Contingencies are considered by the auditor in relation to the AASB 137 criteria to determine whether material contingencies exist with the client and, if so, that they are properly accrued or disclosed.

Question

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Contingencies are considered by the auditor in relation to the AASB 137 (or its international equivalent, IAS 37) criteria to ensure that any material contingencies are identified and appropriately accounted for in the financial statements, either through accrual or disclosure, to provide a true and fair view of the financial position of the entity.

Contingencies Are Considered by the Auditor in Relation to the AASB