tailieunhanh - Lecture Principles of auditing and other assurance services (15/e): Chapter 15 - Whittington, Pany

Lecture Principles of auditing and other assurance services (15/e) - Chapter 15: Debt and equity capital. The details of the audit of long-term debt and equity accounts were discussed in this chapter. The chapter includes a description of the controls for these types of accounts, and the audit procedures that the auditors use to substantiate long-term debt and equity accounts. | Debt and Equity Capital Chapter 15 1 Internal Control Over Interest-- Bearing Debt Authorization by the board of directors Use of an independent trustee Interest Payments on Bonds and Notes Payable--Cash disbursement controls 15- 2 2 Objectives for the Audit of Interest-Bearing Debt Consider inherent risks, including fraud risks. Consider internal control over interest-bearing debt. Determine the existence of recorded interest-bearing debt. Establish the completeness of recorded interest- bearing debt. Determine that the client has obligations to pay the recorded interest-bearing debt. Determine that the valuation of interest-bearing debt is in accordance with generally accepted accounting principles. Determine that the presentation and disclosure of interest-bearing debt are appropriate. 15- Substantive Tests of Interest- Bearing Debt Obtain analyses of interest-bearing debt and related accounts Examine copies of notes payable and supporting documents Confirm . | Debt and Equity Capital Chapter 15 1 Internal Control Over Interest-- Bearing Debt Authorization by the board of directors Use of an independent trustee Interest Payments on Bonds and Notes Payable--Cash disbursement controls 15- 2 2 Objectives for the Audit of Interest-Bearing Debt Consider inherent risks, including fraud risks. Consider internal control over interest-bearing debt. Determine the existence of recorded interest-bearing debt. Establish the completeness of recorded interest- bearing debt. Determine that the client has obligations to pay the recorded interest-bearing debt. Determine that the valuation of interest-bearing debt is in accordance with generally accepted accounting principles. Determine that the presentation and disclosure of interest-bearing debt are appropriate. 15- Substantive Tests of Interest- Bearing Debt Obtain analyses of interest-bearing debt and related accounts Examine copies of notes payable and supporting documents Confirm interest-bearing debt Vouch borrowing and repayment transactions Perform analytical procedures Test computations of interest expense, interest payable, and amortization of discount and premium Evaluate compliance with debt provisions Verify authority for issuance of debt to corporate minutes Review notes payable paid or renewed after the balance sheet date Perform procedures to identify notes payable to related parties Send confirmation letters about financing arrangements Evaluate financial statement presentation and disclosure 15- 3 3 Objectives for the Audit of Interest-Bearing Debt Consider inherent risks, including fraud risks. Consider internal control over owners’ equity. Determine the existence of recorded owners’ equity. Establish the completeness of recorded owners’ equity. Determine that the valuation of owners’ equity is in accordance with generally accepted accounting principles. Determine that the presentation and disclosure of owners’ equity are appropriate. 15- Internal .

• Kế toán - Kiểm toán
• Principles of auditing
• Assurance services
• Equity capital
• Internal control
• Interest bearing debt
• Substantive tests
• Compliance auditing
• Internal auditing profession
• Operational audit
• Lecture Principles of auditing
• Bài giảng Nguyên lý kiểm toán
• Auditor legal liability
• Audit planning
• Audit evidence
• Audit procedures
• Auditing operations
• Completing the audit
• Income statement accounts
• Administrative expenses
• International auditing overview
• The audit market
• Professional accountants
• Client acceptance
• Understanding the entity
• Additional assurance services
• Historical financial information
• Audit report
• Special reports
• Attestation engagements
• Internal control integrated framework
• Examination report
• Public accountant
• American economy
• Professional services
• Financial statements
• Professional standards
• Standards of reporting
• GAAP hierarchy
• Public accounting profession
• Professional ethics
• Ethical dilemma
• Nature of ethics
• Establishing professional ethics
• Legal liability of auditors
• CPA liability
• Criminal liability
• Securities laws
• Audit documentation
• Audit risk
• Audit risk formula
• Planning the audit
• Linking audit procedures
• Assessing fraud risks
• Control environment factors
• Accounting System
• Control activities
• IT environment
• Computer hardware
• IT control activities
• Audit sampling
• Statistical sampling
• Random sample
• Statistical sampling plans
• Financial investments
• Audit cash
• Accounts receivable
• Notes receivable
• Revenue cycle
• Revenue cycle controls
• Cost of goods sold
• Conversion cycle
• Physical inventory
• Controls over plant
• Audit of intangibles
• Long lived assets
• Audit of property
• Accounts payable
• Acquisition cycle
• Audit accounts payable
• Auditors’ reports
• Nonpublic entity audits
• Public company audits
• Integrated audits
• Management’s responsibility
• Analytical procedures
• Substantive testing
• Audit reports
• Corporate governance
• Understanding the client
• Assessing risks