Chap015 - Chapter 15 - Auditing the Financing/Investing...

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Chapter 15 - Auditing the Financing/Investing Process: Long-Term Liabilities, Stockholders' Equity, and Income Statement Accounts Chapter 15 Auditing the Financing/Investing Process: Long-Term Liabilities, Stockholders' Equity, and Income Statement Accounts Learning Objectives Review Questions Multiple- Choice Questions Problems Discussion Cases Internet Assignments/ ACL Problems LO 1 : Understand the types and features of long-term debt. 1 26 LO 2: Be familiar with assessing control risk for long-term debt. 2 LO 3: Be familiar with key control activities for long-term debt. 2 11 LO 4: Know how to conduct substantive audit procedures for long-term debt. 1,3,4 12,13,14 21,22,23 25 ACL/ 26 LO 5: Understand the types of stockholders’ equity transactions. 1,5 LO 6 : Be familiar with assessing control risk for stockholders’ equity. LO 7: Be familiar with key control activities for stockholders’ equity. 15,16 LO 8 : Know the appropriate segregation of duties for stockholders’ equity. 6 15,16 24 LO 9: Know how to conduct substantive audit procedures for capital stock. 1,7 15,17,18 24 LO 10: Know how to conduct substantive audit procedures for dividends. 8 LO 11: Know how to conduct substantive audit procedures for retained earnings. 8 LO 12: Know how to conduct substantive audit procedures for income statement accounts. 9,10 19,20 ACL 15-1
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END OF CHAPTER MATERIALS COMPARISION CHART Number in 7 th edition Comparison Number in 6 th edition 15-1 Unchanged 15-1 15-2 Unchanged 15-2 15-3 Revised 15-3 15-4 Unchanged 15-4 15-5 Unchanged 15-5 15-6 Unchanged 15-6 15-7 Unchanged 15-7 15-8 Revised 15-8 15-9 Unchanged 15-9 15-10 Revised 15-10 15-11 Unchanged 15-11 15-12 Revised 15-12 15-13 Revised 15-13 15-14 Revised 15-14 15-15 Unchanged 15-15 15-16 Unchanged 15-16 15-17 Revised 15-17 15-18 Revised 15-18 15-19 Revised 15-19 15-20 Revised 15-20 15-21 Revised 15-21 15-22 Replaced 15-22 15-23 Revised 15-23 15-24 Unchanged 15-24 15-25 Revised 15-25 15-26 Replaced 15-26 15-2
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Chapter 15 - Auditing the Financing/Investing Process: Long-Term Liabilities, Stockholders' Equity, and Income Statement Accounts Chapter 15 presents the audit of long-term liabilities, stockholders' equity, and the income statement. A substantive strategy is normally followed when these accounts are audited because, although the number of transactions is few, each transaction is usually material. [LO 1] Auditing Long-Term Debt We point out to the students that long-term debt is no longer just composed of notes and bonds but includes sophisticated types of debt financing, such as collateralized mortgage obligations and derivatives (see Exhibit 15-1). These sophisticated instruments are beyond the scope of the text. Use Exhibit 15-1
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Chap015 - Chapter 15 - Auditing the Financing/Investing...

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