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Exercise 1 A 20X0 study on fraudulent financial reporting noted ways in which long- lived assets can be fraudulently overstated, including: Fictitious assets on the books Improper and incomplete depreciation Failure to record impairment of assets, specially goodwill Expired or worthless assets left on a company's books Assets overvalued upon acquisition, especially in the purchase of a company Required: a. What might motivate management to overstate fixed assets? b. What other factors should the auditor consider when assessing fraud risk related to long-lived assets?Exercise 1 items I through 5 are questions typically found in a standard internal control questionnaire used by auditors to obtain an understanding of Internal eomml structure for notes payable. In using the questionnaire For a particular Client. a "yea" response indicates a possible internal control. whereas a "no" indicates a potential weakness. ' I} Are liabilities for notes payable incurred ottly after written authorization by a proper company ofcial? 2} Is a notes payable master file maintained? 3] ls the individual who maintains the notes payable master le someone other than the person who approves the issue of new notes or handles cash? 4} Are paid notes canceled and retained in the company files? 5] Is a periodic reconciliation made ol'tlte notes payable ntaster le with the actual nltes outstanding by an individual who does not maintain the Inasterle'? ti] Are interest espouse and accrued interest recomputed periodically by an individual who does not record interest transactions? Reg mire ti'.' a. For each of the preceding questions, state the purpose oftlte control. It. For each of the preceding questions, identify the type. cl" nancial statement error that could occur if the control were not in effect. c. For each of the potential errors in part a, list an audit procedure that 631'- be used to delenttint: Whether a material error exists. Exercise 2 The auditor should review the bond indenture at the time a bond is issued and anytime subsequent changes are made to it. a. Briefly identify the information the auditor would expect to obtain from a bond indenture. List at least five specific pieces of information that would be relevant to the conduct of the audit. b. Because auditors are especially concerned with the potential understatement of liabilities. should they confirm the existence of the liability with individual bondholders? State your rationale. c. A company issued bonds at a discount. Explain how the amount of the discount is computed and how the auditor could determine whether the amount is properly amortized each year. d. Explain how the auditor could verify that semiannual interest payments are made on the bond each year. c. The company has a 15-year. P20 million loan that is due on September 30 of next year. It is the company's intent to refinance the bond before it is due, but it is waiting for the best time to issue new debt. Because its intent is to issue the bond next year, the company believes that the existing $20 million bond need not be classified as a current liability. What evidence should the auditor gather to determine the appropriate classification of the bond