Q11. Which of the following should be included regarding an entity\'s internal c

Question

Q11. Which of the following should be included regarding an entity's internal control over debt: A. Adequate documentation of all financing agreements. B. Authorization of new debt financing by the board of directors or management. C. Detailed records of long-term debt and periodic independent verification of amounts between the ledger, details of debts, and the note holder's records. Adequate controls over interest and principal payments and the recording of bond premium and discount amortization amounts. E. All of the above.

Explanation / Answer

The answer is E.

All the alternatives are needed to have effective internal control over the debt.

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