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ACT 4497 Lecture ch17

ACT 4497 Lecture ch17 - Assurance Services and the...

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Unformatted text preview: Assurance Services and the Integrity of th Modern Auditing: Modern Auditing: Financial Reporting, 8 Edition California Polytechnic State University at San Luis Obispo William C. Boynton Portland State University Raymond N. Johnson Chapter 17 – Auditing the Investing and Financing Cycles Chapter Overview Chapter Overview Nature of the Investing and Financing Nature of the Investing and Financing Cycles • Overview of the Cycles – Investing Activities – Financing Activities • Understanding the Entity and Environment Understanding the Entity and Understanding the Entity and Environment Investing Cycle – Audit Objectives Investing Cycle – Audit Objectives Investing Cycle – Analytical Procedures Investing Cycle – Analytical Procedures Substantive Tests for Plant Assets Substantive Tests for Plant Assets • Initial Procedures • Analytical Procedures • Tests of Details of Transactions – Vouch Plant Asset Additions – Vouch Plant Asset Disposals – Review Entries to Repairs and Maintenance Expense Substantive Tests for Plant Assets Substantive Tests for Plant Assets • Tests of Details of Balances – Inspect Plant Assets – Examine Title Documents and Contracts • Tests of Details of Accounting Estimates – Review Provisions for Depreciation – Impairment of Plant Assets – Tests of Details of Presentation and Disclosure Financing Cycle Financing Cycle Financing Cycle – Audit Objectives Financing Cycle – Audit Objectives Financing Cycle – Analytical Procedures Financing Cycle – Analytical Procedures Financing Cycle – Functions and Related Financing Cycle – Functions and Related Controls • Authorizing bonds and capital stock • Issuing bonds and capital stock • Paying bond interest and cash dividends • Redeeming and reacquiring bonds and capital stock • Recording financing transactions Preliminary Audit Strategies for Long­ Preliminary Audit Strategies for Long­ Term Debt Substantive Tests of Long­Term Debt Substantive Tests of Long­Term Debt • Tests of Details of Balances – Review Authorizations and Contracts – Confirm Debt – Recalculate Interest Expense • Tests of Details of Presentation and Disclosure Preliminary Audit Strategies for Preliminary Audit Strategies for Shareholders’ Equity Substantive Tests of Stockholders’ Substantive Tests of Stockholders’ Equity • Initial Procedures • Analytical Procedures • Tests of Details of Transactions – Vouch Entries to Paid­in Capital Accounts – Vouch Entries to Retained Earnings Analytical Procedures Analytical Procedures Substantive Tests of Stockholders’ Substantive Tests of Stockholders’ Equity • Tests of Details of Balances – Review Articles of Incorporation and Bylaws – Review Authorization and Terms of Stock Issues – Confirm Shares Outstanding with Registrar and Transfer Agent – Inspect Stock Certificate Book – Inspect Certificates of Shares Held in Treasury • Tests of Details of Presentation and Disclosure ...
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  • Spring '11
  • LEWIS
  • analytical procedures, substantive tests, Analytical Procedures Analytical Procedures, Preliminary Audit Strategies

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