ASRE 2410 - Review of an Interim Financial Report Performed by the Independent Auditor of the Entity - April 2006
Loans PayableLoans Payable
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Loans Payable
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Obtain from management a schedule of loans payable and determine whether the total agrees with the trial balance.
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Enquire whether there are any loans where management has not complied with the provisions of the loan agreement and, if so, enquire as to management’s actions and whether appropriate adjustments have been made in the interim financial report.
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Consider the reasonableness of interest expense in relation to loan balances.
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Enquire whether loans payable are secured.
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Enquire whether loans payable have been classified between non-current and current appropriately.