站内搜索
ACCA考试 问题列表
问题
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)
问题
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)
问题
3 (a) Discuss why the identification of related parties, and material related party transactions, can be difficult forauditors. (5 marks)
问题
(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)
问题
(ii) State the principal audit procedures to be performed on the consolidation schedule of the Rosie Group.(4 marks)
问题
(b) (i) Explain the matters you should consider, and the evidence you would expect to find in respect of thecarrying value of the cost of investment of Dylan Co in the financial statements of Rosie Co; and(7 marks)
问题
(c) Prepare briefing notes, to be used by an audit partner in your firm, assessing the professional, ethical andother issues to be considered in deciding whether to proceed with the appointment as auditor of Medix Co.Note: requirement (c) includes 2 professional marks. (12 marks)
问题
(ii) Identify and explain the potential financial statement risks caused by the breach of planning regulationsdiscussed in the press cutting. (6 marks)
问题
(b) (i) Discuss the relationship between the concepts of ‘business risk’ and ‘financial statement risk’; and(4 marks)
问题
(c) Identify and discuss the implications for the audit report if:(i) the directors refuse to disclose the note; (4 marks)
问题
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)
问题
5 (a) Compare and contrast the responsibilities of management, and of auditors, in relation to the assessment ofgoing concern. You should include a description of the procedures used in this assessment where relevant.(7 marks)