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Auditing the Investing and Financing Cycles

This chapter provides an overview of the investing and financing cycles, including activities, business understanding, and audit strategies.

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Auditing the Investing and Financing Cycles

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  1. Modern Auditing: Assurance Services and the Integrity of Financial Reporting, 8th Edition William C. Boynton California Polytechnic State University at San Luis Obispo Raymond N. Johnson Portland State University Chapter 17 – Auditing the Investing and Financing Cycles

  2. Chapter Overview

  3. SifatSiklusInvestasidanPembiayaan • Penelaahan atas siklus investasi dan pembiayaan • Aktivitas investasi • Aktivitas pembiayaan • Pemahaman tentang bisnis dan industri untuk mengembangkan strategi audit

  4. Understanding the Entity and Environment

  5. IkhtisarAktivatetapbersihdanbagaimanaaktivaitudibiayaiuntukindustritertentuIkhtisarAktivatetapbersihdanbagaimanaaktivaitudibiayaiuntukindustritertentu

  6. SiklusInvestasi-Tujuan audit • Siklus investasi difokuskan pada investasi aktiva tetap • Tujuan Audit  assersi manajemen • Perencanaan dan Metodologi Audit • Materialitas • Inherent Risk • Analytical Risk • Controling Risk

  7. Investing Cycle – Analytical Procedures

  8. PengujianSubtantifAtasSaldoAktivaTetap • Prosedur Awal • Prosedur Analisis • Pengujian Rincian Transaksi • Memvouching penambahan Aktiva tetap • Memvouching pelepasan aktiva tetap • Mereview ayat jurnal beban reparasi dan pemeliharaan

  9. Substantive Tests for Plant Assets • Tests of Details of Balances • Menginspeksi Aktiva Tetap • Memeriksa dokumen dan kontrak hak kepemilikan • Pengujian rincian saldo : Estimasi Akuntansi • Review Penyisihan untuk Penyusutan • Penurunan Nilai Aktiva Tetap

  10. Financing Cycle

  11. Financing Cycle – Audit Objectives

  12. Financing Cycle – Analytical Procedures

  13. Financing Cycle • Inherent Risk • Consideration of Internal Control • Common Documents and Records

  14. 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

  15. Preliminary Audit Strategies for Long-Term Debt

  16. Substantive Tests of Long-Term Debt • Initial Procedures • Analytical Procedures • Tests of Details of Transactions

  17. Substantive Tests of Long-Term Debt • Tests of Details of Balances • Tests of Details of Presentation and Disclosure

  18. Study Break 4. This cycle involves activities such as acquiring debt, issuing bonds, and issuing common stock. • Investing Cycle • Financing Cycle • Cash Disbursements Cycle • Cash Receipts Cycle B. Financing Cycle

  19. Study Break • This financing function involves making payments to the proper payees in according with board of director or management authorizations. • Authorizing bonds • Authorizing capital stock • Paying bond interest and cash dividends • Recording financing transactions C. Paying bond interest and cash dividends

  20. Study Break • All of the following are tests of details of balances for the financing cycle, except: • Confirmation of accounts payable • Confirmation of long-term debt • Review authorization and contracts • Recalculate interest expense A. Confirmation of accounts payable

  21. Preliminary Audit Strategies for Shareholders’ Equity

  22. Analytical Procedures

  23. Substantive Tests of Stockholders’ Equity • Initial Procedures • Analytical Procedures • Tests of Details of Transactions • Vouch Entries to Paid-in Capital Accounts • Vouch Entries to Retained Earnings

  24. 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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