In Note 12 of its December 2001 consolidated financial statements, Bell Canada reported long-term debt outstanding totaling $9075 million. This amount is made up of 35 separate debentures, with maturity dates ranging from 2001 to 2054, in amounts ranging from $125 to $700 million, with interest rates ranging from 2.7% to 11.45%. The income statement for the year reports interest expense on this long-term debt of $725 million.

Required:
List the assertions relating to Bell Canada’s long-term debt and interest expense. Describe the audit procedures that you would perform to verify the debt and interest expense for 2001.