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npeelman npeelman
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5 years ago
State the specific balance-related audit objectives applicable to notes payable and interest and, for each objective, identify one common test of details of balances.
Textbook 

Auditing: The Art and Science of Assurance Engagements, Canadian Edition


Edition: 12th
Authors:
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inthe80sinthe80s
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• Notes payable in the schedule exist (existence). Confirm notes payable.
• Existing notes payable are included in the notes payable schedule (completeness). Examine notes paid after year-end to determine whether they were liabilities at the balance sheet date.
• Notes payable and accrued interest in the schedule are accurate and included in the correct period (accuracy and allocation). Examine duplicate copies of notes for principal and interest rates.
• Notes payable in the schedule are properly classified (classification). Review notes to determine whether any are related party notes or accounts payable.
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npeelman Author
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4 years ago
Thanks b
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