审计学一种整合方法阿伦斯英文版第12版课后答案chapter22solutionsmanual.docx
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审计学一种整合方法阿伦斯英文版第12版课后答案chapter22solutionsmanual.docx
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审计学一种整合方法阿伦斯英文版第12版课后答案chapter22solutionsmanual
审计学:
一种整合方法阿伦斯英文版第12版课后答案Chapter22SolutionsManual
Chapter22
AuditoftheCapitalAcquisitionandRepaymentCycle
ReviewQuestions
22-1Fourexamplesofinterestbearingliabilityaccountscommonlyfoundonbalancesheetsare:
1.Notespayable
2.Contractspayable
3.Mortgagespayable
4.Bondspayable
Theseliabilitieshavethefollowingcharacteristicsincommon:
1.Relativelyfewtransactionsaffecttheaccountbalance,buteachtransactionisoftenhighlymaterialinamount.
2.Theexclusionofasingletransactioncouldbematerialinitself.
3.Thereisalegalrelationshipbetweenthecliententityandtheholderofthestock,bond,orsimilarownershipdocument.
4.Thereisadirectrelationshipbetweeninterestanddividendaccountsanddebtandequity.
Theseliabilitiesdifferinwhattheyrepresentandthenatureoftheirrespectiveliabilities.
22-2Thecharacteristicsoftheliabilityaccountsinthecapitalacquisitionandrepaymentcyclethatresultinadifferentauditingapproachthantheapproachfollowedintheauditofaccountspayableare:
1.Relativelyfewtransactionsaffecttheaccountbalance,buteachtransactionisoftenhighlymaterialinamount.
2.Theexclusionofasingletransactioncouldbematerialinitself.
3.Thereisalegalrelationshipbetweenthecliententityandtheholderofthestock,bond,orsimilarownershipdocument.
4.Thereisadirectrelationshipbetweeninterestanddividendaccountsanddebtandequity.
22-3Itiscommontoauditthebalanceinnotespayableinconjunctionwiththeauditofinterestexpenseandinterestpayablebecauseitminimizestheverificationtimeandreducesthelikelihoodofoverlookingmisstatementsinthebalance.Oncetheauditorissatisfiedwiththebalanceinnotespayableandtherelatedinterestratesandduedatesforeachnote,itiseasytotesttheaccuracyofaccruedinterest.Iftheinterestexpensefortheyearisalsotestedatthesametime,thelikelihoodofomittinganotefromnotespayableforwhichinteresthasbeenpaidisminimized.Whentherearealargenumberofnotesoralargenumberoftransactionsduringtheyear,itisusuallytootimeconsumingto
completelytieoutinterestexpenseasapartoftheauditofthenotespayableandrelatedaccruedinterest.Normally,however,thereareonlyafewnotesandfewtransactionsduringtheyear.
22-4Themostimportantcontrolstheauditorshouldbeconcernedaboutintheauditofnotespayableare:
1.Theproperauthorizationfortheissuanceofnewnotes(orrenewals)toinsurethatthecompanyisnotbeingcommittedtodebtarrangementsthatarenotauthorized.
2.Controlsovertherepaymentofprincipalandinteresttoinsurethattheproperamountsarepaid.
3.Properrecordsandprocedurestoinsurethatallamountsinalltransactionsareproperlyrecorded.
4.Periodicindependentverificationtoinsurethatallthecontrolsovernotespayableareworking.
22-5Themostimportantanalyticalproceduresusedtoverifynotespayableisatestofinterestexpense.Bytheuseofthistest,auditorscanuncovermisstatementsininterestcalculationsorpossibleunrecordednotespayable.
22-6Itismoreimportanttosearchforunrecordednotespayablethanunrecordednotesreceivablebecausetheomissionofanassetislesslikelytooccurthantheomissionofadebt.Severalauditprocedurestheauditorcanusetouncoverunrecordednotespayableare:
1.Examinethenotespaidafteryear-endtodeterminewhethertheywereliabilitiesatthebalancesheetdate.
2.Obtainastandardbankconfirmationthatincludesspecificreferencetotheexistenceofnotespayablefromallbankswithwhichtheclientdoesbusiness.
3.Reviewthebankreconciliationfornewnotescrediteddirectlytothebankaccountbythebank.
4.Obtainconfirmationfromcreditorswhohaveheldnotesfromtheclientinthepastandarenotcurrentlyincludedinthenotespayableschedule.
5.Analyzeinterestexpensetouncoverapaymenttoacreditorwhoisnotincludedonthenotespayableschedule.
6.Reviewtheminutesoftheboardofdirectorsforauthorizedbutunrecordednotes.
22-7Theprimarypurposeofanalyzinginterestexpenseistouncoverapaymenttoacreditorwhoisnotincludedonthenotespayableschedule.Theprimaryconsiderationstheauditorshouldkeepinmindwhendoingtheanalysisare:
1.Isthepayeefortheinterestpaymentlistedinthecashdisbursementsjournalalsoincludedinthenotespayablelist?
2.Hasaconfirmationfornotespayablebeenreceivedfromthepayee?
22-8Thetestsofcontrolsandsubstantivetestsoftransactionsforliabilityaccountsinthecapitalacquisitionandrepaymentcycleconsistsoftestsofthecontrolandsubstantivetestsoverthepaymentofprincipalandinterestandtheissuanceofnewnotesorotherliabilities,whereasthetestsofdetailsofbalancesconcernthebalanceoftheliabilities,interestpayable,andinterestexpense.Auniqueaspectofthecapitalacquisitionandrepaymentcycleisthatauditorsnormallyverifythetransactionsandbalancesintheaccountatthesametime,asdescribedinthesolutiontoReviewQuestion22-3.
22-9Fourtypesofrestrictionslong-termcreditorsoftenputoncompaniesingrantingthemaloanare:
1.Financialratiorestrictions
2.Paymentofdividendsrestrictions
3.Operationsrestrictions
4.Issueofadditionaldebtrestrictions
Theauditorcanfindoutabouttheserestrictionsbyexaminingtheloanagreementandrelatedcorrespondenceassociatedwiththeloan,andbyconfirmation.Theauditormustperformcalculationsandobserveactivitiestodeterminewhethertheclienthasobservedtherestrictions.
22-10Theprimaryobjectivesintheauditofowners'equityaccountsaretodeterminewhether:
1.Theinternalcontrolsovercapitalstockandrelateddividendsareadequate.
2.Owners'equitytransactionsarerecordedproperly,asdefinedbythefollowingsixtransaction-relatedauditobjectives:
Occurrence
Completeness
Accuracy
Postingandsummarization
Classification
Timing
22-10(continued)
3.Owners'equitybalancesinthefinancialstatementssatisfythefollowingbalance-relatedauditobjectives:
Detailtie-in
Existence
Completeness
Accuracy
Classification
Cutoff
4.Owners'equitybalancesareproperlypresentedanddisclosedtosatisfythefollowingpresentationanddisclosure-relatedauditobjectives:
OccurrenceandRightsandObligations
Completeness
AccuracyandValuation
ClassificationandUnderstandability
22-11Althoughthecorporatecharterandbylawsarelegaldocuments,theirlegalnatureisnotbeingjudgedbytheauditor.Theyarebeingusedonlytoreferencetransactionsbeingtestedbytheauditorandprovideinsightintosomeofthekeycontrolfeaturesofthecompany.Theauditorshouldconsultanattorneyiftheinformationtheauditorneedsfromthedocumentsisnotclearorifalegalinterpretationisneeded.
22-12Themajorinternalcontrolsoverowners'equityare:
1.Properauthorizationoftransactions
2.Properrecordkeeping
3.Adequatesegregationofdutiesbetweenmaintainingowners'equityrecordsandhandlingcashandstockcertificates
4.Theuseofanindependentregistrarandstocktransferagent
22-13Theauditofowners'equityforacloselyheldcorporationdiffersfromthatforapubliclyheldcorporationinthattheamountoftimespentinverifyingowners'equityinacloselyheldcorporationisusuallyminimalbecauseoftherelativelyfewtransactionsforcapitalstockaccountsthatoccurduringtheyear.Forpubliclyheldcorporations,theauditofowners'equityismorecomplexduetotheexistenceofalargernumberofshareholdersandfrequentchangesintheindividualsholdingstock.
Theauditsarenotsignificantlydifferentinregardtowhetherthetransactionsintheequityaccountsareproperlyauthorizedandrecordedandwhethertheamountsintheaccountsareproperlyclassified,described,andstatedinaccordancewithgenerallyacceptedaccountingprinciples.
22-14Thedutiesofastockregistrararetomakesurethatstockisissuedbyacorporationinaccordancewiththecapitalauthorizationoftheboardofdirectors,tosignallnewlyissuedstockcertificates,andtomakesureoldcertificatesarereceivedandcancelledbeforeareplacementcertificateisissuedwhenthereisachangeintheownershipofthestock.
Thedutiesofatransferagentaretomaintainthestockholderrecords,andinsomecases,disbursecashdividendstoshareholders.
Theuseoftheservicesofastockregistrarimprovestheeffectivenessoftheclient'sinternalcontrolsbypreventingtheimproperissuanceofstockcertificates.Alongsimilarlines,theuseoftheservicesofanindependenttransferagentimprovesthecontroloverthestockrecordsbyputtingtheminthehandsofanindependentorganization.
22-15Thenumberofsharesoutstanding,thecorrectvaluationofcapitalstocktransactions,andparvaluecanallbeconfirmedwithatransferagent.Thebalancecanthenbeeasilyrecalculatedfromthisinformation.
22-16Sinceitisimportanttoverifythatproperlyauthorizeddividendshavebeenpaidtoownersofstockasofthedividendrecorddate,acomparisonofarandomsampleofcancelleddividendcheckstoadividendlistpreparedbymanagementwouldbeinadequate.Suchanauditstepisuselessunlessthedividendlisthasfirstbeenverifiedtoincludeallstockholdersofrecordatthedividendrecorddate.Abettertestistodeterminethetotalnumberofsharesoutstandingatthedividenddatefromthestockregistrarandrecomputethetotaldividendsthatshouldhavebeenpaidforcomparisonwiththetotalamount
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