Does the board of directors authorize direct borrowings

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Reference no: EM131050628

Which of the following questions would an auditor most likely include on an internal control questionnaire for notes payable?

(A) Are assets that collateralize notes payable critically needed for the entity's continued existence?

(B) Are two or more authorized signatures required on checks that repay notes payable?

(D) Does the board of directors authorize direct borrowings on notes payable?

Reference no: EM131050628

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