ACC 492 Week 4 Learning Team Assignments From the Text, 17-27, 18-31

May 8th, 2015
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ACC 492 Week 4 Learning Team Assignments From the Text, 17-27, 18-31

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Substantive Tests for Stockholders Equity Balance and Comprehensive Problem 18-31Team AACC/492NameDateSubstantive Tests for Stockholders Equity Balances17-27 Jones, CPA, the continuing auditor of Sussex, Inc., is beginning the audit of the common stock and treasury stock accounts. Jones has decided to design substantive tests with control risk at the maximum level. Sussex has no par, no stated value common stock, and acts as its own registrar and transfer agent. During the past year, Sussex both issued and reacquired shares of its own common stock, some of which the company still owned at year-end. Additional common stock transactions occurred among the shareholders during the year. Common stock transactions can be traced to individual shareholders accounts in a subsidiary ledger and to a stock certificate book. The company has not paid any cash or stock dividends. There are no other classes of stock, stock rights, warrants, or option plans.Initial procedures1. Obtain an understanding of the business and industry and determine:a. Industry standards for the extent to which the industry uses equity financing.2. Perform initial procedures on stockholders equity balances and records that will be subject to further testing.a. Trace beginning balance for stockholders equity accounts to last years working papers.c. Obtain client-prepared schedules of changes in stockholders equity balances and determine that they accurately represent

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