Following are errors, frauds, or other circumstances that an auditor might encounter as a result of applying audit tests to long-term debt as of the balance sheet date:

a. Detailed long-term debt records may not be accurate.

b. All debt instruments are held by banks.

c. There is no documentation supporting a bond indenture.

d. Proceeds from the bond issuance have all been expended.

e. Various debt instruments required interest payments on the last day of all but two months.

Required:

For each of the above, indicate: (1) a specific substantive test or tests that might address the error, fraud, or circumstance and (2) the financial statement assertion addressed by each test.