Which of the Following Is Not Important Documentation for Substantive

question 73

Multiple Choice

Which of the following is not important documentation for substantive procedures for debt?

• A)Copies of the debt agreements.
• B)The client's articles of incorporation.
• C)A summary of the calculations supporting compliance with debt covenants.
• D)Identification of the specific items tested.

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Definitions:

Modification

A change or alteration, often to a contract or agreement, altering its terms or conditions.

Dishonored

Referring to a financial instrument, such as a check or promissory note, that is not accepted or paid when presented for payment.

Note

A promise by the maker of the note to pay the payee of the note.

Reasonable Identification

The process of sufficiently identifying an individual through the use of valid and reliable means or documents.