Verification procedures - long-term liabilities, Auditing

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Verification Procedures - Long-Term Liabilities

a) Received a schedule detailing the sums due at the starting of the year, redemptions and additions and the sum due at the year finish.

b) Photocopy and note the terms and conditions of the loan as evidenced in the action.

c) Agree the opening balances along with last year's working papers and accounts.

d) Whether any new loans have been obtained, vouch to board minutes, articles and v, register of debenture holders and charges etc.

e) Repayments made should be vouched with debenture deeds, the cash book and the register of debenture charges and holders.

f) Interest payments should be vouched along with debenture actions, cash books and several outstanding amounts should be accurately accounted in favour of.

g) Whether the loans are secured, confirm such the charge is registered at the registrar of Companies.

h) Agree net amounts outstanding along with the register of debenture holders.

i) Ensure disclosure is in accordance along with Companies Acts requirements, clearly stating the date of redemption of the debentures.


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