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Auditing Debt Match each of the procedures with the associated description: Procedures: Step 1 - Analytical Procedures Step 2 - Debt Roll-Forward and G/L Tie-Out

Auditing Debt

Match each of the procedures with the associated description:

Procedures:

Step 1 - Analytical Procedures

Step 2 - Debt Roll-Forward and G/L Tie-Out

Step 3 - Underlying Agreements and Approvals

Step 4 - Confirmations

Step 5 - Financial Covenant

Step 6 - Accrued Interest/ Interest Expense

Step 7 - Cash Flow Statement

Step 8 - Uniform Commercial Code (UCC) search

Step 9 - Financial Statement disclosure

Descriptions:

  • Review/test cost of borrowing for the year
  • Reconcile activity to be presented in the statement of cash flows
  • Review loan documents
  • Obtain balance directly from creditor
  • Review compliance with creditors requirements
  • Compare balance activity to expectations
  • Review all activity for the year at the loan level
  • Conduct a search for debts previously undisclosed to us
  • Review balance sheet classification and disclosures

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