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You are the manager responsible for performing hot reviews on audit files where there is a potential disagreement
between your firm and the client regarding a material issue. You are reviewing the going concern section of the audit
file of Dexter Co, a client with considerable cash flow difficulties, and other, less significant operational indicators of
going concern problems. The working papers indicate that Dexter Co is currently trying to raise finance to fund
operating cash flows, and state that if the finance is not received, there is significant doubt over the going concern
status of the company. The working papers conclude that the going concern assumption is appropriate, but it is
recommended that the financial statements should contain a note explaining the cash flow problems faced by the
company, along with a description of the finance being sought, and an evaluation of the going concern status of the
company. The directors do not wish to include the note in the financial statements.
Required:
(b) Consider and comment on the possible reasons why the directors of Dexter Co are reluctant to provide the
note to the financial statements. (5 marks)
参考答案
更多 “ You are the manager responsible for performing hot reviews on audit files where there is a potential disagreementbetween your firm and the client regarding a material issue. You are reviewing the going concern section of the auditfile of Dexter Co, a client with considerable cash flow difficulties, and other, less significant operational indicators ofgoing concern problems. The working papers indicate that Dexter Co is currently trying to raise finance to fundoperating cash flows, and state that if the finance is not received, there is significant doubt over the going concernstatus of the company. The working papers conclude that the going concern assumption is appropriate, but it isrecommended that the financial statements should contain a note explaining the cash flow problems faced by thecompany, along with a description of the finance being sought, and an evaluation of the going concern status of thecompany. The directors do not wish to include the note in the financial statements.Required:(b) Consider and comment on the possible reasons why the directors of Dexter Co are reluctant to provide thenote to the financial statements. (5 marks) ” 相关考题
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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.
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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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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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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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While reviewing the MySQL error log, you see occasions where MySQL has exceeded the number of file handles allowed to it by the operating system.Which method will reduce the number of file handles in use?（）A.Activating the MySQL Enterprise thread pool pluginB.Relocating your data and log files to separate storage devicesC.Disconnecting idle localhost client sessionsD.Implementing storage engine data compression options
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You configure your Windows 2000 Professional computer for Internet Connection Sharing and for TCP/IP filtering as shown in the exhibit.You test your TCP/IP filtering configuration from another client computer. You can access web sites, but you cannot access FTP sites.What should you do to be able to access FTP sites?A．Add Port 21 to the TCP Ports section.B．Add Port 138 to the TCP Ports section.C．Add Port 21 to the IP Ports section.D．Add Port 138 to the IP Ports section.
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Following a competitive tender, your audit firm Cal Co has just gained a new audit client Tirrol Co. You are the manager in charge of planning the audit work. Tirrol Co’s year end is 30 June 2009 with a scheduled date to complete the audit of 15 August 2009. The date now is 3 June 2009.Tirrol Co provides repair services to motor vehicles from 25 different locations. All inventory, sales and purchasing systems are computerised, with each location maintaining its own computer system. The software in each location isthe same because the programs were written specifically for Tirrol Co by a reputable software house. Data from each location is amalgamated on a monthly basis at Tirrol Co’s head office to produce management and financial accounts.You are currently planning your audit approach for Tirrol Co. One option being considered is to re-write Cal Co’s audit software to interrogate the computerised inventory systems in each location of Tirrol Co (except for head office)as part of inventory valuation testing. However, you have also been informed that any computer testing will have to be on a live basis and you are aware that July is a major holiday period for your audit firm.Required:(a) (i) Explain the benefits of using audit software in the audit of Tirrol Co; (4 marks)(ii) Explain the problems that may be encountered in the audit of Tirrol Co and for each problem, explainhow that problem could be overcome. (10 marks)(b) Following a discussion with the management at Tirrol Co you now understand that the internal audit department are prepared to assist with the statutory audit. Specifically, the chief internal auditor is prepared to provide you with documentation on the computerised inventory systems at Tirrol Co. The documentation provides details of the software and shows diagrammatically how transactions are processed through the inventory system. This documentation can be used to significantly decrease the time needed to understand the computer systems and enable audit software to be written for this year’s audit.Required:Explain how you will evaluate the computer systems documentation produced by the internal auditdepartment in order to place reliance on it during your audit. (6 marks)
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You are an audit manager at Rockwell Co, a firm of Chartered Certified Accountants. You are responsible for the audit of the Hopper Group, a listed audit client which supplies ingredients to the food and beverage industry worldwide.The audit work for the year ended 30 June 2015 is nearly complete, and you are reviewing the draft audit report which has been prepared by the audit senior. During the year the Hopper Group purchased a new subsidiary company, Seurat Sweeteners Co, which has expertise in the research and design of sugar alternatives. The draft financial statements of the Hopper Group for the year ended 30 June 2015 recognise profit before tax of $495 million (2014 – $462 million) and total assets of $4,617 million (2014: $4,751 million). An extract from the draft audit report is shown below:Basis of modified opinion (extract)In their calculation of goodwill on the acquisition of the new subsidiary, the directors have failed to recognise consideration which is contingent upon meeting certain development targets. The directors believe that it is unlikely that these targets will be met by the subsidiary company and, therefore, have not recorded the contingent consideration in the cost of the acquisition. They have disclosed this contingent liability fully in the notes to the financial statements. We do not feel that the directors’ treatment of the contingent consideration is correct and, therefore, do not believe that the criteria of the relevant standard have been met. If this is the case, it would be appropriate to adjust the goodwill balance in the statement of financial position.We believe that any required adjustment may materially affect the goodwill balance in the statement of financial position. Therefore, in our opinion, the financial statements do not give a true and fair view of the financial position of the Hopper Group and of the Hopper Group’s financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards.Emphasis of Matter ParagraphWe draw attention to the note to the financial statements which describes the uncertainty relating to the contingent consideration described above. The note provides further information necessary to understand the potential implications of the contingency.Required:(a) Critically appraise the draft audit report of the Hopper Group for the year ended 30 June 2015, prepared by the audit senior.Note: You are NOT required to re-draft the extracts from the audit report. (10 marks)(b) The audit of the new subsidiary, Seurat Sweeteners Co, was performed by a different firm of auditors, Fish Associates. During your review of the communication from Fish Associates, you note that they were unable to obtain sufficient appropriate evidence with regard to the breakdown of research expenses. The total of research costs expensed by Seurat Sweeteners Co during the year was $1·2 million. Fish Associates has issued a qualified audit opinion on the financial statements of Seurat Sweeteners Co due to this inability to obtain sufficient appropriate evidence.Required:Comment on the actions which Rockwell Co should take as the auditor of the Hopper Group, and the implications for the auditor’s report on the Hopper Group financial statements. (6 marks)(c) Discuss the quality control procedures which should be carried out by Rockwell Co prior to the audit report on the Hopper Group being issued. (4 marks)
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You are using a recovery catalog to maintain Recovery Manager （RMAN） backup information for your production database. You have registered your production database and are performing regular backups. Because of a new requirement you have added a few new tablespaces to your production database and you want them to be included in backups. Identify two options for completing this task.（）A、 Reregistering the target database in recovery catalogB、 Transporting the new tablespaces to the recovery catalog databaseC、 Syncronizing the recovery catalog with the target database control fileD、 Performing a fresh backup of the target database to include the new data files in the catalog database
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While reviewing the MySQL error log, you see occasions where MySQL has exceeded the number of file handles allowed to it by the operating system. Which method will reduce the number of file handles in use?（）A、Activating the MySQL Enterprise thread pool pluginB、Relocating your data and log files to separate storage devicesC、Disconnecting idle localhost client sessionsD、Implementing storage engine data compression options
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You are using a recovery catalog to maintain Recovery Manager (RMAN) backup information for yourproduction database. You have registered your production database and are performing regular backups. Because of a new requirement you have added a few new tablespaces to your production database and youwant them to be included in backups.Identify two options for completing this task. （）(Choose two.)A、Reregistering the target database in recovery catalogB、Transporting the new tablespaces to the recovery catalog databaseC、Syncronizing the recovery catalog with the target database control fileD、Performing a fresh backup of the target database to include the new data files in the catalog database
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You have lost all your database control files. To recover them， you are going to use the results of the alter database backup controlfile to trace command. Your datafiles and your online redo logs are all intact. Which of the following is true regarding your recovery？（） A、 You will need to open the database with the resetlogs command.B、 All you need to do is execute the trace file from SQL*Plus and it will perform the recovery for you.C、 You will use the resetlogs version of the create controlfile command.D、 You will use the noresetlogs version of the create controlfile command.E、 You will use the trace file to create a backup control file， and then you will recover the database with the recover database using backup controlfile command
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You notice that your RMAN script used to copy the datafiles， control files， and archived redo log files is performing very slowly. Which two changes might you want to include in your RMAN script to speed up the COPY commands？（）A、NOCHECKSUMB、MAXCORRUPTC、CHECK LOGICALD、BACKUP INCREMENTALE、CONFIGURE DEVICE TYPE ... PARALLELISM
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You are using Recovery Manager (RMAN) to perform backups. In which three situations would you perform a compressed backup?（）A、You are backing up to tape and your tape device performs its own compression.B、You are making image copies, and you have not enabled tablespace compression.C、You are using disk-based backups and disk space in your Flash Recovery Area, or other disk-based backup destinations are limited.D、You are performing your backups to some device over a network where reduced network bandwidth is more important than CPU usage.E、You are using some archival backup media, such as CD or DVD, where reducing backup sizes saves media costs and archival storage.
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You are the administrator of your company’s network. Your network has 200 Windows 2000 Professional computers and 15 Windows 2000 Server computers. Users on the network save their work files in home folders on a network server. The NTFS partition that contains the home folders has Encrypting File System (EFS) enabled. A user named John leaves the company. You move all of the files from John’s home folder to his manager’s folder. When the manager attempts to open any of the files, she receives the following error message. “Access denied.” You want the manager to be able to access the files. What should you do?（）A、Grant the manager NTFS Full Control permission to the files.B、Grant the manager NTFS Take Ownership permission to the files.C、Log on to the network as a recovery Agent. Decrypt the files for the manager.D、Log on to the network as a member of the Backup Operators group. Decrypt the files for the manager.
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You configure your Windows 2000 Professional portable computer to redirect your My Documents folder to your home folder. You want to ensure that you can access all of your files in you’re my Documents folder when you are not connected to the network. What should you do？（）A、Use Windows Explorer to enable offline files.B、Use Windows Explorer to create shortcut to access offline files folder as desktop.C、Use Windows Explorer to configure the properties of your home folder to be available offline.D、Use synchronization manager to configure your home folder to be available offline.E、Create a shortcut in my network places to access your home folder.
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“您好，请问到那里？”翻译为：（）A、Hi，where are you？B、Hello，where are you going to？C、Hello，where are you going？D、Hi，where to go？
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单选题To know where you are going, you are advised to _____.A
ask the police for detailed informationB
look at the map before leaving the hotelC
always travel with your business partnerD
have a smart phone with you while traveling
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单选题How much control you want to turn over to the car may（）your age and where you are going.A
depend onB
call onC
come onD
go on
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多选题You work as a database administrator for Certkiller .com. In your development environmentenvironment， the developers are responsible for modifying the table structure according to the application requirements. However， you want to keep track of the ALTER TABLE commands being executed by developers， so you enable auditing to achieve this objective. Which two views would you refer to find out the audit information？（）ADBA_AUDIT_TRAILBDBA_AUDIT_SESSIONCDBA_FGA_AUDIT_TRAILDDBA_COMMON_AUDIT_TRAIL
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多选题You are using a recovery catalog to maintain Recovery Manager （RMAN） backup information for your production database. You have registered your production database and are performing regular backups. Because of a new requirement you have added a few new tablespaces to your production database and you want them to be included in backups. Identify two options for completing this task.（）AReregistering the target database in recovery catalogBTransporting the new tablespaces to the recovery catalog databaseCSyncronizing the recovery catalog with the target database control fileDPerforming a fresh backup of the target database to include the new data files in the catalog database
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问答题Practice 3 ● You are Head of Marketing for an international computer manufacturer. You have to make an urgent trip tonight to visit Sally Jones, a potential and influential client in US. ● Write a memo to your secretary: ● telling her who you are going to see and where and when, ● asking her to book flight tickets and make accommodation for you, ● stating the work you would like her to do in your absence. ● Write 40—50 words.
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多选题You notice that your RMAN script used to copy the datafiles， control files， and archived redo log files is performing very slowly. Which two changes might you want to include in your RMAN script to speed up the COPY commands？（）ANOCHECKSUMBMAXCORRUPTCCHECK LOGICALDBACKUP INCREMENTALECONFIGURE DEVICE TYPE ... PARALLELISM
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单选题The key word notes are supposed to _____.A
make your presentation simpleB
make your presentation well organizedC
remind you of the things you are going to talk aboutD
help you memorize the material faster in preparation
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单选题You have lost all your database control files. To recover them， you are going to use the results of the alter database backup controlfile to trace command. Your datafiles and your online redo logs are all intact. Which of the following is true regarding your recovery？（）A
You will need to open the database with the resetlogs command.B
All you need to do is execute the trace file from SQL*Plus and it will perform the recovery for you.C
You will use the resetlogs version of the create controlfile command.D
You will use the noresetlogs version of the create controlfile command.E
You will use the trace file to create a backup control file， and then you will recover the database with the recover database using backup controlfile command
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