To determine that all transactions relating to long-term debts are properly recorded, the auditor would most likely * a. Trace authorization for issuance of debt to credits to the long-term debt account b. Recalculate interest expense and amortization of premium or discount, if any. c. Ascertain the amount of long term debt maturing within one year d. Review minutes of BOD meetings

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
Chapter13: Auditing Debt, Equity, And Long-term Liabilities Requiring Management Estimates
Section: Chapter Questions
Problem 15CYBK
icon
Related questions
Question

To determine that all transactions relating to long-term debts are properly recorded, the auditor would most likely *

a. Trace authorization for issuance of debt to credits to the long-term debt account
b. Recalculate interest expense and amortization of premium or discount, if any.
c. Ascertain the amount of long term debt maturing within one year
d. Review minutes of BOD meetings

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Audit Evidence and Documentation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Auditing: A Risk Based-Approach (MindTap Course L…
Auditing: A Risk Based-Approach (MindTap Course L…
Accounting
ISBN:
9781337619455
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Century 21 Accounting General Journal
Century 21 Accounting General Journal
Accounting
ISBN:
9781337680059
Author:
Gilbertson
Publisher:
Cengage
Contemporary Auditing
Contemporary Auditing
Accounting
ISBN:
9781337650380
Author:
KNAPP
Publisher:
Cengage