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Hi
Would it be a correct substantive procedure for bank loan that,
1) Review draft accounts to ensure disclosure for bankloan/NCL are correct. Would it be enough to gain 1 full mark or do I need to elaborate it more?This is a bit like saying review all amounts in the FS to ensure correct disclosure or ensure the FS give a true and fair view.
You need to say something more specific like ensure the loan is properly classified as a long term or current liability according to its repayment period.
Ok and would it be correct substantive procedures for directors bonus payments that
1)Compare bonus payments with budgets and investigate difference
2)Compare bonus payments with last year and investigate difference
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