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(iv) how these problems might be overcome. (4 marks)
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3 The directors of The Healthy Eating Group (HEG), a successful restaurant chain, which commenced trading in 1998,have decided to enter the sandwich market in Homeland, its country of operation. It has set up a separate operationunder the name of Healthy Sandwiches Co (HSC). A management team for HSC has been recruited via a recruitmentconsultancy which specialises in food sector appointments. Homeland has very high unemployment and the vastmajority of its workforce has no experience in a food manufacturing environment. HSC will commence trading on1 January 2008.The following information is available:(1) HSC has agreed to make and supply sandwiches to agreed recipes for the Superior Food Group (SFG) whichowns a chain of supermarkets in all towns and cities within Homeland. SFG insists that it selects the suppliersof the ingredients that are used in making the sandwiches it sells and therefore HSC would be unable to reducethe costs of the ingredients used in the sandwiches. HSC will be the sole supplier for SFG.(2) The number of sandwiches sold per year in Homeland is 625 million. SFG has a market share of 4%.(3) The average selling price of all sandwiches sold by SFG is $2·40. SFG wishes to make a mark-up of 331/3% onall sandwiches sold. 90% of all sandwiches sold by SFG are sold before 2 pm each day. The majority of theremaining 10% are sold after 8 pm. It is the intention that all sandwiches are sold on the day that they aredelivered into SFG’s supermarkets.(4) The finance director of HSC has estimated that the average cost of ingredients per sandwich is $0·70. Allsandwiches are made by hand.(5) Packaging and labelling costs amount to $0·15 per sandwich.(6) Fixed overheads have been estimated to amount to $5,401,000 per annum. Note that fixed overheads includeall wages and salaries costs as all employees are subject to fixed term employment contracts.(7) Distribution costs are expected to amount to 8% of HSC’s revenue.(8) The finance director of HSC has stated that he believes the target sales margin of 32% can be achieved, althoughhe is concerned about the effect that an increase in the cost of all ingredients would have on the forecast profits(assuming that all other revenue/cost data remains unchanged).(9) The existing management information system of HEG was purchased at the time that HEG commenced trading.The directors are now considering investing in an enterprise resource planning system (ERPS).Required:(a) Using only the above information, show how the finance director of HSC reached his conclusion regardingthe expected sales margin and also state whether he was correct to be concerned about an increase in theprice of ingredients. (5 marks)
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(c) Your firm has provided financial advice to the Pholey family for many years and this has sometimes involved yourfirm in carrying out transactions on their behalf. The eldest son, Esau, is to take up a position as a seniorgovernment official to a foreign country next month. (4 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
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2 Plaza, a limited liability company, is a major food retailer. Further to the success of its national supermarkets in thelate 1990s it has extended its operations throughout Europe and most recently to Asia, where it is expanding rapidly.You are a manager in Andando, a firm of Chartered Certified Accountants. You have been approached by DuncanSeymour, the chief finance officer of Plaza, to advise on a bid that Plaza is proposing to make for the purchase ofMCM. You have ascertained the following from a briefing note received from Duncan.MCM provides training in management, communications and marketing to a wide range of corporate clients, includingmulti-nationals. The ‘MCM’ name is well regarded in its areas of expertise. MCM is currently wholly-owned byFrontiers, an international publisher of textbooks, whose shares are quoted on a recognised stock exchange. MCMhas a National and an International business.The National business comprises 11 training centres. The audited financial statements show revenue of$12·5 million and profit before taxation of $1·3 million for this geographic segment for the year to 31 December2004. Most of the National business’s premises are owned or held on long leases. Trainers in the National businessare mainly full-time employees.The International business has five training centres in Europe and Asia. For these segments, revenue amounted to$6·3 million and profit before tax $2·4 million for the year to 31 December 2004. Most of the International business’spremises are held on operating leases. International trade receivables at 31 December 2004 amounted to$3·7 million. Although the International centres employ some full-time trainers, the majority of trainers provide theirservices as freelance consultants.Required:(a) Define ‘due diligence’ and describe the nature and purpose of a due diligence review. (4 marks)
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(c) In October 2004, Volcan commenced the development of a site in a valley of ‘outstanding natural beauty’ onwhich to build a retail ‘megastore’ and warehouse in late 2005. Local government planning permission for thedevelopment, which was received in April 2005, requires that three 100-year-old trees within the valley bepreserved and the surrounding valley be restored in 2006. Additions to property, plant and equipment duringthe year include $4·4 million for the estimated cost of site restoration. This estimate includes a provision of$0·4 million for the relocation of the 100-year-old trees.In March 2005 the trees were chopped down to make way for a car park. A fine of $20,000 per tree was paidto the local government in May 2005. (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 Volcan for the year ended31 March 2005.NOTE: The mark allocation is shown against each of the three issues.
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