Audit procedures for vouching and verification of long-term debts:
Vouches issues of debt to authorization in minutes of the Board of Directors.
Vouch entries to source documentation.
Ascertain the amount of long-term debt maturing within one year.
Confirm with the holders of principal amount, maturity date, interest rate, etc.
Inspect bonds redeemed or retired during the period.
Recalculate interest expense
Examine transaction occurring near the year-end.
Examine classification of obligations as either secured or unsecured.