EBK AUDITING: A RISK BASED-APPROACH
EBK AUDITING: A RISK BASED-APPROACH
11th Edition
ISBN: 9781337670203
Author: RITTENBERG
Publisher: YUZU
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Chapter 4, Problem 12CYBK
To determine

Users of the financial statement:

The users of the financial statement can be divided into two main categories; internal users and external users. The users of the financial statement include owners, management, employee, government, creditors, lenders, etc.

To choose: The scenario that includes example of foreseen user.

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Typically, bankers require potential borrowers to provide audited financial documents with their loan application.Why is it necessary for a CPA to audit financial statements?
In order to make sure that loans are properly classified, the auditor would:   a. Examine due dates on duplicate copies of loan agreements to determine whether all or part are a non-current liability. b. Examine the loan agreements to determine whether the company has obligations for payment. c. Trace the totals on the loans list to the general ledger. d. Examine corporate minutes for loan approval.
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