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(c) Define ‘market risk’ for Mr Allejandra and explain why Gluck and Goodman’s market risk exposure is
increased by failing to have an effective audit committee. (5 marks)
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更多 “ (c) Define ‘market risk’ for Mr Allejandra and explain why Gluck and Goodman’s market risk exposure isincreased by failing to have an effective audit committee. (5 marks) ” 相关考题
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15 Which of the following is most closely associated with pure risk:A. profit and lossB. personnel turnoverC. insuranceD. market fluctuationsE. A and D only
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2 Chen Products produces four manufactured products: Products 1, 2, 3 and 4. The company’s risk committee recentlymet to discuss how the company might respond to a number of problems that have arisen with Product 2. After anumber of incidents in which Product 2 had failed whilst being used by customers, Chen Products had been presentedwith compensation claims from customers injured and inconvenienced by the product failure. It was decided that therisk committee should meet to discuss the options.When the discussion of Product 2 began, committee chairman Anne Ricardo reminded her colleagues that, apart fromthe compensation claims, Product 2 was a highly profitable product.Chen’s risk management committee comprised four non-executive directors who each had different backgrounds andareas of expertise. None of them had direct experience of Chen’s industry or products. It was noted that it wascommon for them to disagree among themselves as to how risks should be managed and that in some situations,each member proposed a quite different strategy to manage a given risk. This was the case when they discussedwhich risk management strategy to adopt with regard to Product 2.Required:(a) Describe the typical roles of a risk management committee. (6 marks)
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(b) Using the TARA framework, construct four possible strategies for managing the risk presented by Product 2.Your answer should describe each strategy and explain how each might be applied in the case.(10 marks)
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3 Susan Paullaos was recently appointed as a non-executive member of the internal audit committee of Gluck andGoodman, a public listed company producing complex engineering products. Barney Chester, the executive financedirector who chairs the committee, has always viewed the purpose of internal audit as primarily financial in natureand as long as financial controls are seen to be fully in place, he is less concerned with other aspects of internalcontrol. When Susan asked about operational controls in the production facility Barney said that these were not theconcern of the internal audit committee. This, he said, was because as long as the accounting systems and financialcontrols were fully functional, all other systems may be assumed to be working correctly.Susan, however, was concerned with the operational and quality controls in the production facility. She spoke toproduction director Aaron Hardanger, and asked if he would be prepared to produce regular reports for the internalaudit committee on levels of specification compliance and other control issues. Mr Hardanger said that the internalaudit committee had always trusted him because his reputation as a manager was very good. He said that he hadnever been asked to provide compliance evidence to the internal audit committee and saw no reason as to why heshould start doing so now.At board level, the non-executive chairman, George Allejandra, said that he only instituted the internal audit committeein the first place in order to be seen to be in compliance with the stock market’s requirement that Gluck and Goodmanshould have one. He believed that internal audit committees didn’t add materially to the company. They were, hebelieved, one of those ‘outrageous demands’ that regulatory authorities made without considering the consequencesin smaller companies nor the individual needs of different companies. He also complained about the need to have aninternal auditor. He said that Gluck and Goodman used to have a full time internal auditor but when he left a yearago, he wasn’t replaced. The audit committee didn’t feel it needed an internal auditor because Barney Chester believedthat only financial control information was important and he could get that information from his managementaccountant.Susan asked Mr Allejandra if he recognised that the company was exposing itself to increased market risks by failingto have an effective audit committee. Mr Allejandra said he didn’t know what a market risk was.Required:(a) Internal control and audit are considered to be important parts of sound corporate governance.(i) Describe FIVE general objectives of internal control. (5 marks)
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(ii) Explain the organisational factors that determine the need for internal audit in public listed companies.(5 marks)
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4 (a) The purpose of ISA 250 Consideration of Laws and Regulations in an Audit of Financial Statements is toestablish standards and provide guidance on the auditor’s responsibility to consider laws and regulations in anaudit of financial statements.Explain the auditor’s responsibilities for reporting non-compliance that comes to the auditor’s attentionduring the conduct of an audit. (5 marks)
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CUSTOMER REFERRAL From: Bob SmithTo: Tompson Harris 10:12 AM, Monday, Dec. 21, 2015 Dear Mr. Harris, Thank you for your cooperation for our business in the recent years. With your great help and support, we have tripled our products in the last three years. And the profits of our company increases steadily. Now, we have enlarged and consolidated our domestic market and European market. Next step we intend to explore the North American market, especially Canada’s and USA’s. However, we do not have good connections in this region. Therefore, we shall be very obliged if you could kindly introduce us to some of your reliable partners in North America who are interested in our products. We look forward to your early reply. Merry Christmas and Happy New Year! Yours sincerely, Bob Smith Project manager1. How does Bob begin with his email()A. With a self-introduction.B. With his company’s current situation.C. With presenting thanks for help and support.2. What’s the current situation of Bob’s company()A. Very good.B. Not so good.C. Just so so.3. What are the market areas of Bob’s company()A. Domestic and Asian market.B. Domestic and North American market.C. Domestic and European market.4. What is the recent plan of Bob’s company()A. To enlarge the domestic and European market.B. To explore the North American market.C. To withdraw from European market and strengthen the North American market.5. What is the purpose of the email()A. To give best wishes for the coming Christmas and New Year.B. To ask for the introduction of some business partners in North America.C. To consolidate the business relationship.
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The reasons for the popularity of Treasury bills are the following except that ______.A．they are the only money market instruments affordable to individual investorsB．they are highly liquidC．they are risk-freeD．they give higher return than other money market instruments
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单句理解听力原文：Interest rate risk refers to the exposure of a bank's financial condition to adverse movements in interest rates.(1)A．Bank's financial condition is the cause of interest rate risk.B．Bank's financial condition has impact on interest rate risk.C．Interest rate risk occurs when interest rate moves against the bank's financial condition.D．Interest rate risk occurs when interest rate favours the bank's financial condition.
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(a) List and explain FOUR methods of selecting a sample of items to test from a population in accordance with ISA 530 (Redrafted) Audit Sampling and Other Means of Testing. (4 marks)(b) List and explain FOUR assertions from ISA 500 Audit Evidence that relate to the recording of classes oftransactions. (4 marks)(c) In terms of audit reports, explain the term ‘modified’. (2 marks)
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风险的优先级通常是根据（ ）设定。A.风险影响（Risk Impact）
B.风险概率（Risk Probability）
C.风险暴露（Risk Exposure）
D.风险控制（Risk Control）
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