Explain procedures should auditors employ

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Reference no: EM132984665

Question: Qamarina and Co has been appointed to be the auditor of Nabil Sdn Bhd for the year ended 31 December 2020. During the year the client has obtained a long-term loan from a local bank. The financing agreement provides the following information:

1. The loan was to be secured by fixed charge over the land and building located in Pasir Gudang industrial area.

2. Monthly instalment payments were to commence on 1 March 2020.

3. The interest rate is 1.5% per annum above the based lending rate.

Required: Explain FOUR (4) procedures should auditors employ in examining the above loan.

Reference no: EM132984665

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