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1、Chapter10-FinanceandInvestmentCycleCHAPTER10FinanceandInvestmentCycleLEARNINGOBJECTIVESReviewCheckpointsMultipleChoiceExercises,Problems,andSimulations1.Describethefinanceandinvestmentcycle,includingtypicalsourcedocumentsandcontrols.1,2,3,423,24,26,3153,59(*),60(*)2.Gi
2、veexamplesoftestsofcontrolsoverdebtandowners’equitytransactionsandinvestmenttransactions.5,6,7,822,32,42473.Describesubstantiveproceduresforfinanceandinvestmentaccounts.9,10,11,12,13,14,15,16,1725,27,28,29,30,33,34,35,37,38,39,40,41,43,44,45,4648(*),49,50(*),51,52(*),5
3、3(*),54,55,56,574.Describecommonerrorsandfraudsintheaccountingforcapitaltransactionsandinvestments,anddesignauditandinvestigationproceduresfordetectingthem.18,19,20,213648(*),49,50(*),51,52(*),53(*),54,55,56,57,58,59(*),60(*),61(*)Itemsrelatestomultiplelearningobjectiv
4、esSOLUTIONSFORREVIEWCHECKPOINTS10.1Theauthorizationforinvestmentsusuallytakesplaceatthehighestlevelsoftheorganization.AninvestmentphilosophymaybestatedorendorsedbytheboardofdirectorsandspecificauthorizationforeachtransactionmaycomefromtheCEOorCFO.Suchinvestmentsmayinvo
5、lvemillionsofdollarsandmaybeinstrumentaltothestrategicobjectivesoftheorganization,commandingtheauthorizationofseniormanagement10.2Actionsbytheboardofdirectorsorfinancecommitteeareusuallyrequiredasauthorizationfornotespayable.Auditorswouldwanttoreadallminutesoftheboarda
6、ndexecutivecommittees,extractingcopiesofallfinancialmatters,includingnotespayableauthorizations.10-25Copyright©2015McGraw-HillEducation. Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.Chapter10-FinanceandInvestmentCycl
7、e10.3Toobtainrelevantauditdataaboutinvestmentsecurities,auditors’proceduresinclude:•Inspectingthesecuritiesinthepresenceofaresponsibleclientofficer.•Personallyexaminingthesecuritieswhileothernegotiablefundsourcesaresealedofforarebeingexaminedsimultaneously.•Obtainingaw
8、rittenstatementfromtheclient’srepresentativethatthesecuritieswerereturnedintact.•Obtainingtheinformationbyconfirmatio
