Auditing Intangible Assets and Evaluating Fair Market Value: The Case of Reacquired Franchise Rights

Mark J. Kohlbeck · Jeffrey R. Cohen · Lori Holder‐Webb

23 citations0/0 files storedIssues in Accounting Education

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Accounting Education and Careers Auditing, Earnings Management, Governance Accounting and Financial Management

Abstract

ABSTRACT: The Roman Holiday Pizza Paradise case provides a setting that requires students to understand and perform procedures related to the audit of a fair value estimate in connection with the impairment of an unusual intangible asset, reacquired franchise rights, in the pizza restaurant industry. The case focuses on one key aspect—auditing fair market values—a concept that is increasing in importance as financial accounting standards evolve toward a fair value basis and one that requires the development of auditor judgment. Planning activities as well as performance of year-end auditing procedures are included in this self-contained module that incorporates client interaction and obtained external evidence.

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2012Shoe Zoo, Inc.: A Practice in Electronic Work Papers, Tick Mark Preparation, and Client Communication through the Audit of Property, Plant, and Equipment 2020Challenges in auditing fair value measurement and accounting estimates 2018Sprandel, Inc.: Electronic Workpapers, Audit Documentation, and Closing Review Notes in the Audit of Accounts Receivable 2022An Audit Quality Inspection Scandal: Ethical Lapses in a Misguided Attempt to Alleviate Regulatory Scrutiny

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