审计学一种整合方法.docx
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审计学一种整合方法.docx
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审计学一种整合方法
审计学:
一种整合方法-阿伦斯-英文版-第12版-课后答案
-Chapter-22-Solutions-Manua
l
Chapter22
AuditoftheCapitalAcquisitionandRepaymentCycle
ReviewQuestions
22-1Fourexamplesofinterestbearingliabilityaccountscommonlyfound
onbalaneesheetsare:
NotespayableContractspayableMortgagespayableBondspayable
Theseliabilitieshavethefollowingcharacteristicsincommon:
ofthe
Theseliabilitiesdifferinwhattheyrepresentandthenaturerespectiveliabilities.
thanth
22-2Thecharacteristicsoftheliabilityaccountsinthecapitalacquisitionandrepaymentcyclethatresultinadifferentauditingapproachapproachfollowedintheauditofaccountspayableare:
1.
2.
3.
4.
Relativelyfewtransactionsaffecttheaccountbalanee,but
eachtransactionisoftenhighlymaterialinamount.
Theexclusionofasingletransactioncouldbematerialinitself.
Thereisalegalrelationshipbetweenthecliententityandtheholderofthestock,bond,orsimilarownershipdocument.
Thereisadirectrelationshipbetweeninterestanddividendaccountsanddebtandequity.
22-3Itiscommontoauditthebalaneeinnotespayableinconjunctionwiththeauditofinterestexpenseandinterestpayablebecauseitminimizestheverificationtimeandreducesthelikelihoodofoverlookingmisstatementsinthebalanee.Oncetheauditorissatisfiedwiththebalanceinnotespayableandtherelatedinterestratesandduedatesforeachnote,itiseasytotesttheaccuracyofaccruedinterest.Iftheinterestexpensefortheyearisalso
testedatthesametime,thelikelihoodofomittinganotefromnotespayableforwhichinteresthasbeenpaidisminimized.Whentherearealargnumberofnotesoralargenumberoftransactionsduringtheyea
itisusuallytootimeconsumingto
completelytieoutinterestexpenseasapartoftheauditofthenotepayableandrelatedaccruedinterest.Normally,however,thereareonlyfewnotesandfewtransactionsduringtheyear.
22-4Themostimportantcontrolstheauditorshouldbeconcernedabout
intheauditofnotespayableare:
1.Theproperauthorizationfortheissuanceofnewnotes(or
renewals)toinsurethatthecompanyisnotbeingcommittedto
debtarrangementsthatarenotauthorized.
2.Controlsovertherepaymentofprincipalandinteresttoinsurethattheproperamountsarepaid.
3.Properrecordsandprocedurestoinsurethatallamountsinalltransactionsareproperlyrecorded.
4.Periodicindependentverificationtoinsurethatallthecontrolsovernotespayableareworking.
22-5Themostimportantanalyticalproceduresusedtoverifynotes
payableisatestofinterestexpense.Bytheuseofthistest,auditorscanuncovermisstatementsininterestcalculationsorpossibleunrecorded
notespayable.
22-6Itismoreimportanttosearchforunrecordednotespayablethanunrecordednotesreceivablebecausetheomissionofanassetislesslikelytooccurthantheomissionofadebt.Severalauditprocedurestheauditorcanusetouncoverunrecordednotespayableare:
1.
2.
3.
4.
Examinethenotespaidafteryear-endtodeterminewhethertheywereliabilitiesatthebalancesheetdate.
Obtainastandardbankconfirmationthatincludesspecific
referencetotheexistenceofnotespayablefromallbankswithwhichtheclientdoesbusiness.
Reviewthebankreconciliationfornewnotescrediteddirectly
tothebankaccountbythebank.
Obtainconfirmationfromcreditorswhohaveheldnotesfrom
theclientinthepastandarenotcurrentlyincludedinthenotespayableschedule.
5.Analyzeinterestexpensetouncoverapaymenttoacreditorwhoisnotincludedonthenotespayableschedule.
6.Reviewtheminutesoftheboardofdirectorsforauthorizedbut
unrecordednotes.
22-7Theprimarypurposeofanalyzinginterestexpenseistouncoverapaymenttoacreditorwhoisnotincludedonthenotespayableschedule.
Theprimaryconsiderationstheauditorshouldkeepinmindwhendoingthe
analysisare:
1.Isthepayeefortheinterestpaymentlistedinthecashdisbursementsjournalalsoincludedinthenotespayablelist?
2.Hasaconfirmationfornotespayablebeenreceivedfromthe
payee?
22-8Thetestsofcontrolsandsubstantivetestsoftransactionsforliabilityaccountsinthecapitalacquisitionandrepaymentcycleconsistsoftestsofthecontrolandsubstantivetestsoverthepaymentofprincipalandinterestandtheissuaneeofnewnotesorotherliabilities,whereasthetestsofdetailsofbalancesconcernthebalaneeoftheliabilities,interestpayable,andinterestexpense.Auniqueaspectofthecapitalacquisitionan
repaymentcycleisthatauditorsnormallyverifythetransactionsan
balancesintheaccountatthesametime,asdescribedinthesolutiontoReviewQuestion22-3.
22-9FourtypesofrestrictionsIong-termcreditorsoftenputoncompaniesingrantingthemaloanare:
1.Financialratiorestrictions
2.Paymentofdividendsrestrictions
3.Operationsrestrictions
4.Issueofadditionaldebtrestrictions
Theauditorcanfindoutabouttheserestrictionsbyexaminingtheloanagreementandrelatedcorrespondenceassociatedwiththeloan,andby
confirmation.Theauditormustperformcalculationsandobserveactivitiestodeterminewhethertheclienthasobservedtherestrictions.
22-10Theprimaryobjectivesintheauditofowners'equityaccountsaretodeterminewhether:
1.Theinternalcontrolsovercapitalstockandrelateddividendsareadequate.
2.Owners'equitytransactionsarerecordedproperly,asdefinedbythefollowingsixtransaction-relatedauditobjectives:
Occurrenee
Completeness
Accuracy
PostingandsummarizationClassification
Timing
22-10(continued)
3.Owners'equitybalancesinthefinancialstatementssatisfythefollowingbalance-relatedauditobjectives:
Detailtie-in
Existenee
Completeness
Accuracy
Classification
Cutoff
4.Owners'equitybalancesareproperlypresentedanddisclosed
tosatisfythefollowingpresentationanddisclosure-related
auditobjectives:
OccurreneeandRightsandObligations
Completeness
AccuracyandValuation
ClassificationandUnderstandability
22-11Althoughthecorporatecharterandbylawsarelegaldocuments,theirlegalnatureisnotbeingjudgedbytheauditor.Theyarebeingusedonlytorefereneetransactionsbeingtestedbytheauditorandprovideinsightintosomeofthekeycontrolfeaturesofthecompany.Theauditorshouldconsultanattorneyiftheinformationtheauditorneedsfromthedocumentsisnotclearorifalegalinterpretationisneeded.
22-12Themajorinternalcontrolsoverowners'equityare:
1.Properauthorizationoftransactions
2.Properrecordkeeping
3.Adequatesegregationofdutiesbetweenmaintainingowners'
equityrecordsandhandlingcashandstockcertificates
4.Theuseofanindependentregistrarandstocktransferagent
22-13Theauditofowners'equityforacloselyheldcorporationdiffersfromthatforapubliclyheldcorporationinthattheamountoftimespentin
verifyingowners'equityinacloselyheldcorporationisusuallyminimalbecauseoftherelativelyfewtransactionsforcapitalstockaccountsthat
occurduringtheyear.Forpubliclyheldcorporations,theauditofowners'equityismorecomplexduetotheexisteneeofalargernumberof
shareholdersandfrequentchangesintheindividualsholdingstock.
Theauditsarenotsignificantlydifferentinregardtowhetherthe
transactionsintheequityaccountsareproperlyauthorizedandrecorded
andwhethertheamountsintheaccountsareproperlyclassified,described,andstatedinaccordaneewithgenerallyacceptedaccountingprinciples.
22-14Thedutiesofastockregistrararetomakesurethatstockisissuedby
acorporationinaccordaneewiththecapitalauthorizationoftheboardof
directors,tosignallnewlyissuedstockcertificates,andtomakesureoldcertificatesarereceivedandcancelledbeforeareplacementcertificateis
issuedwhenthereisachangeintheownershipofthestock.
Thedutiesofatransferagentaretomaintainthestockholderrecords,andinsomecases,disbursecashdividendstoshareholders.
Theuseoftheservicesofastockregistrarimprovestheeffectivenessoftheclient'sinternalcontrolsbypreventingtheimproperissuaneeofstockcertificates.Alongsimilarlines,theuseoftheservicesofanindependenttransferagentimprovesthecontroloverthestockrecordsbyputtingtheminthehandsofanindependentorganization.
22-15Thenumberofsharesoutstanding,thecorrectvaluationofcapital
stocktransactions,andparvaluecanallbeconfirmedwithatransferagent.
Thebalaneecanthenbeeasilyrecalculatedfromthisinformation.
22-16Sinceitisimportanttoverifythatproperlyauthorizeddividendshavebeenpaidtoownersofstockasofthedividendrecorddate,acomparisonofarandomsampleofcancelleddividendcheckstoadividendlistpreparedbymanagementwouldbeinadequate.Suchanauditstepisuselessuniessthedividendlisthasfirstbeenverifiedtoincludeallstockholdersofrecordatthedividendrecorddate.Abettertestistodeterminethetotalnumberofsharesoutstandingatthedividenddatefromthestockregistrarand
recomputethetotaldividendsthatshouldhavebeenpaidforcomparisonwiththetotalamountactuallypaid.Arandomsampleofcancelledchecksshouldthenbecomparedtotheindependentregistrar'srecordstoverifythatthepaymentswereactuallymadetovalidshareholders.
stock
22-17Ifatransferagentdisburses
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