Farnham Co has a bank overdraft of $450,000, secured by a floating charge over its inventory.It also has a deposit with the same bank of $200,000. The bank confirmation letter states thatthe bank has the right to off-set these balances, and has set an overall net borrowing limit onthe company of $300,000. The finance director has disclosed these amounts as “securedoverdraft – $250,000” under “current liabilities”, with no further description in the notes otherthan the nature of the security.What steps, if any, should the auditor take in respect of this matter?
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