Analyze the general ledger account for bonds payable, interest expense, and unamortized bond discount or premium.
The following are frequently performed audit procedures for the verification of bonds payable issued in previous years: 1. Analyze the general ledger account for bonds payable, interest expense, and unamortized bond discount or premium. 2. Obtain a confirmation from the bondholder. 3. Obtain a copy of the bond indenture agreement and review its important provisions. […]