What Auditors Ask For on Leases
What an auditor asks for on leases, and what a controller should have ready before fieldwork opens. The recurring theme is completeness — proving that no lease is missing is harder than measuring the ones you have, and it is where most findings originate.
21 articles across 5 groups.
Start here How to Pass an ASC 842 Lease Accounting AuditThe assertions an auditor tests, and the evidence each one needs.
Prepare before fieldwork
What to assemble, and what to test on yourself while there is still time to fix it.
- ASC 842 Audit Readiness Checklist | ASC 842 ComplianceWhat is an ASC 842 audit readiness checklist? How can I prepare for an ASC 842 audit?
- ASC 842 Pre-Audit Self-Assessment | iLeaseProWhat is a pre-audit self-assessment for ASC 842 compliance? What steps are involved in an ASC 842 pre-audit self-assessment?
- ASC 842 PBC List: Complete Documentation Guide | ASC 842What documentation is required for an ASC 842 audit? How do I prepare a PBC list for ASC 842 compliance?
- Lease Audit Workpapers: Satisfy Auditors | iLeaseProWhat documentation is required for ASC 842 lease audits? How do I prepare lease audit workpapers to satisfy auditors?
- ASC 842 Audit Checklist for Healthcare Readiness | iLeaseProWhat defines healthcare leases under ASC 842 for audit purposes? How should healthcare organizations prepare an ASC 842 audit readiness checklist?
Prove the population is complete
The assertion that generates the most findings, and the contracts that hide a lease.
- Lease Audit Procedures: Testing Completeness Under ASC 842What are the key completeness testing procedures for lease populations? How do auditors ensure the completeness of lease data under ASC 842?
- Lease Population Completeness: Proving Nothing Is MissedHow do auditors verify lease population completeness under ASC 842? What are the key steps in ensuring lease population completeness for ASC 842 …
- Finding Missing Leases: A Systematic Guide | iLeaseProWhat is a systematic approach to discovering missing leases? How can organizations identify undocumented leases for ASC 842 compliance?
- What Is an Embedded Lease? Definition and ChecklistHow do I identify embedded leases in service contracts? What are the key indicators of an embedded lease?
- IT & Software Contracts: Hidden Leases Guide | iLeaseProWhat constitutes a hidden lease component in IT and software contracts? How do I identify embedded leases within technology agreements under ASC 842?
- Identify Unrecorded Leases with AP Data | iLeaseProWhat is an unrecorded lease? How can AP data be used to identify unrecorded leases?
What auditors actually test
The procedures behind each assertion, and the judgements they will push on.
- ASC 842 Substantive Testing: What Auditors Will DoWhat are the key substantive testing procedures for ASC 842 lease accounting? How do auditors verify lease data under ASC 842?
- ASC 842 Management Assertions for Controllers | iLeaseProWhat are ASC 842 management assertions for controllers? How do management assertions relate to ASC 842 lease accounting?
- ASC 842 lease audit procedures Guide | iLeaseProWhat are the key data points auditors focus on when testing ASC 842 leases? How do auditors verify the completeness and accuracy of lease data under …
- IBR Documentation Requirements for Audit | iLeaseProWhat IBR documentation is required for an ASC 842 audit? How do auditors verify Incremental Borrowing Rate (IBR) calculations?
- Common Discount Rate Audit Findings | Avoid | iLeaseProWhat are common discount rate audit findings? How can I avoid discount rate audit findings?
When findings arise
Correcting an error, and what a restatement looks like from outside.
- ASC 842 Audit Adjustments and How to Prevent ThemWhat are common ASC 842 audit adjustments? How can companies prevent ASC 842 audit findings?
- ASC 842 Audit Findings: A Controller's Playbook | iLeaseProWhat are common ASC 842 audit findings? How do I respond to ASC 842 audit findings?
- Driven Brands Accounting Errors Restatement News | iLeaseProWhat are common accounting errors that lead to financial restatements? How does ASC 842 impact the need for financial restatements?
Tools
- Free AI-Powered ASC 842 Lease Analyzer Tool | iLeaseProWhat is the free AI-powered ASC 842 Lease Analyzer? How can AI help with ASC 842 lease accounting compliance?
- AI Changing Accounting? Explore Its Impact | iLeaseProHow is AI transforming accounting models? What are the benefits of AI in accounting and auditing?
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