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8 Cards in this Set
- Front
- Back
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Substantive Testing of Substantive Noncurrent Debt
(CAVE CROC) Completeness |
tested by recalculating interest expense
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Substantive Noncurrent Debt
(CAVE CROC) Accuracy |
tested by making inquires of mgt to determine the sources & uses of recorded debt
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Substantive Noncurrent Debt
(CAVE CROC) Valuation & Allocation |
tested by vouching recorded debt to debt instruments; recalculating debt premium/discount to determine that it is being amortized
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Substantive Noncurrent Debt
(CAVE CROC) Existence |
tested by confirming debt with investment bankers, lenders, and bond trustees
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Substantive Noncurrent Debt
(CAVE CROC) Cutoff |
tested by examining transactions near year end for recognition in proper period
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Substantive Noncurrent Debt
(CAVE CROC) Rights & Obligations |
tested by evaluating existing contracts and agreements for indications that debt is obligation of auditee
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Substantive Noncurrent Debt
(CAVE CROC) Occurrence |
tested by reviewing contracts & agreements that identify interest rates, payment dates, collateral & other terms
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Substantive Noncurrent Debt
(CAVE CROC) Classification & Understandability |
tested by reading financial statements to determine that noncurrent & current debt are properly classified
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