【正文】 ct relationship between the interest and dividends accounts and debt and equity. 3 4 169。2023 Prentice Hall Business Publishing, Auditing and Assurance Services 9/e, Arens/Elder/Beasley 21 19 Major BalanceRelated Audit Objectives in Notes Payable Existing notes payable are included (pleteness). Notes payable in the schedule are accurately recorded (accuracy). Notes payable are properly presented and disclosed (presentation and disclosure). 1 2 3 169。2023 Prentice Hall Business Publishing, Auditing and Assurance Services 9/e, Arens/Elder/Beasley 21 31 Estimates ? Management municates the need for proper accounting estimates ? Reliable data for estimates ? Preparation of estimates by qualified personnel ? Adequate review and supervision ? Comparison of estimates to subsequent results ? Estimates consistent with pany plans 169。2023 Prentice Hall Business Publishing, Auditing and Assurance Services 9/e, Arens/Elder/Beasley 21 15 Internal Controls 169。169。2023 Prentice Hall Business Publishing, Auditing and Assurance Services 9/e, Arens/Elder/Beasley 21 16 Tests of Controls and Substantive Tests of Transactions 169。2023 Prentice Hall Business Publishing, Auditing and Assurance Services 9/e, Arens/Elder/Beasley 21 32 End of Chapter 21 169。2023 Prentice Hall Business Publishing, Auditing and Assurance Services 9/e, Arens/Elder/Beasley 21 18 Analytical Procedures for Notes Payable Analytical Procedure Possible Misstatement Compare individual notes Omission or outstanding with those of misstatement of a the prior year. note payable Compare total balance in Misstatement of notes payable,interest interest expense and expense, and accrued interest accrued interest or with prior year balances. notes payable 169。2023 Prentice Hall Business Publishing, Auditing and Assurance Services 9/e, Arens/Elder/Beasley 21 2 Characteristics of the Capital Acquisition and Repayment Cycle Few transactions affect the account balances, but each one is often highly material in amount. The exclusion of a single transaction could be materi