The first stop in the audit of contingencies is to determine the amount of the contingency.

Name: The first stop in the audit of contingencies is to determine the amount of the contingency.
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The first stop in the audit of contingencies is actually to assess the likelihood of the contingency event occurring and to evaluate whether it should be disclosed in the financial statements. Once the contingency is deemed probable and significant, the amount can then be estimated and disclosed.

The First Stop in the Audit of Contingencies Is to Determine