Audit of Long-Term Debt

Audit of Long-Term Debt

The long-term debt working paper (indexed K-1) on attached doc. was prepared by client personnel and audited by AA, an audit assistant, during the calendar year 2006 audit of American Widgets, Inc., a continuing audit client. The engagement supervisor is thoroughly reviewing the working papers.

Overall Conclusions
Long-term debt, accrued interest payable, and interest expense are correct and complete at 12/31/06.

Required
Identify the deficiencies in the working paper that the engagement supervisor should discover.

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