Long Term Loans and advance

1566EGP

The main objective of the loan and advance audit is to ensure completeness and accuracy. Auditors should check the existence of the loan and advances to ensure that they exist and are by legal requirements.
Completeness is ensuring that all loans and advances have been completely recorded. The auditor should obtain the listing of loans and advances and reconcile them with the trial balance to see if there is any difference.
Accuracy is checking the amounts and other data related to loans and advances are recorded at the correct amounts.