Great article.
It is really strange that if the debt from banks is not completely reflected in the audited financials then what the relationship managers and risk managers doing at bank. They were not reviewing the financials! A lot to learn here for banks.

Secondly, banks provide independent confirmations to external auditors about deposits, assets, and other facilities for the client as at the end of year.

How the debt reported in the independent confirmation was reconciled with what reported in audited financials.