审计学学习指导(22).docx

审计学学习指导(22) Chapter 22 Audit of the Capital Acquisition and Repayment CycleWe have only rarely covered the material in this chapter. Our students have had enough of the detail testing at this point. When we do cover it, it does not get much time. The following are the major things to discuss:Chapter opening vignetteNature of and accounts in the capital acquisition and repayment cycleAudit of notes payableAudit of owners' equityChapter Opening Vignette - “A Dishonest Client Will Get the Best of the Auditor Almost Every TimeThis vignette represents an example of how much auditors must rely on client representations, and where those representations can't be corroborated, the auditor is essentially at the client's mercy. This leads to a discussion of several concepts: What is the nature of representations, how can they be corroborated, what does the auditor do when they can't be corroborated, the importance of new client investigation, and the importance of being skeptical.Nature of and Accounts in the Capital Acquisition and Repayment Cycle(page738)We start by identifying the four characteristics affecting the audit of the capital acquisition and repayment cycle that are discussed in the chapter:Relatively few, but highly material, transactionsExclusion of a singe transaction could be material in itselfLegal relationshipsDirect relationship of interest to debt and dividends to equityWe then identify the accounts (listed on pages 738-739) that will be discussed.Audit of Notes Payable (page 730)First we refer students to Figure 22-1 (page 739) and discuss the methodology for designing joint tests for notes payable. This is a good time to discuss why tests of controls and substantive tests of transactions are rarely relevant for the capital acquisition and repayment cycle.(See Figure 22-1)Next we refer students to Figure 22-2 (page 730) to identify the account balances being audited.(See Figure 22-2)The following questions are then asked:Review Question 22-3 - audit of notes, interest expense and accrued interest simultaneouslyReview Question 22-4 - internal controls over notes payableReview Question 22-6 - search for unrecorded notesWhy is it common to confirm all notes payable in a typical audit?Review Question 22-9 - restrictions on loansFigure 22-3 (pages 732-733) illustrates a 101% audit of notes payable and related accounts. Identify circumstances where this would be done.To the extent there is time, we also cover one or two of the following:Problem 22-23 - procedures and purposes of the procedures for bonds payableProblem 22-24 or 22-25 - audit program for notes payableTo summarize the coverage of notes payable, we suggest using Figure 22-4 (page 735).(See Figure 22-4)Audit of Owners' Equity (page 735)As for all other areas, we start by reviewing the account balances in the owners' equity and related accounts. These are shown in Figure 22-5 (page 736).(See Figure 22-5)We find in the audit of owners' equity it is useful to distinguish between several circumstances as dramatically affecting the evidence needed.Closely held company - continuing auditClosely held company - first year auditPublicly held company - continuing audit - no independent stock registrarPublicly held company - continuing audit - independent stock registrarPublicly held company - first year auditFor capital stock and paid-in capital, we use the objectives stated in the text, and discuss how the audit is affected by each of the five circumstances listed above.We do the same thing for dividends and retained earnings.Problem 22-29 provides an overview of various procedures performed related to owners' equity. Figure 22-6 (page 740) provides a good summary of the material for owners' equity.(See Figure 22-6)22-3CHAPTER 22CROSS-REFERENCE OF LEARNING OBJECTIVES AND PROBLEM MATERIALLearning ObjectivesReview QuestionsMultipleChoiceQuestionsDiscussionQuestions andProblemsCases22-1Identify the accounts and the unique characteristics of the capital acquisition and repayment cycle.22-1, 22-222-2Design and perform audit tests of notes payable and related accounts and transactions.22-2, 22-3,22-4, 22-5,22-6, 22-7,22-8, 22-922-20, 22-2122-22, 22-23,22-24, 22-25,22-26, 22-2722-3Identify the p rimary concerns in audit of owners' equitransactions.22-10, 22-11, y 22-12, 22-13,22-14, 22-1922-2122-28, 22-29, 22-3022-4Design and perform tests of controls, substantive tests of transactions, and tests of details of balances for capital stock and retained earnings22-11,22-15,22-16, 22-17,22-18, 22-1922-2122-28, 22-29, 22-30, 22-31 上一篇：学生会工作总结工作总结下一篇：演讲稿志愿者活动演讲稿第7页 共7页第 7 页 共 7 页第 7 页 共 7 页第 7 页 共 7 页第 7 页 共 7 页第 7 页 共 7 页第 7 页 共 7 页第 7 页 共 7 页第 7 页 共 7 页第 7 页 共 7 页第 7 页 共 7 页