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Michaela and Dave are working on the audit of Rainbow Enterprises, LLC and have been tasked with confirming the client's bank deposit and, loan
Michaela and Dave are working on the audit of Rainbow Enterprises, LLC and have been tasked with confirming the client's bank deposit and, loan balances. As Dave and Michaela prepare to do this, which of the following items would be prudent for the pair to check? (Select all that apply.) Details of any pledged property or other assets that the bank is holding for other similar customers. Details of any loans, including repayment terms and interest charged by the bank. Details of any contingent liabilities held by the client that the bank has assumed legal and financial responsibility for. Dave and Michaela should consider requesting a full listing of all bank accounts that have been opened and closed during the year.
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