Chap014 - Chapter 14 Auditing the Financing/Investing...

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Chapter 14 - Auditing the Financing/Investing Process: Prepaid Expenses, Intangible Assets, and Property, Plant, and Equipment Chapter 14 Auditing the Financing/Investing Process: Prepaid Expenses, Intangible Assets, and Property, Plant, and Equipment Learning Objectives Review Questions Multiple- Choice Questions Problems Discussion Cases Internet Assignments/ ACL Problems LO 1 : Know the various types of prepaid expenses, deferred charges, and intangible assets. 1,2 23 LO 2: Understand the auditor’s approach to auditing prepaid insurance and intangible assets. 2,3,4, 5,6,7 12,18 23,24 LO 3: Develop an understanding of the property management process. 13,14,15, 16,17,19 30,31 LO 4: Know the types of transactions in the property management process. 6 26 30,31 LO 5: Be familiar with the inherent risks for property, plant, and equipment. 7 LO 6: Assess control risk for property, plant, and equipment. 8 13,14, 15,16, 17,19,20 25,26 LO 7: Know the appropriate segregation of duties for property, plant, and equipment. 9 16,17 25 LO 8 : Know the substantive analytical procedures used to audit property, plant, and equipment. 10 20 27,28 LO 9: Know the tests of details of account balances and disclosures used to audit property, plant, and equipment. 11 19,20, 21,22 26,27, 28 29 30 ACL LO 10: Understand how to evaluate the audit findings and reach a final conclusion on property, plant, and equipment. 26 29 31 14-1
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Chapter 14 - Auditing the Financing/Investing Process: Prepaid Expenses, Intangible Assets, and Property, Plant, and Equipment END OF CHAPTER MATERIALS COMPARISION CHART Number in 7 th edition Comparison Number in 6 th edition 14-1 Revised 14-1 14-2 Revised 14-2 14-3 Unchanged 14-3 14-4 Unchanged 14-4 14-5 Revised 14-5 14-6 Unchanged 14-6 14-7 Revised 14-7 14-8 Unchanged 14-8 14-9 Revised 14-9 14-10 Unchanged 14-10 14-11 Unchanged 14-11 14-12 Revised 14-12 14-13 Revised 14-13 14-14 Unchanged 14-14 14-15 Revised 14-15 14-16 Unchanged 14-16 14-17 Unchanged 14-17 14-18 Revised 14-18 14-19 Unchanged 14-19 14-20 Unchanged 14-20 14-21 Unchanged 14-21 14-22 Unchanged 14-22 14-23 Revised 14-23 14-24 Unchanged 14-24 14-25 Unchanged 14-25 14-26 Unchanged 14-26 14-27 Unchanged 14-27 14-28 Unchanged 14-28 14-29 Revised 14-29 14-30 Unchanged 14-30 14-31 Unchanged 14-31 14-2
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Chapter 14 - Auditing the Financing/Investing Process: Prepaid Expenses, Intangible Assets, and Property, Plant, and Equipment Chapter 14 covers the audit of selected asset accounts associated in the financing/investing cycle: prepaid expenses, intangible assets, and property, plant, and equipment. [LO 1] Auditing Prepaid Expenses We normally point out that prepaid expenses are a common "other assets" that have an economic life of less than a year. Assets providing economic benefit for more than one year are referred to as "deferred charges" or "intangible assets." It is helpful to provide examples of items
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This note was uploaded on 04/05/2011 for the course ACC 311 taught by Professor Hogwarts during the Spring '11 term at Michigan State University.

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Chap014 - Chapter 14 Auditing the Financing/Investing...

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