Learning Objectives

Understand the types and features of long-term debt.

Assess control risk for long-term debt.

Identify key control procedures for long-term debt.

Know how to conduct substantive audit procedures for long-term debt.

Understand the types of stockholders' equity transactions.

Assess control risk for stockholders' equity.

Identify key control procedures for stockholders' equity.

Know the appropriate segregation of duties for stockholders' equity.

Know how to conduct substantive audit procedures for capital stock.

Know how to conduct substantive audit procedures for dividends.

Know how to conduct substantive audit procedures for retained earnings.

Know how to conduct substantive audit procedures for income statement accounts.