(b) Qamarina & Co has been appointed to be the auditor of Nabil Sdn Bhd for the...
Fantastic news! We've Found the answer you've been seeking!
Question:
(b) Qamarina & Co has been appointed to be the auditor of Nabil Sdn Bhd for the year ended 31 December 2020. During the year the client has obtained a long-term loan from a local bank. The financing agreement provides the following information:
1. The loan was to be secured by fixed charge over the land and building located in Pasir Gudang industrial area.
2. Monthly instalment payments were to commence on 1 March 2020.
3. The interest rate is 1.5% per annum above the based lending rate.
Required: Explain FOUR (4) procedures should auditors employ in examining the above loan.
Posted Date: