Primary purpose of analyzing interest expense, Auditing

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Primary purpose of analyzing interest expense

Response to the following questions:

1. What is the primary purpose of analyzing interest expense? Given this purpose, what primary considerations should the auditor keep in mind when doing the analysis?

2. Distinguish between (a) tests of controls and substantive tests of transactions and (b) tests of details of balances for liability accounts in the capital acquisition and repayment cycle.

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Auditing: Primary purpose of analyzing interest expense

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