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Make a list of about 5-6 Audit procedures for the long term debt and its related objectives/assertions (completeness, accuracy.. etc) 19. You have been assigned
Make a list of about 5-6 Audit procedures for the long term debt and its related objectives/assertions (completeness, accuracy.. etc)
19. You have been assigned to work on the audit of Lee Company. The audit team is currently in the planning phase of the audit, and you have been asked to prepare the audit program for long-term debt. The draft of Lee's financial statements indicates the following regarding long-term debt: E Footnote 9 - Loans Payable The Company's loans payable consist of the following bank loans: Bank loan, 8%, interest payable annual, matures 12/31/2015 $3,500,000$1,500,000$5,000,000 Bank loan, 7\%, principal and interest payable annually, matures 7/1/2020 Instructions: In the spaces provided below and on the next page, write an audit program for long-term debt. For each procedure, note which audit objective(s) the procedure provides evidence for. You do not need to use all of the boxes provided. (30 points)Step by Step Solution
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