Question
Company ABC is your firm's audit client. By the end of 2016, ABC had only two outstanding 7-year bank loans, $100 million from Bank of
Company ABC is your firm's audit client. By the end of 2016, ABC had only two outstanding 7-year bank loans, $100 million from Bank of America and $150 million from Banc of California. When your firm audits its FY2017 accounting books, there is $140 million of loan outstanding from Banc of California. As an auditor, do you still need to send loan confirmation to Bank of America? Why or why not?
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Corporate Financial Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
12th edition
1305041399, 1285078586, 978-1-133-9524, 9781133952428, 978-1305041394, 9781285078588, 1-133-95241-0, 978-1133952411
