Question

Your client, Red Horse, Inc., prepared the following schedule for long term debt for the audit of financial statements for the year ended December 31, 2013:


Required
a. What type of evidence would you examine to support the beginning balances in the accounts?
b. What types of evidence would you use to support the additions to each account?
c. What types of evidence would you examine to support payments?
d. What procedures would you perform related to the ending balances in the accounts?
e. What evidence would you use to verify interest rates and due dates?
f. How might you use the information presented above to audit interest expense and interest payableaccounts?


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  • CreatedDecember 28, 2013
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