Lesson: Procedures for Obtaining Evidence

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This lesson delves into the procedures for obtaining evidence about subsequent events. Nick Palazzolo, CPA, guides viewers through the importance of investigating changes in long-term debt and ensuring proper classification between short-term and long-term debt. The lesson also explores the need to inquire of legal counsel on litigation claims and assessments, management regarding significant changes in stockholders' equity, and any unusual account adjustments after year-end. Additionally, the lesson covers the importance of comparing the most recent interim financial statements to those under audit and reviewing the minutes from the board of directors for any clues on significant subsequent events.

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