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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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