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81. AUDIT OF DEBT ON LOANS. CONTROL OF FINANCIAL REPORTING
Loan debt check is to study that:
▪ all debts reflected in the accounting actually exist (prerequisite for existence");
▪ all debts that actually exist are reflected in the accounts (prerequisite for completeness).
Checking that all debts reflected in the accounting actually exist, is carried out by studying the reconciliation reports with the bank prepared by the organization.
Checking that all debts that actually exist are reflected in the books, is aimed at identifying debts that are not reflected in accounting or identifying an understatement of the actual amount of debt.
Identification of existing, but not recorded debts, by and large, is generally unrealistic, since if the bank where the loan was received is unknown, it is impossible to find out the amount of the loan.
Cases of understatement of the amount of debt are associated in most cases with non-reflection of interest on the loan. For verification, the auditor makes a recalculation.
In some cases, organizations are not charged interest payable under a loan agreement for the reporting period, as they seek to "embellish" the results of the organization's economic activities. To justify their actions, credit or loan agreements indicate the term for paying interest on the loan at the end of the loan, the possibility of changing the interest rate on the loan (for example, depending on the foreign exchange rate), etc.
The auditor must carefully study the terms of the loan agreement in terms of interest, check the arithmetic method for the correct calculation of their amount.
There may be cases of accrual of interest on the debit of the settlement account and on the credit of the account of the loan agreement, i.e. interest is, as it were, accrued, but not recognized as expenses. The auditor must check the correctness of the allocation of interest to the relevant balance sheet item in accordance with the accounting rules.
It is possible that the amount of interest payable by the borrowing organization during the term of the loan will significantly worsen its financial condition. The auditor must check the validity of financial plans that take into account the repayment of the loan amount and interest on it. In case of doubt, the auditor must reflect this fact in the act, citing the detailed calculations made by him.
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