Objective: "A. Ensure that all contingent liabilities have been appropriately disclosed based on the criteria laid down as under: - Has present obligation which will result in outflow of economic benefits. - Amounts cannot be measured reliably. - Occurrence of one or more uncertain future events which has not been under the organization control." B. Ensure that any obligation wherein the outcome is probable or remote have not been included and disclosed as Contingent liabilities. C. Ensure that all the committed transactions which involve the outflow of economic benefits have been appropriately classified and disclosed. D. Ensure that all significant subsequent events have been identified, analyzed, adjusted and appropriately disclosed.
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