SAP - NotesPay.AccruedInt

SAP - NotesPay.AccruedInt - AP6 Substantive Audit...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
AP-6 Substantive Audit Program - Notes Payable and Accrued  Interest Assertions: Begin with the list of assertions below and add others you think appropriate. Then write  your audit program to test those assertions. 1. All material debt liabilities are recorded. 2. Debt liabilities are properly classified as to their contingent or direct nature. 3. Debt liabilities are properly classified as to their current or long-term status. 4. Terms, conditions, and restrictions relating to debt are adequately disclosed. Program Steps: 1. Existence or occurrence Confirm notes payable. Examine duplicate copies of notes for authorization. Examine board minutes for loan approval. 2. Completeness Examine note paid after year-end to determine whether they were liabilities at the  balance sheet date. Obtain bank confirmation that includes specific reference to the existence of notes  payable from all banks with which the client does business.
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern