There has been increased in the demand for call centre spaces in Kingston resulting from this M and M Construction obtained a 30-year mortgage loan form there bank on September 30, 2020, in the amount of $200m and has collateral they had used its only construction plant building and the land on which the building stands. The monthly repayment on the loan is $500,000 which includes principal and interest. You are in charge of the current year audit for M and M Construction, which has a balance sheet date of December 31, 2020. The client has been audited previously by your Auditing firm, but after reviewing the permanent file it was observed that this is the first time M and M Construction has had a mortgage.
There has been increased in the demand for call centre spaces in Kingston resulting from this M and M Construction obtained a 30-year mortgage loan form there bank on September 30, 2020, in the amount of $200m and has collateral they had used its only construction plant building and the land on which the building stands. The monthly repayment on the loan is $500,000 which includes principal and interest. You are in charge of the current year audit for M and M Construction, which has a balance sheet date of December 31, 2020. The client has been audited previously by your Auditing firm, but after reviewing the permanent file it was observed that this is the first time M and M Construction has had a mortgage.
1. In an effort to assist the auditor to determine whether the completeness, presentation and disclosure of the audit objective are satisfied. Identify the types of information that should be disclosed in the footnotes for this long-term note payable
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