 In this presentation, we will discuss the audit process related to intangible assets. First question, of course, is what are intangible assets? We will define intangible assets. In other words, intangible assets are assets that do not have physical substance that provide economic benefit for more than a year. So we're thinking about types of assets, but things that you can't touch, you can't kick, you can't feel. However, they do have value and they're going to be providing value for more than a year. And therefore they're going to be assets, things that we would expect to see or would like to have on the financial statements, even though they don't have that physical substance. And you can imagine as an auditor, considering things the fact that they're not physical, they're not tangible, can provide some problems for us in order to test for their existence. So types of categories of intangible assets will be things like artistic things, anything that's got a copyright to it basically could be some form of intangible asset. Note that the copyright itself is kind of the intangible asset. If we have a book or if we have a painting or something like that, obviously the books in the paintings are physical type of things, but the copyright is the claim to the material, the idea, the concepts of them. And therefore those types of things, the copyright type of items are going to be intangible type of assets. Customers, things like lists, order backlogs, customer relations, these are types of things that are assets, they're not tangible assets. So they're not things that we would typically think of if we were to list our assets and liabilities. We wouldn't think about these things typically, but they clearly have value. Customer list order backlogs and customer relationships are clearly valuable assets. Marketing things like trademark brand names, domain names are going to be types of things related to marketing that are intangible types of assets. More categories include things like goodwill, goodwill resulting from a acquisition of a company. So you'll recall if we acquire a company, then what we're going to do is we could, there's a couple of different ways we could acquire the company, but it could result in goodwill because you could think of the company being assets minus liabilities or the value being the equity section. If the equity section assets minus liabilities equals what the company was worth, you would think that if we were purchasing the company, that's what we would pay for the company. However, oftentimes what we see is that a company buys another company and pays more than the book value of the company. Why would they do that? Well, the assumption is there's some type of intangible assets such as the brand name of the company and that would be the result of goodwill. So goodwill is something that will typically often be recorded, but it'll typically be recorded only when there's a purchase type of transaction that happens, and we will have to of course somehow value that goodwill if it's on the financial statements. Technology, both those that have patented and unpatented types of technologies, then we have contracts, things like licenses, franchises, broadcasting rights. These are contracts, again, another kind of intangible type of asset. Now we're going to discuss inherent risks related to intangible assets. You'll recall once again our goal as the auditors to think about the inherent risk, to think about the control risk, and then to set the detection risk so that we could think about how much substantive testing we need to do. The inherent risk control risk things that are in the company's control by the business that they are in and the controls that they put in related to the risks of that business, the inherent risks, the risks that you can think about taking away the controls and thinking about just the inherent riskiness of those items without the controls. Now, when we think about intangible assets, they can cause a serious risk consideration. And again, you could, you will list some of the items here, but of course the fact that they're intangible and they're going to be on the balance sheet, there's things that we're reporting as value as assets and they don't have physical substance. It can be a little bit difficult for us to basically verify, test prove the value of these things as is our job. So risk can be great because accounting rules are complex. Accounting rules related to them will be complex because once again, these things are going to be difficult to value and the transactions are difficult to audit. It's not, it's not as easy to audit these kinds of contracts that arise from these intangible assets. They can be quite complex in some cases. So accounting standards require different asset impairment tests for different classes of intangible assets. So when we think about the assets on the book, notice that what we want to do from a regulatory standpoint is to record it typically where we record assets like property, plant and equipment at cost or, or we mark it down if it's been somehow impaired in some type of way and possibly depreciate if we're talking about something like a property, plant and equipment. So that impairment, what we're worried about is for something to be recorded on the books as an asset and be overstated. Typically we're more concerned of course with that overstatement of the assets. When we're talking about things that are not tangible, then it's, it's riskier for us to basically know when, when something is overstated and not. And therefore we have these different kind of asset impairment tests that are going to be seen. You could see more detail about those types of tests with the FASB ASC topic 350. Obviously these type of issues will be specific to the specific types of intangible assets that are going to be owned by a specific type of company. If we're talking about companies that have movie rights or something like that.