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Chapter 13

Chapter 13. Audit of Other Assets and Long-term Financing. Audit of Property, Plant, & Equipment. First Time Audits Inherent Risks Evaluating Control Risk and Control Effectiveness Tests of Property Additions and Disposals Authorized Classified Valued Disposals.

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Chapter 13

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  1. Chapter 13 Audit of Other Assets and Long-term Financing

  2. Audit of Property, Plant, & Equipment • First Time Audits • Inherent Risks • Evaluating Control Risk and Control Effectiveness • Tests of Property Additions and Disposals • Authorized • Classified • Valued • Disposals

  3. Audits of Property, Plant & Equipment (cont.) • Audit Considerations for Capitalized Leases • Asset Impairment • Discontinued Operations • Depreciation Expense and Accumulated Depreciation • Natural Resources • Disclosure • Estimation of Reclamation Expense • Research and Development Costs

  4. Overview of Accounting Issues Audits of Mergers and Acquisitions Audits of Mergers & Acquisitions • Purchase Accounting • Leveraged Buyouts (LBO) • Goodwill • Audit problems with leveraged buyouts

  5. Audits of Financing Activities • Bonds: Major Considerations • Value, premium, discount • Interest • Gains/Losses • Restrictions

  6. Bonds • Bond Issuance and Amortization Schedule • Periodic Payments and Interest Expense • Disclosure Examination of Bond Indenture

  7. Common Stock & Owner’s Equity Major Transactions affecting Stockholder’s Equity • New stock issuance • Purchase or sale of treasury stock • Stock dividends or stock splits • Donated capital • Dividends • Transfer of net income to retained earnings • Prior-period adjustments

  8. Common Stock & Owners Equity Valuation Disclosure

  9. Audits of Financing Activities • Accounts Included: • Notes Payable • Mortgages payable or contracts payable • Special contracts • Special bonds • Preferred stock • Stock options and warrants

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