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kita Assets- X C c%notescom/study-notes/1704.Ch 14 Set as default Ile (frome isnt ycnar default browser 3, Understand and prepare audit working papers to document audit procedures for intangible assets _ AUDIT OF IN TANGIBLE ASSETS Intangible assets are assets that provide economic benefit for longer than a year, but lack of physical substance. This includes patents, leaseholds, copyrights, formulas, organizational costs, franchise fees, and goodwill acquired in a business combination. The essential features of substantive tests of balances tor intangibles are emphasis on specific audit objectives related to existence and valuation achieved Page I of 6 here to search.