Length: 1-3 Hours
Level: Intermediate (majors)
With this long-term debt problem, students will identify the types of evidence that they need and where they can get them (knowledge) to form an opinion about LTD. They will then need to determine the objectives and procedures for auditing LTD (knowledge and comprehension). Next, they will audit LTD using evidence provided by the client and others (provided by the instructor) and by following the procedures previously determined (application, and analysis). Finally, the students will reach a conclusion about the fairness of LTD (evaluation). With this problem, students need to use knowledge, comprehension, application, and the higher-order thinking skills of analysis and evaluation.