Required information erences Seved Help Save & Exit S Confirmation Procedures for Debt Read the case and answer the questions that follow Debt transactions and accounts are often few in number but material in dollar amount. Also, lenders are eager to confirm balances, thereby assisting auditors in verifying amounts owed. As such, confirmations provide an easy fool for obtaining excellent evidence on material balances. CONCEPT REVIEW Confirmations, while not required for debt, are an efficient and effective way for auditors to obtain a high level of third party evidence on material amounts and balances $1$ Confamations should be drafted on chent $2.$ Confirmations should include a request that the bank confirm $3.$ Auditors need to determine whether dett have been met borrowings Transactions are examined for all large debt agreements A copy of debt agreements in typically housed in the