During an audit, Wicks learns that the entity was granted a 3-month waiver of the repayment of principal on the installment loan with Blank Bank without an extension of the maturity date, which is one year in the future. With respect to this loan, the audit program used by Wicks is least likely to include a verification of the

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Since the waiver does not include an extension of the maturity date, a balloon payment is likely due at the end of the loan term. Therefore, verification of the balloon payment should be included in the audit program. Verification of interest expense, total liability at year-end, and installment loan payments should still be included in the audit program.

During an Audit, Wicks Learns That the Entity Was Granted