This sample audit work program primarily focuses on identification and reporting of contingencies and accrued liabilities.

Audit objectives include: ask if any contingencies exist; identify the existence of any contingencies, when the underlying cause occurred, and the likelihood of an unfavorable outcome and the amount or range of possible loss; ensure that there is a process in place to disclose contingencies as appropriate; verify the accuracy of expense accounts; determine that expense accounts include costs and expenses applicable to the period under review; verify if accruals have been made; etc.