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[30] Which assertion is least relevant when the auditor is testing intangible assets? A. The intangible assets are owned by the client. B. All intangible asset transactions are included in the financial statements. C. The intangible assets listed in the financial statements exist. D. All purchases of intangible assets have been approved by the board of directors. [31] An audit plan for noncurrent debt should include slops that require A. Examining bond trust indentures. B. Inspecting the accounts payable subsidiary ledger. C. Investigating credits to the bond interest income account. D. Verifying the existence of the bondholders. 2020 Gleim Publications Inc. Chapter 10 part 3 [32] An auditor's purpose in reviewing the renewal of a note payable shortly after the balance sheet date most likely is to obtain evidence concerning relevant assertions about A. Existence. B. Classification and understandability. C. Completeness D. Valuation and allocation [33] During an audit of an issuer of bonds, the auditor should obtain written confirmation regarding debenture transactions from the A. Debenture holders. B. Client's attorney C. Internal auditors. D. Trustee [34] During its fiscal year, a company issued, at a discount, a substantial amount of first- mortgage bonds. When performing audit work in connection with the bond issue, the independent auditor should A. Confirm the existence of the bondholders. B. Review the minutes for authorization C. Trace the net cash received from the issuance to the bonds payable account D. Inspect the records maintained by the bond trustee. [35] During an audit, Mr. Wick learns that the audit client was granted a 3-month waiver of the repayment of principal on the installment loan with Blank Bank without an extension of the maturity date. With respect to this loan, the audit program used by Mr. Wick is least likely to include a verification of the A. Interest expense for the year B. Balloon payment. C. Total liability at year end. D. Installment loan payments. [36] During the year under audit, a client issued a substantial amount of bonds to an insurance company a private placement). Which of the following is the most important step in the auditor's plan for the audit of bonds payable? A. Confirming the amount issued with the SEC. B. Tracing the cash received from the issue to the accounting records. C. Examining the bond records maintained by a third party such as a transfer agent D. Recomputing the annual interest cost and the effective yield