When Reading the Corporate Minutes,the Auditor Obtained Information Regarding Loans

Multiple Choice

When reading the corporate minutes,the auditor obtained information regarding loans that were authorized for borrowing.What audit step would the auditor likely conduct with this information?

A) trace the authorized amounts to the bank statements
B) verify that notes payable have been recorded
C) calculate interest payable as of the end of the year
D) contact a credit rating agency to determine the rating of the lender