Get your lease accounting ready for audit: completeness, documentation, calculations, controls and the questions auditors ask under ASC 842 and IFRS 16.
What you’ll learn
- Prove the completeness of your lease population
- Assemble documentation auditors expect
- Tie out lease calculations and roll-forwards
- Document key judgments and controls
- Respond to auditor requests efficiently
Lessons
ASC 842 & IFRS 16 Audit Prep Course — Lesson 1: What auditors look for
ASC 842 & IFRS 16 Audit Prep Course — Lesson 2: Completeness of the lease population
Missing leases are a common issue. You learn how to search for embedded and unrecorded leases. In this lesson Contract and AP searches Embedded leases Documenting the search Put it into practice Run a completeness search on a sample vendor list. Note: This is skills training. How the standards apply to your entity depends on […]
ASC 842 & IFRS 16 Audit Prep Course — Lesson 3: Documentation and lease abstracts
Auditors want support for every input. This lesson covers lease abstracts and the evidence for each key term. In this lesson Lease abstracts Supporting documents Version control Put it into practice Create a lease abstract for a sample lease. Note: This is skills training. How the standards apply to your entity depends on your facts, […]
ASC 842 & IFRS 16 Audit Prep Course — Lesson 4: Calculations and roll-forwards
Numbers must tie. Learn to reconcile liabilities and ROU assets and prepare roll-forward schedules. In this lesson Liability and ROU roll-forwards Tying to the general ledger Recalculation checks Put it into practice Build a roll-forward for a sample lease portfolio. Note: This is skills training. How the standards apply to your entity depends on your […]
ASC 842 & IFRS 16 Audit Prep Course — Lesson 5: Judgments, policies and controls
Auditors examine key judgments. You learn to document discount rates, lease terms, practical expedients and controls. In this lesson Discount rate support Lease term judgments Control documentation Put it into practice Write a memo documenting one key judgment. Note: This is skills training. How the standards apply to your entity depends on your facts, so […]
ASC 842 & IFRS 16 Audit Prep Course — Lesson 6: Responding to auditors
Efficient responses save time. This lesson covers PBC lists, sample requests and closing out findings. In this lesson PBC lists Sample selections Resolving findings Put it into practice Build a PBC tracker for lease audit requests. Note: This is skills training. How the standards apply to your entity depends on your facts, so confirm your […]