你知道2020年甘肃12月ACCA考试报名时间吗？

正确答案：
(b) Principal matters to be included in submission to provide internal audit services
■ Introduction/background – details about York including its organisation (of functions), offices (locations) and number of
internal auditors working within each office. The office that would be responsible for managing the contract should be
stated.
■ A description of York’s services most relevant to RBG’s needs (e.g. in the areas of risk management, IT audits, value for
money (VFM) and corporate governance).
■ Client-specific issues identified. For example, revenue audits will be required routinely for control purposes and to
substantiate the contingent rents due. Other areas of expertise that RBG may be interested in taking advantage of, for
example, special projects such as acquisitions and mergers.
■ York’s approach to assessing audit needs including the key stages and who will be involved. For example:
(1) Preliminary – review of business, industry and the entity’s operating characteristics
(2) Planning – including needs analysis and co-ordination with external audit plan
(3) Post-Audit – assurance that activities were effectively and efficiently executed
(4) Review – of services provided, reports issued and management’s responses.
■ A description of internal audit tools used and methodologies/approach to audit fieldwork including use of embedded
audit software and programs developed by York.
■ A description of York’s systems-based audit, the IT issues to be addressed and the technological support that can be
provided.
■ Any training that will be offered to RBG’s managers and staff, for example, in a risk management approach.
■ A description and quantity of resources, in particular the number of full-time staff, to be deployed in providing services
to RBG. An outline of RBG’s track record in human resource retention and development.
■ Relevant experience – e.g. in internal and external audit in the retail industry. The relative qualifications and skills of
each grade of audit staff and the contract manager in particular.
■ Insurance certifications covering, for example, public liability and professional indemnity insurance.
■ Work ethic policies relating to health and safety, equal opportunities’ and race relations.
■ How York ensures quality throughout the internal audit process including standards to be followed (e.g. Institute of
Internal Auditors’ standards).
■ Sample report templates – e.g. for reporting the results of risk analysis, audit plans and quarterly reporting of findings
to the Audit and Risk Management Committee.
■ Current clients to whom internal audit services are provided from whom RBG will be able to take up references, by
arrangement, if York is short-listed.
■ Any work currently carried out/competed for that could cause a conflict of interest (and the measures to avoid such
conflicts).
■ Fees (daily rates) for each grade of staff and travel and other expenses to be reimbursed. An indication of price increases,
if any, over the three-year contract period. Invoicing terms (e.g. on presentation of reports) and payment terms (e.g. the
end of the month following receipt of the invoice).
■ Performance targets to be met such as deadlines for completing work and submitting and issuing reports.

正确答案：
(a)Whenconsideringthefinancingofworkingcapital,itisusefultodividecurrentassetsintofluctuatingcurrentassetsandpermanentcurrentassets.Fluctuatingcurrentassetsrepresentchangesinthelevelofcurrentassetsduetotheunpredictabilityofbusinessactivity.Permanentcurrentassetsrepresentthecorelevelofinvestmentincurrentassetsneededtosupportagivenlevelofturnoverorbusinessactivity.Asturnoverorlevelofbusinessactivityincreases,thelevelofpermanentcurrentassetswillalsoincrease.Thisrelationshipcanbemeasuredbytheratioofturnovertonetcurrentassets.Thefinancingchoiceasfarasworkingcapitalisconcernedisbetweenshort-termandlong-termfinance.Short-termfinanceismoreflexiblethanlong-termfinance:anoverdraft,forexample,isusedbyabusinessorganisationastheneedarisesandvariableinterestischargedontheoutstandingbalance.Short-termfinanceisalsomoreriskythanlong-termfinance:anoverdraftfacilitymaybewithdrawn,orashort-termloanmayberenewedonlessfavourableterms.Intermsofcost,thetermstructureofinterestratessuggeststhatshort-termdebtfinancehasalowercostthanlong-termdebtfinance.Thematchingprinciplesuggeststhatlong-termfinanceshouldbeusedforlong-terminvestment.Applyingthisprincipletoworkingcapitalfinancing,long-termfinanceshouldbematchedwithpermanentcurrentassetsandnon-currentassets.Afinancingpolicywiththisobjectiveiscalleda‘matchingpolicy’.HGRCoisnotusingthisfinancingpolicy,sinceofthe$16,935,000ofcurrentassets,$14,000,000or83%isfinancedfromshort-termsources(overdraftandtradepayables)andonly$2,935,000or17%isfinancedfromalong-termsource,inthiscaseequityfinance(shareholders’funds)ortradedbonds.ThefinancingpolicyorapproachtakenbyHGRCotowardsthefinancingofworkingcapital,whereshort-termfinanceispreferred,iscalledanaggressivepolicy.Relianceonshort-termfinancemakesthisriskierthanamatchingapproach,butalsomoreprofitableduetothelowercostofshort-termfinance.Followinganaggressiveapproachtofinancingcanleadtoovertrading(undercapitalisation)andthepossibilityofliquidityproblems.(b)Bankbalanceinthreemonths’timeifnoactionistaken:Workings:ReductioninaccountsreceivabledaysCurrentaccountsreceivabledays=(8,775/49,275)x365=65daysReductionindaysoversixmonths=65–53=12daysMonthlyreduction=12/6=2daysEachreceivablesdayisequivalentto8,775,000/65=$135,000(Alternatively,eachreceivablesdayisequivalentto49,275,000/365=$135,000)Monthlyreductioninaccountsreceivable=2x135,000=$270,000ReductionininventorydaysCurrentinventorydays=(8,160/37,230)x365=80daysEachinventorydayisequivalentto8,160,000/80=$102,000(Alternatively,eachinventoryday=37,230,000/365=$102,000)Monthlyreductionininventory=102,000x2=$204,000OverdraftinterestcalculationsMonthlyoverdraftinterestrate=1·06171/12=1·005or0·5%Ifnoactionistaken:Period1interest=3,800,000x0·005=$19,000Period2interest=3,549,000x0·005=$17,745or$18,000Period3interest=3,517,000x0·005=$17,585or$18,000Ifactionistaken:Period1interest=3,800,000x0.005=$19,000Period2interest=3,075,000x0.005=$15,375or$15,000Period3interest=2,566,000x0.005=$12,830or$13,000DiscussionIfnoactionistaken,thecashflowforecastshowsthatHGRCowillexceeditsoverdraftlimitof$4millionby$1·48millioninthreemonths’time.Ifthefinancedirector’sproposalsareimplemented,thereisapositiveeffectonthebankbalance,buttheoverdraftlimitisstillexceededinthreemonths’time,althoughonlyby$47,000ratherthanby$1·47million.Ineachofthethreemonthsfollowingthat,thecontinuingreductioninaccountsreceivabledayswillimprovethebankbalanceby$270,000permonth.Withoutfurtherinformationonoperatingreceiptsandpayments,itcannotbeforecastwhetherthebankbalancewillreturntolessthanthelimit,orevencontinuetoimprove.Themainreasonfortheproblemwiththebankbalanceisthe$2millioncapitalexpenditure.Purchaseofnon-currentassetsshouldnotbefinancedbyanoverdraft,butalong-termsourceoffinancesuchasequityorbonds.Ifthecapitalexpenditurewereremovedfromtheareaofworkingcapitalmanagement,theoverdraftbalanceattheendofthreemonthswouldbe$3·48millionifnoactionweretakenand$2·05millionifthefinancedirector’sproposalswereimplemented.GiventhatHGRCohasalmost$50millionofnon-currentassetsthatcouldpossiblybeusedassecurity,raisinglong-termdebtthrougheitherabankloanorabondissueappearstobesensible.Assumingabondinterestrateof10%peryear,currentlong-termdebtintheform.oftradedbondsisapproximately($200mx2)/0·1=$4m,whichismuchlessthantheamountofnoncurrentassets.AsuitablecourseofactionforHGRCotofollowwouldthereforebe,firstly,toimplementthefinancedirector’sproposalsand,secondly,tofinancethecapitalexpenditurefromalong-termsource.Considerationcouldalsobegiventousingsomelong-termdebtfinancetoreducetheoverdraftandtoreducethelevelofaccountspayable,currentlystandingat100days.(c)Whencreditisgrantedtoforeigncustomers,twoproblemsmaybecomeespeciallysignificant.First,thelongerdistancesoverwhichtradetakesplaceandthemorecomplexnatureoftradetransactionsandtheirelementsmeansforeignaccountsreceivableneedmoreinvestmentthantheirdomesticcounterparts.Longertransactiontimesincreaseaccountsreceivablebalancesandhencetheleveloffinancingandfinancingcosts.Second,theriskofbaddebtsishigherwithforeignaccountsreceivablethanwiththeirdomesticcounterparts.Inordertomanageandreducecreditrisks,therefore,exportersseektoreducetheriskofbaddebtandtoreducethelevelofinvestmentinforeignaccountsreceivable.Manyforeigntransactionsareon‘openaccount’,whichisanagreementtosettletheamountoutstandingonapredetermineddate.Openaccountreflectsagoodbusinessrelationshipbetweenimporterandexporter.Italsocarriesthehighestriskofnon-payment.Onewaytoreduceinvestmentinforeignaccountsreceivableistoagreeearlypaymentwithanimporter,forexamplebypaymentinadvance,paymentonshipment,orcashondelivery.Thesetermsoftradeareunlikelytobecompetitive,however,anditismorelikelythatanexporterwillseektoreceivecashinadvanceofpaymentbeingmadebythecustomer.Onewaytoacceleratecashreceiptsistousebillfinance.Billsofexchangewithasignedagreementtopaytheexporteronanagreedfuturedate,supportedbyadocumentaryletterofcredit,canbediscountedbyabanktogiveimmediatefunds.Thisdiscountingiswithoutrecourseifbillsofexchangehavebeencountersignedbytheimporter’sbank.Documentarylettersofcreditareapaymentguaranteebackedbyoneormorebanks.Theycarryalmostnorisk,providedtheexportercomplieswiththetermsandconditionscontainedintheletterofcredit.Theexportermustpresentthedocumentsstatedintheletter,suchasbillsoflading,shippingdocuments,billsofexchange,andsoon,whenseekingpayment.Aseachsupportingdocumentrelatestoakeyaspectoftheoveralltransaction,lettersofcreditgivesecuritytotheimporteraswellastheexporter.Companiescanalsomanageandreduceriskbygatheringappropriateinformationwithwhichtoassessthecreditworthinessofnewcustomers,suchasbankreferencesandcreditreports.Insurancecanalsobeusedtocoversomeoftherisksassociatedwithgivingcredittoforeigncustomers.Thiswouldavoidthecostofseekingtorecovercashduefromforeignaccountsreceivablethroughaforeignlegalsystem,wheretheexportercouldbeatadisadvantageduetoalackoflocalorspecialistknowledge.Exportfactoringcanalsobeconsidered,wheretheexporterpaysforthespecialistexpertiseofthefactorasawayofreducinginvestmentinforeignaccountsreceivableandreducingtheincidenceofbaddebts.

正确答案：
(b) There are several benefits for Hugh Co in choosing a voluntary financial statement audit.
An annual audit will ensure that any material mistakes made by the part-qualified accountant in preparing the year end
financial statements will be detected. This is important as the directors will be using the year end accounts to review their
progress in the first year of trading and will need reliable figures to assess performance. An audit will give the directors comfort
that the financial statements are a sound basis for making business decisions.
Accurate first year figures will also enable more effective budgeting and forecasting, which will be crucial if rapid growth is to
be achieved.
The auditors are likely to use the quarterly management accounts as part of normal audit procedures. The auditors will be
able to advise Monty Parkes of any improvements that could be made to the management accounts, for example, increased
level of detail, more frequent reporting. Better quality management accounts will help the day-to-day running of the business
and enable a speedier response to any problems arising during the year.
As a by-product of the audit, a management letter (report to those charged with governance) will be produced, identifying
weaknesses and making recommendations on areas such as systems and controls which will improve the smooth running of
the business.
It is likely that Hugh Co will require more bank funding in order to expand, and it is likely that the bank would like to see
audited figures for review, before deciding on further finance. It will be easier and potentially cheaper to raise finance from
other providers with an audited set of financial statements.
As the business deals in cash sales, and retails small, luxury items there is a high risk of theft of assets. The external audit
can act as both a deterrent and a detective control, thus reducing the risk of fraud and resultant detrimental impact on the
financial statements.
Accurate financial statements will be the best basis for tax assessment and tax planning. An audit opinion will enhance the
credibility of the figures.
If the business grows rapidly, then it is likely that at some point in the future, the audit exemption limit will be exceeded and
thus an audit will become mandatory.
Choosing to have an audit from the first year of incorporation will reduce potential errors carried down to subsequent periods
and thus avoid qualifications of opening balances.

正确答案：B