Auditing and Assurance Services 9th Edition by Alvin Arens,Mark Beasley,Randy Elder

Exercise 1

An audit program for long-term debt would most likely include steps that require
A) Comparing the carrying amount of the debt to its year-end market value.
B) Correlating the interest expense recorded for the period with the debt outstanding for the period.
C) Verifying the existence of the holders of the debt by direct confirmation.
D) Inspecting the accounts payable subsidiary ledger for unrecorded longterm debt.