Ilgalaikių skolų auditas

Abstract

Debt transactions are few in number but large in monetary amount. Debt financing transactions are usually authorised by board or stockholders meeting. The audit objective is to evaluate management assertions. Test of controls generally amount to inquiries and observations related to debt transactions. Detail test of controls are not performed in debt audit. The primary audit concern with the verification of long-term liabilities is that all liabilities are recorded and that interest expense is properly calculated. Unrecorded liabilities could be find during the performance of procedures in other audit areas.