Which of the following procedures is a typical substantive procedure related to the relevant assertion of completeness for debt?
A)Recalculating accrued interest.
B)Reviewing debt agreements for the restrictive covenants.
C)Using analytical procedures to analyze interest expense.
D)Confirming debt with relevant outside parties.

Question

Quizplus · Accepted Answer

Confirming debt with relevant outside parties is a typical substantive procedure related to the relevant assertion of completeness for debt. This procedure involves sending requests to the relevant outside parties to confirm the balance and terms of the debt.

Which of the Following Procedures Is a Typical Substantive Procedure