Explain the accounting rules applicable to long-term debt accounts.
Answer to relevant QuestionsExplain how auditors consider the risk of fraud in this business process. Describe the substantive tests of balances that are used for the long-term debtand owners' equity process. Identify the assertions associated with them. Consider the audit procedure to confirm outstanding balances, terms, conditions, and compliance with covenants with the grantor or trustee of the debt at year-end.a. How does the auditor perform this procedure? What are the ...Describe how the accounts in this process impact the financial statements. What are the presentation and disclosure issues associated with it?Describe the auditors' responsibility for reviewing the footnotes and other material found in the annual report.
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