13 35 Common Transactions Affecting Stockholders Equity Accounts 13 35 Lo 1 Identify 1764128


Common transactions affecting stockholders equity accounts

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13-35 LO 1 Identify common transactions affecting stockholders’ equity accounts.

13-39Identify fraud risks associated with debt obligations.

13-45 LO 6 What type of audit approach is typically planned for debt obligations? Why is this most often the most appropriate approach?

13-51 Review theAuditing in Practicefeature “SEC Focus on Debt Presentation and Disclosure” and identify potential audit problems related to presentation and disclosure of debt.

14-62Each of the following is an independent situation related to a contingency. Describe what the auditor should do in each case.

a. The lawyer refused to furnish the requested information.

b. The lawyer was unable to form an opinion on the probability or amount of a pending lawsuit, but the auditor believes that the amount could be material.

c. The client stated that it had not consulted lawyers during the

past year.


What are the inherent limitations in an auditor’s ability to detect material misstatements relating to the client’s compliance with laws and regulations?


The audit of GolfDay Company, a manufacturer of bicycle racks and golf carts, is almost finished. Krista Heiss is the most experienced auditor on this audit and is in charge of performing final analytical procedures. The company ships most of its products to a combination of distributors and retailers. The business in totally within the United States at the present time and is seasonal.

a. Why is it important that final analytical procedures be per-

formed by experienced auditors?

b. What are some analytical procedures that Heiss might perform?

c. How can these procedures be useful at this stage of the audit to help ensure audit quality?