is the terminology different between U.S. GAAP and IFRS?
o Why are the differences in estimating contingent losses important to know?
The response should include a reference list. Using one-inch margins, Times New Roman 12 pnt font, double-space and APA style of writing and citations.