Response to the following problem:
The following audit procedures were performed to address presentation and disclosure-related audit objectives related to notes payable.
1. The schedule of notes payable in the footnotes includes all notes outstanding.
2. The footnote identifies which notes are due to related parties.
3. The total of notes payable in the footnotes agrees with the total of notes payable on the balance sheet.
4. The footnote listing of notes payable includes only those obligations that are the responsibility of the company.
5. The footnote clearly describes the assets that are collateral for the note obligations.
Required:
Identify the presentation and disclosure-related audit objective(s) for each audit procedure.