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mmi mmi
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A week ago
Discuss the overall objectives of the audit of notes payable.
Textbook 

Auditing and Assurance Services


Edition: 17th
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crwille78crwille78
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The overall objectives of the audit of notes payable are to determine whether:
The internal controls over notes payable are adequate.
Transactions for principal and interest involving notes payable are properly authorized and recorded in accordance with the seven transaction-related audit objectives.
The liability for notes payable and the related interest expense and accrued liability are properly stated as defined by seven of the nine balance-related audit objectives (realizable value is excluded).
Notes payable and the related interest expense are properly aggregated and presented, and related disclosures are adequate and understandable.

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