auditofthecapitalacquisitionandrepaymentcycle(英文版)-免費(fèi)閱讀
【正文】 2023 Prentice Hall Business Publishing, Auditing and Assurance Services 9/e, Arens/Elder/Beasley 21 29 Audit of Retained Earnings Transactions involving retained earnings: – earnings for the year – dividends declared There may be corrections to: – priorperiod earnings – priorperiod adjustments – appropriations of retained earnings 169。2023 Prentice Hall Business Publishing, Auditing and Assurance Services 9/e, Arens/Elder/Beasley 21 21 Types of Audit Tests for Notes Payable Interest Payable Ending balance Audited by AP and TDP Audited by TOC, STOT, and AP Interest Expense Interest expense Ending balance Audited by AP TOC + STOT + AP + TDP = Sufficient petent evidence per GAAS 169。2023 Prentice Hall Business Publishing, Auditing and Assurance Services 9/e, Arens/Elder/Beasley 21 13 Notes Payable A note payable is a legal obligation to a creditor. It may be unsecured or secured by assets. 169。2023 Prentice Hall Business Publishing, Auditing and Assurance Services 9/e, Arens/Elder/Beasley 21 5 Accounts in the Cycle ? Notes Payable ? Contracts Payable ? Mortgages Payable ? Bonds Payable ? Interest Expense ? Accrued Interest ? Cash in the Bank ? Capital Stock – Common ? Capital Stock – Preferred 169。2023 Prentice Hall Business Publishing, Auditing and Assurance Services 9/e, Arens/Elder/Beasley 21 2 Characteristics of the Capital Acquisition and Repayment Cycle Few transactions affect the account balances, but each one is often highly material in amount. The exclusion of a single transaction could be material in itself. 1 2 169。2023 Prentice Hall Business Publishing, Auditing and Assurance Services 9/e, Arens/Elder/Beasley 21 10 Methodology for Designing Tests of Balances – Notes Payable Identify client business risks affecting notes payable. Set tolerable misstatement and assess inherent risk for notes payable. Assess control risk for notes payable. 169。2023 Prentice Hall Business Publishing, Auditing and Assurance Services 9/e, Arens/Elder/Beasley 21 18 Analytical Procedures for Notes Payable An
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