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1、22-1 Chapter 22 Audit of the Capital Acquisition and Repayment Cycle We 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 v
2、ignette Nature of and accounts in the capital acquisition and repayment cycle Audit of notes payable Audit of owners equity Chapter Opening Vignette “A Dishonest Client Will Get the Best of the Auditor Almost Every Time”This vignette represents an example of how much auditors must rely on client rep
3、resentations,and where those representations cant be corroborated,the auditor is essentially at the clients 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 cant be corroborated,the importance o
4、f new client investigation,and the importance of being skeptical.Nature of and Accounts in the Capital Acquisition and Repayment Cycle(page 704)We start by identifying the four characteristics affecting the audit of the capital acquisition and repayment cycle that are discussed in the chapter:(1)Rel
5、atively few,but highly material,transactions(2)Exclusion of a single transaction could be material in itself(3)Legal relationships(4)Direct relationship of interest to debt and dividends to equity We then identify the accounts(listed on page 704)that will be discussed.Audit of Notes Payable(page 705
6、)First we refer students to Figure 22-1(page 705)to identify the account balances being audited and to 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 ac
7、quisition and repayment cycle.(See Figure 22-1;shown on Slide 22-16)22-2 The following questions are then asked:Review Question 22-3 audit of notes,interest expense and accrued interest simultaneously Review Question 22-4 internal controls over notes payable Review Question 22-6 search for unrecorde
8、d notes Why is it common to confirm all notes payable in a typical audit?Review Question 22-9 restrictions on loans Figure 22-2(pages 708 through 709)illustrates a 100%audit of notes payable and related accounts.Identify circumstances where this would be done.To the extent there is time,we also cove
9、r one or two of the following:Problem 22-23 procedures and purposes of the procedures for bonds payable Problem 22-25 this can be used to provide an overview of procedures auditors typically perform related to notes payable.Problem 22-26 overview of an audit program for notes payable Audit of Owners
10、 Equity(page 708)As for all other areas,we start by reviewing the account balances in the owners equity and related accounts.These are shown in Figure 22-3(page 711).(See Figure 22-3;shown on Slide 22-26)We find in the audit of owners equity it is useful to distinguish between several circumstances
11、that dramatically affect the evidence needed.Closely held company continuing audit Closely held company first year audit Publicly held company continuing audit no independent stock registrar Publicly held company continuing audit independent stock registrar Publicly held company first year audit For
12、 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 22-30 provides an overview of various procedures performed related to owne
13、rs equity.Research Problem 22-1 also provides an opportunity for students to understand NASDAQ listing requirements.CHAPTER 22 CROSS-REFERENCE OF LEARNING OBJECTIVES AND PROBLEM MATERIAL LEARNING OBJECTIVES REVIEW QUESTIONS MULTIPLE CHOICE QUESTIONS DISCUSSION QUESTIONS AND PROBLEMS CASES 22-1 Ident
14、ify the accounts and the unique characteristics of the capital acquisition and repayment cycle.22-1,22-2 22-2 Design and perform audit tests of notes payable and related accounts and transactions.22-2,22-3,22-4,22-5,22-6,22-7,22-8,22-9 22-20,22-21 22-22,22-23,22-24,22-25,22-26,22-27,22-28 22-3 Ident
15、ify the primary concerns in audit of owners equity transactions.22-10,22-11,22-12,22-13,22-14,22-19 22-21 22-29,22-30,22-32 22-4 Design and perform tests of controls,substantive tests of transactions,and tests of details of balances for capital stock and retained earnings 22-11,22-15,22-16,22-17,22-18,22-19 22-21 22-29,22-30,22-31 22-3