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It is common practice to audit the balance in notes payable inconjunction with the audit of interest expense and interest payable. Explain theadvantages of this approach.

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter9: Auditing The Revenue Cycle.

Section: Chapter Questions

Problem 2RQSC

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It is common practice to audit the balance in notes payable in
conjunction with the audit of interest expense and interest payable. Explain the
advantages of this approach.

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