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An entity has established a bond sinking fund to repurchase a portion of the outstanding bonds each year. The auditor can best verify the entity's bond sinking fund transactions and year-end bond balance by :

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2022-07-01
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An entity has established a bond sinking fund to repurchase a portion of the outstanding bonds each year. The auditor can best verify the entity's bond sinking fund transactions and year-end bond balance by :

  1. Confirmation of retired bonds with individual holders.
  2. Confirmation with the bond trustee.
  3. Recomputation of interest expense, interest payable, and amortization of bond discount or premium.
  4. Examination and count of the bonds retired during the year.
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