The long-term debt working paper on the next page was prepared by client personnel and audited by Andy Fogelman, an audit assistant, during the calendar year 2013 audit of American Widgets, Inc., a continuing audit client. The engagement supervisor is reviewing the working paper thoroughly.
Required:
There are a number of deficiencies in the working paper. For example, the subject of the working paper is not properly indicated in the title and there is no indication that the unusually high average interest rate (20% = $281,333/$1,406,667) was noted or investigated. Identify at least five additional deficiencies that the engagement supervisor should discover.
(AICPA, adapted)
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