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82. AUDIT OF DEBT ON LOANS. PERFORMANCE CONTROL
The auditor must check the duration of the loan on the current account of the organization. Every day of "downtime" of the loan entails losses for the organization in the form of paying interest on the loan. In some cases, the loan (or most of it) is always on the current account of the recipient organization, and then returned to the bank with interest paid. In this situation, this operation may hide the actually "donated" amount of interest to the bank, which may be a payment for another completed transaction.
With a real need to raise credit funds, the auditor should assess the possibility of raising funds from other sources; maybe the organization itself has sufficient funds or you can use the installment plan of suppliers.
If payments to suppliers are made in stages, the auditor should check whether the loan is issued in the form of the provision of appropriate tranches of the loan agreement in value.
The auditor must evaluate the effectiveness of the interest rate specified in the loan agreement. The following options are possible:
▪ the rate is higher than the market rate;
▪ the rate corresponds to the market rate;
▪ the rate is lower than the market rate.
To clarify this issue, the auditor must study the relevant reference materials, possibly request credit institutions, use the data of other organizations that received a similar loan in the same period.
If the loan rate is higher than the market rate, the auditor must find out the reasons for attracting a loan on such terms and arithmetic to determine the amount of losses due to overestimation of the rate.
If the rate is below the market, this fact in itself does not entail financial losses, however, it is possible that the payment of real interest is covered by some other transaction, for example, a significant amount of collection commission, etc. In addition, the organization that issued credit or loan on such terms, and the interests of this organization fall within the competence of the auditor.
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