The audit procedure 'Examine due dates on duplicate copies of loans payable to determine whether all or part of the loans are a noncurrent liability' is performed when verifying the classification objective for loans payable.

Question

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The audit procedure is relevant to verify the noncurrent liability classification objective for loans payable. By examining the due dates on duplicate copies of the loans payable, the auditor can determine which portion of the loan should be classified as noncurrent.

The Audit Procedure 'Examine Due Dates on Duplicate Copies of Loans