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5 You are an audit manager in Dedza, a firm of Chartered Certified Accountants. Recently, you have been assigned
specific responsibility for undertaking annual reviews of existing clients. The following situations have arisen in
connection with three client companies:
(a) Dedza was appointed auditor and tax advisor to Kora Co, a limited liability company, last year and has recently
issued an unmodified opinion on the financial statements for the year ended 30 June 2005. To your surprise,
the tax authority has just launched an investigation into the affairs of Kora on suspicion of underdeclaring income.
(7 marks)
Required:
Identify and comment on the ethical and other professional issues raised by each of these matters and state what
action, if any, Dedza should now take.
NOTE: The mark allocation is shown against each of the three situations.
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更多 “ 5 You are an audit manager in Dedza, a firm of Chartered Certified Accountants. Recently, you have been assignedspecific responsibility for undertaking annual reviews of existing clients. The following situations have arisen inconnection with three client companies:(a) Dedza was appointed auditor and tax advisor to Kora Co, a limited liability company, last year and has recentlyissued an unmodified opinion on the financial statements for the year ended 30 June 2005. To your surprise,the tax authority has just launched an investigation into the affairs of Kora on suspicion of underdeclaring income.(7 marks)Required:Identify and comment on the ethical and other professional issues raised by each of these matters and state whataction, if any, Dedza should now take.NOTE: The mark allocation is shown against each of the three situations. ” 相关考题
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(b) Historically, all owned premises have been measured at cost depreciated over 10 to 50 years. The managementboard has decided to revalue these premises for the year ended 30 September 2005. At the balance sheet datetwo properties had been revalued by a total of $1·7 million. Another 15 properties have since been revalued by$5·4 million and there remain a further three properties which are expected to be revalued during 2006. Arevaluation surplus of $7·1 million has been credited to equity. (7 marks)Required:For each of the above issues:(i) comment on the matters that you should consider; and(ii) state the audit evidence that you should expect to find,in undertaking your review of the audit working papers and financial statements of Albreda Co for the year ended30 September 2005.NOTE: The mark allocation is shown against each of the three issues.
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(c) During the year Albreda paid $0·1 million (2004 – $0·3 million) in fines and penalties relating to breaches ofhealth and safety regulations. These amounts have not been separately disclosed but included in cost of sales.(5 marks)Required:For each of the above issues:(i) comment on the matters that you should consider; and(ii) state the audit evidence that you should expect to find,in undertaking your review of the audit working papers and financial statements of Albreda Co for the year ended30 September 2005.NOTE: The mark allocation is shown against each of the three issues.
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5 You are an audit manager in Bartolome, a firm of Chartered Certified Accountants. You have specific responsibilityfor undertaking annual reviews of existing clients and advising whether an engagement can be properly continued.The following matters have arisen in connection with recent assignments:(a) Leon Dormido is the senior in charge of the audit of the financial statements of Moreno, a limited liabilitycompany, for the year ending 30 June 2005. Moreno’s Chief Executive Officer, James Bay, has just sent you ane-mail to advise you that Leon has been short-listed for the position of Finance Director. You were not previouslyaware that Leon had applied for the position. (5 marks)Required:Comment on the ethical and other professional issues raised by each of the above matters and their implications,if any, for the continuation of each assignment.NOTE: The mark allocation is shown against each of the three issues.
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3 You are the manager responsible for the audit of Keffler Co, a private limited company engaged in the manufacture ofplastic products. The draft financial statements for the year ended 31 March 2006 show revenue of $47·4 million(2005 – $43·9 million), profit before taxation of $2 million (2005 – $2·4 million) and total assets of $33·8 million(2005 – $25·7 million).The following issues arising during the final audit have been noted on a schedule of points for your attention:(a) In April 2005, Keffler bought the right to use a landfill site for a period of 15 years for $1·1 million. Kefflerexpects that the amount of waste that it will need to dump will increase annually and that the site will becompletely filled after just ten years. Keffler has charged the following amounts to the income statement for theyear to 31 March 2006:– $20,000 licence amortisation calculated on a sum-of-digits basis to increase the charge over the useful lifeof the site; and– $100,000 annual provision for restoring the land in 15 years’ time. (9 marks)Required:For each of the above issues:(i) comment on the matters that you should consider; and(ii) state the audit evidence that you should expect to find,in undertaking your review of the audit working papers and financial statements of Keffler Co for the year ended31 March 2006.NOTE: The mark allocation is shown against each of the three issues.
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5 You are an audit manager in Fox Steeple, a firm of Chartered Certified Accountants, responsible for allocating staffto the following three audits of financial statements for the year ending 31 December 2006:(a) Blythe Co is a new audit client. This private company is a local manufacturer and distributor of sportswear. Thecompany’s finance director, Peter, sees little value in the audit and put it out to tender last year as a cost-cuttingexercise. In accordance with the requirements of the invitation to tender your firm indicated that there would notbe an interim audit.(b) Huggins Co, a long-standing client, operates a national supermarket chain. Your firm provided Huggins Co withcorporate financial advice on obtaining a listing on a recognised stock exchange in 2005. Senior managementexpects a thorough examination of the company’s computerised systems, and are also seeking assurance thatthe annual report will not attract adverse criticism.(c) Gray Co has been an audit client since 1999 after your firm advised management on a successful buyout. Grayprovides communication services and software solutions. Your firm provides Gray with technical advice onfinancial reporting and tax services. Most recently you have been asked to conduct due diligence reviews onpotential acquisitions.Required:For these assignments, compare and contrast:(i) the threats to independence;(ii) the other professional and practical matters that arise; and(iii) the implications for allocating staff.(15 marks)
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(b) You are an audit manager in a firm of Chartered Certified Accountants currently assigned to the audit of CleevesCo for the year ended 30 September 2006. During the year Cleeves acquired a 100% interest in Howard Co.Howard is material to Cleeves and audited by another firm, Parr Co. You have just received Parr’s draftauditor’s report for the year ended 30 September 2006. The wording is that of an unmodified report except forthe opinion paragraph which is as follows:Audit opinionAs more fully explained in notes 11 and 15 impairment losses on non-current assets have not beenrecognised in profit or loss as the directors are unable to quantify the amounts.In our opinion, provision should be made for these as required by International Accounting Standard 36(Impairment). If the provision had been so recognised the effect would have been to increase the loss beforeand after tax for the year and to reduce the value of tangible and intangible non-current assets. However,as the directors are unable to quantify the amounts we are unable to indicate the financial effect of suchomissions.In view of the failure to provide for the impairments referred to above, in our opinion the financial statementsdo not present fairly in all material respects the financial position of Howard Co as of 30 September 2006and of its loss and its cash flows for the year then ended in accordance with International Financial ReportingStandards.Your review of the prior year auditor’s report shows that the 2005 audit opinion was worded identically.Required:(i) Critically appraise the appropriateness of the audit opinion given by Parr Co on the financialstatements of Howard Co, for the years ended 30 September 2006 and 2005. (7 marks)
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(b) As a newly-qualified Chartered Certified Accountant in Boleyn Co, you have been assigned to assist the ethicspartner in developing ethical guidance for the firm. In particular, you have been asked to draft guidance on thefollowing frequently asked questions (‘FAQs’) that will be circulated to all staff through Boleyn Co’s intranet:(i) What Information Technology services can we offer to audit clients? (5 marks)Required:For EACH of the three FAQs, explain the threats to objectivity that may arise and the safeguards that shouldbe available to manage them to an acceptable level.NOTE: The mark allocation is shown against each of the three questions.
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3 You are the manager responsible for the audit of Lamont Co. The company’s principal activity is wholesaling frozenfish. The draft consolidated financial statements for the year ended 31 March 2007 show revenue of $67·0 million(2006 – $62·3 million), profit before taxation of $11·9 million (2006 – $14·2 million) and total assets of$48·0 million (2006 – $36·4 million).The following issues arising during the final audit have been noted on a schedule of points for your attention:(a) In early 2007 a chemical leakage from refrigeration units owned by Lamont caused contamination of some of itsproperty. Lamont has incurred $0·3 million in clean up costs, $0·6 million in modernisation of the units toprevent future leakage and a $30,000 fine to a regulatory agency. Apart from the fine, which has been expensed,these costs have been capitalised as improvements. (7 marks)Required:For each of the above issues:(i) comment on the matters that you should consider; and(ii) state the audit evidence that you should expect to find,in undertaking your review of the audit working papers and financial statements of Lamont Co for the year ended31 March 2007.NOTE: The mark allocation is shown against each of the three issues.
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(b) As a newly-qualified Chartered Certified Accountant, you have been asked to write an ‘ethics column’ for a traineeaccountant magazine. In particular, you have been asked to draft guidance on the following questions addressedto the magazine’s helpline:(i) What gifts or hospitality are acceptable and when do they become an inducement? (5 marks)Required:For each of the three questions, explain the threats to objectivity that may arise and the safeguards thatshould be available to manage them to an acceptable level.NOTE: The mark allocation is shown against each of the three questions above.
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3 You are an audit manager in Webb Co, a firm of Chartered Certified Accountants. Your audit client, Mulligan Co,designs and manufactures wooden tables and chairs. The business has expanded rapidly in the last two years, sincethe arrival of Patrick Tiler, an experienced sales and marketing manager.The directors want to secure a loan of $3 million in order to expand operations, following the design of a completelynew range of wooden garden furniture. The directors have approached LCT Bank for the loan. The bank’s lendingcriteria stipulate the following:‘Loan applications must be accompanied by a detailed business plan, including an analysis of how the finance willbe used. LCT Bank need to see that the finance requested is adequate for the proposed business purpose. Thebusiness plan must be supported by an assurance opinion on the adequacy of the requested finance.’The $3 million finance raised will be used as follows:$000Construction of new factory 1,250Purchase of new machinery 1,000Initial supply of timber raw material 250Advertising and marketing of new product 500Your firm has agreed to review the business plan and to provide an assurance opinion on the completeness of thefinance request. A meeting will be held tomorrow to discuss this assignment.Required:(a) Identify and explain the matters relating to the assurance assignment that should be discussed at the meetingwith Mulligan Co. (8 marks)
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4 You are an audit manager in Nate Co, a firm of Chartered Certified Accountants. You are reviewing three situations,which were recently discussed at the monthly audit managers’ meeting:(1) Nate Co has recently been approached by a potential new audit client, Fisher Co. Your firm is keen to take theappointment and is currently carrying out client acceptance procedures. Fisher Co was recently incorporated byMarcellus Fisher, with its main trade being the retailing of wooden storage boxes.(2) Nate Co provides the audit service to CF Co, a national financial services organisation. Due to a number oferrors in the recording of cash deposits from new customers that have been discovered by CF Co’s internal auditteam, the directors of CF Co have requested that your firm carry out a review of the financial informationtechnology systems. It has come to your attention that while working on the audit planning of CF Co, Jin Sayed,one of the juniors on the audit team, who is a recent information technology graduate, spent three hoursproviding advice to the internal audit team about how to improve the system. As far as you know, this advice hasnot been used by the internal audit team.(3) LA Shots Co is a manufacturer of bottled drinks, and has been an audit client of Nate Co for five years. Twoaudit juniors attended the annual inventory count last Monday. They reported that Brenda Mangle, the newproduction manager of LA Shots Co, wanted the inventory count and audit procedures performed as quickly aspossible. As an incentive she offered the two juniors ten free bottles of ‘Super Juice’ from the end of theproduction line. Brenda also invited them to join the LA Shots Co office party, which commenced at the end ofthe inventory count. The inventory count and audit procedures were completed within two hours (the previousyear’s procedures lasted a full day), and the juniors then spent four hours at the office party.Required:(a) Define ‘money laundering’ and state the procedures specific to money laundering that should be consideredbefore, and on the acceptance of, the audit appointment of Fisher Co. (5 marks)
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5 You are the audit manager for three clients of Bertie Co, a firm of Chartered Certified Accountants. The financialyear end for each client is 30 September 2007.You are reviewing the audit senior’s proposed audit reports for two clients, Alpha Co and Deema Co.Alpha Co, a listed company, permanently closed several factories in May 2007, with all costs of closure finalised andpaid in August 2007. The factories all produced the same item, which contributed 10% of Alpha Co’s total revenuefor the year ended 30 September 2007 (2006 – 23%). The closure has been discussed accurately and fully in thechairman’s statement and Directors’ Report. However, the closure is not mentioned in the notes to the financialstatements, nor separately disclosed on the financial statements.The audit senior has proposed an unmodified audit opinion for Alpha Co as the matter has been fully addressed inthe chairman’s statement and Directors’ Report.In October 2007 a legal claim was filed against Deema Co, a retailer of toys. The claim is from a customer who slippedon a greasy step outside one of the retail outlets. The matter has been fully disclosed as a material contingent liabilityin the notes to the financial statements, and audit working papers provide sufficient evidence that no provision isnecessary as Deema Co’s lawyers have stated in writing that the likelihood of the claim succeeding is only possible.The amount of the claim is fixed and is adequately covered by cash resources.The audit senior proposes that the audit opinion for Deema Co should not be qualified, but that an emphasis of matterparagraph should be included after the audit opinion to highlight the situation.Hugh Co was incorporated in October 2006, using a bank loan for finance. Revenue for the first year of trading is$750,000, and there are hopes of rapid growth in the next few years. The business retails luxury hand made woodentoys, currently in a single retail outlet. The two directors (who also own all of the shares in Hugh Co) are aware thatdue to the small size of the company, the financial statements do not have to be subject to annual external audit, butthey are unsure whether there would be any benefit in a voluntary audit of the first year financial statements. Thedirectors are also aware that a review of the financial statements could be performed as an alternative to a full audit.Hugh Co currently employs a part-time, part-qualified accountant, Monty Parkes, who has prepared a year endbalance sheet and income statement, and who produces summary management accounts every three months.Required:(a) Evaluate whether the audit senior’s proposed audit report is appropriate, and where you disagree with theproposed report, recommend the amendment necessary to the audit report of:(i) Alpha Co; (6 marks)
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4 You are a senior manager in Becker Co, a firm of Chartered Certified Accountants offering audit and assuranceservices mainly to large, privately owned companies. The firm has suffered from increased competition, due to twonew firms of accountants setting up in the same town. Several audit clients have moved to the new firms, leading toloss of revenue, and an over staffed audit department. Bob McEnroe, one of the partners of Becker Co, has askedyou to consider how the firm could react to this situation. Several possibilities have been raised for your consideration:1. Murray Co, a manufacturer of electronic equipment, is one of Becker Co’s audit clients. You are aware that thecompany has recently designed a new product, which market research indicates is likely to be very successful.The development of the product has been a huge drain on cash resources. The managing director of Murray Cohas written to the audit engagement partner to see if Becker Co would be interested in making an investmentin the new product. It has been suggested that Becker Co could provide finance for the completion of thedevelopment and the marketing of the product. The finance would be in the form. of convertible debentures.Alternatively, a joint venture company in which control is shared between Murray Co and Becker Co could beestablished to manufacture, market and distribute the new product.2. Becker Co is considering expanding the provision of non-audit services. Ingrid Sharapova, a senior manager inBecker Co, has suggested that the firm could offer a recruitment advisory service to clients, specialising in therecruitment of finance professionals. Becker Co would charge a fee for this service based on the salary of theemployee recruited. Ingrid Sharapova worked as a recruitment consultant for a year before deciding to train asan accountant.3. Several audit clients are experiencing staff shortages, and it has been suggested that temporary staff assignmentscould be offered. It is envisaged that a number of audit managers or seniors could be seconded to clients forperiods not exceeding six months, after which time they would return to Becker Co.Required:Identify and explain the ethical and practice management implications in respect of:(a) A business arrangement with Murray Co. (7 marks)
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(c) Maxwell Co is audited by Lead Co, a firm of Chartered Certified Accountants. Leo Sabat has enquired as towhether your firm would be prepared to conduct a joint audit in cooperation with Lead Co, on the futurefinancial statements of Maxwell Co if the acquisition goes ahead. Leo Sabat thinks that this would enable yourfirm to improve group audit efficiency, without losing the cumulative experience that Lead Co has built up whileacting as auditor to Maxwell Co.Required:Define ‘joint audit’, and assess the advantages and disadvantages of the audit of Maxwell Co being conductedon a ‘joint basis’. (7 marks)
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You are an audit manager responsible for providing hot reviews on selected audit clients within your firm of CharteredCertified Accountants. You are currently reviewing the audit working papers for Pulp Co, a long standing audit client,for the year ended 31 January 2008. The draft statement of financial position (balance sheet) of Pulp Co shows totalassets of $12 million (2007 – $11·5 million).The audit senior has made the following comment in a summary ofissues for your review:‘Pulp Co’s statement of financial position (balance sheet) shows a receivable classified as a current asset with a valueof $25,000. The only audit evidence we have requested and obtained is a management representation stating thefollowing:(1) that the amount is owed to Pulp Co from Jarvis Co,(2) that Jarvis Co is controlled by Pulp Co’s chairman, Peter Sheffield, and(3) that the balance is likely to be received six months after Pulp Co’s year end.The receivable was also outstanding at the last year end when an identical management representation was provided,and our working papers noted that because the balance was immaterial no further work was considered necessary.No disclosure has been made in the financial statements regarding the balance. Jarvis Co is not audited by our firmand we have verified that Pulp Co does not own any shares in Jarvis Co.’Required:(b) In relation to the receivable recognised on the statement of financial position (balance sheet) of Pulp Co asat 31 January 2008:(i) Comment on the matters you should consider. (5 marks)
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4 You are an audit manager in Smith Co, a firm of Chartered Certified Accountants. You have recently been maderesponsible for reviewing invoices raised to clients and for monitoring your firm’s credit control procedures. Severalmatters came to light during your most recent review of client invoice files:Norman Co, a large private company, has not paid an invoice from Smith Co dated 5 June 2007 for work in respectof the financial statement audit for the year ended 28 February 2007. A file note dated 30 November 2007 statesthat Norman Co is suffering poor cash flows and is unable to pay the balance. This is the only piece of informationin the file you are reviewing relating to the invoice. You are aware that the final audit work for the year ended28 February 2008, which has not yet been invoiced, is nearly complete and the audit report is due to be issuedimminently.Wallace Co, a private company whose business is the manufacture of industrial machinery, has paid all invoicesrelating to the recently completed audit planning for the year ended 31 May 2008. However, in the invoice file younotice an invoice received by your firm from Wallace Co. The invoice is addressed to Valerie Hobson, the managerresponsible for the audit of Wallace Co. The invoice relates to the rental of an area in Wallace Co’s empty warehouse,with the following comment handwritten on the invoice: ‘rental space being used for storage of Ms Hobson’sspeedboat for six months – she is our auditor, so only charge a nominal sum of $100’. When asked about the invoice,Valerie Hobson said that the invoice should have been sent to her private address. You are aware that Wallace Cosometimes uses the empty warehouse for rental income, though this is not the main trading income of the company.In the ‘miscellaneous invoices raised’ file, an invoice dated last week has been raised to Software Supply Co, not aclient of your firm. The comment box on the invoice contains the note ‘referral fee for recommending Software SupplyCo to several audit clients regarding the supply of bespoke accounting software’.Required:Identify and discuss the ethical and other professional issues raised by the invoice file review, and recommendwhat action, if any, Smith Co should now take in respect of:(a) Norman Co; (8 marks)
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Considering your financial situations, which we realize have not been good recently, we have not () you for payment.A、compressedB、pressuredC、pressedD、stessed
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Write a memo in about 50 words. You are the Personnel Manager of a company, and have been approached by your IT Department to recruit three new members of staff. Write a memo to Miss Kate Bush, the Manager of the IT Department, ·informing her you have received over 100 applications and have selected 10 candidates for interview, ·telling her you will write to the candidates inviting them for interview, and ·asking her to tell you the time and the place of the interview.
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A:Hello, David! I haven't heard from you for a long time. How have you been recently? B:（）AThat's okBLong time no seeCNot bad, thank you
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You （）him so closely; you should have kept your distance．A、shouldn’tfollowB、mustn’tfollowC、couldn’t have been followingD、shouldn’t have been following
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You have been recently hired as a database administrator. Your senior manager asks you to study the production database server and submit a report on the settings done by the previous DBA. While observing the server settings， you find that the following parameter has been set in the parameter file of the database： REMOTE_OS_AUTHENT = TRUE What could have been the reason to set this parameter as TRUE？（）A、to enable operating system authentication for a remote clientB、to restrict the scope of administration to identical operating systemsC、to allow the start up and shut down of the database from a remote clientD、to enable the administration of the operating system from a remote clientE、to disable the administration of the operating system from a remote client
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You work as an administrator at ABC.com. The ABC.com network consists of a single domain named ABC.com. All servers in the ABC.com domain， including domain controllers， have Windows Server 2012 R2 installed.You have been instructed to add a new domain controller to ABC.com’s existing environment. Which of the following actions should you take？（）A、You should consider making use of Server Manager.B、You should consider making use of Authorization Manager.C、You should consider making use of Remote Desktop Gateway Manager.D、You should consider making use of Network Load Balancing Manager.
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单选题John, how lazy you are! This work ______ three days ago.A
should have doneB
must have been doneC
should have been doneD
might have done
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单选题You have been recently hired as a database administrator. Your senior manager asks you to study the production database server and submit a report on the settings done by the previous DBA. While observing the server settings， you find that the following parameter has been set in the parameter file of the database： REMOTE_OS_AUTHENT = TRUE What could have been the reason to set this parameter as TRUE？（）A
to enable operating system authentication for a remote clientB
to restrict the scope of administration to identical operating systemsC
to allow the start up and shut down of the database from a remote clientD
to enable the administration of the operating system from a remote clientE
to disable the administration of the operating system from a remote client
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单选题You work as an administrator at ABC.com. The ABC.com network consists of a single domain named ABC.com. All servers in the ABC.com domain， including domain controllers， have Windows Server 2012 R2 installed.You have been instructed to add a new domain controller to ABC.com’s existing environment. Which of the following actions should you take？（）A
You should consider making use of Server Manager.B
You should consider making use of Authorization Manager.C
You should consider making use of Remote Desktop Gateway Manager.D
You should consider making use of Network Load Balancing Manager.
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问答题Write a memo in about 50 words. You are the Personnel Manager of a company, and have been approached by your IT Department to recruit three new members of staff. Write a memo to Miss Kate Bush, the Manager of the IT Department, ·informing her you have received over 100 applications and have selected 10 candidates for interview, ·telling her you will write to the candidates inviting them for interview, and ·asking her to tell you the time and the place of the interview.
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