(Answered) Andrews- CPA- has been engaged to audit the financial statem

17-26 (Substantive tests and disclosures for long-term debt);Andrews, CPA, has been engaged to audit the financial statements of Broadwall Corporation for the year ended December 31, 20X1. During the year, Broadwall obtained a long-term loan from a local bank pursuant to a financing agreement that provided that the;1. Loan was to be secured by the company's inventory and accounts receivable.;2. Company was to maintain a debt-to-equity ratio not to exceed two to one.;3. Company was not to pay dividends without permission from the bank.;4. Monthly installment payments were to commence July 1, 20X1.;In addition, during the year the company also borrowed, on a short-term basis, from the;president of the company, including substantial amounts just prior to the year-end.;Required;a. For purposes of Andrews' audit of the financial statements of Broadwall Corporation;what substantive tests should Andrews employ in examining the described loans? Do;not discuss internal control.;b. What are the financial statement disclosures that Andrews should expect to find with;respect to the loans from the president?;AICPA;Attachments;17.26 substantive tests and disclosures.docx
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Andrews- CPA- has been engaged to audit the financial statem

 


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