题目内容
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--- You have just come back from Paris. How was your trip there？ --- __________.
A.Oh, wonderful indeed
B.I went there with my friend
C.First by plane and then by train
D.A guide showed me the way
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(c) You have just been advised of management’s intention to publish its yearly marketing report in the annual report
that will contain the financial statements for the year ending 31 December 2005. Extracts from the marketing
report include the following:
‘Shire Oil Co sponsors national school sports championships and the ‘Shire Ward’ at the national teaching
hospital. The company’s vision is to continue its investment in health and safety and the environment.
‘Our health and safety, security and environmental policies are of the highest standard in the energy sector. We
aim to operate under principles of no-harm to people and the environment.
‘Shire Oil Co’s main contribution to sustainable development comes from providing extra energy in a cleaner and
more socially responsible way. This means improving the environmental and social performance of our
operations. Regrettably, five employees lost their lives at work during the year.’
Required:
Suggest performance indicators that could reflect the extent to which Shire Oil Co’s social and environmental
responsibilities are being met, and the evidence that should be available to provide assurance on their
accuracy. (6 marks)
SECTION B INTERVIEW
Directions: In this section you will hear everything ONCE ONLY. Listen carefully and then answer the questions that follow. Questions 1 to 5 are based on an interview. At the end of the interview you will be given 10 seconds to answer each of the following five questions.
Now listen to the interview.
听力原文：A: How do you and your housemates like the co - up？ I' m thinking of joining it myself.
B: We like it quite a bit. We get some very fresh produce. And both staples and fair prices. But it certainly hasn’t saved us time. The co - up doesn’t carry everything. So we still wind up going to the supermarket too, for cleaning supplies, batteries, that sort of thing. I wish the co - up solved those items. ]' ye been talking about it with some of the other members.
A: What do members have to do.'？ Just to pay a membership fee？
B: Yeah. There is a fee, and there are meetings. But attend ance isn’t required. But we do have to work there for an hour every week, which isn’t too bad. Once you are there, you can get your shopping done.
A: I wouldn’t mind working there some time. You get to learn about the products. But is the food free of additives？ That will be the main reason I join. I' m a convert from junk food. Until now my diets have been largely chemical additives and pesticides. B: Well, a lot of food is pure and pesticides - free. They also have ultamine supplements and soy and Toufu and that kind of thing, lots of health food in shop there. So if source health oriented, the co- up is.
A: I’d like to try it just for a month or so. Then if you like it, you can join for a longer periods. And it becomes cheaper. A six month membership costs as much as 5 individual months.
B: Sounds pretty easy. Maybe the next time I run into you a gain, it will be in the checkout line in the co -up.
What are the speakers mainly discussing？
A．Memberships in a food coup.
B．The benefits of health food.
C．Shopping in the supermarket.
D．The current cost of food.
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.
&8226;Write a message for your colleague saying：
&8226;who has called
&8226;why he wilI be Iate
&8226;when he can get there
&8226;what he wants Sue to do
&8226;Write 30-40．words．
&8226;Write on your Answer Sheet．
Required:
(a) Identify and explain TWO factors which would indicate that an engagement letter for an existing audit client should be revised. (2 marks)
(b) List SIX matters which should be included within an audit engagement letter. (3 marks)
(c) Your audit firm has just won a new audit client, Milky Way Technologies Co (Milky Way), and you have been asked by the audit engagement partner to gain an understanding about the new client as part of the planning process.
Required:
Identify FIVE sources of information relevant to gaining an understanding of Milky Way Technologies Co and describe how this information will be used by the auditor. (5 marks)
plastic 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. Keffler
expects that the amount of waste that it will need to dump will increase annually and that the site will be
completely filled after just ten years. Keffler has charged the following amounts to the income statement for the
year to 31 March 2006:
– $20,000 licence amortisation calculated on a sum-of-digits basis to increase the charge over the useful life
of 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 ended
31 March 2006.
NOTE: The mark allocation is shown against each of the three issues.
Mercury Motoring Co (Mercury) specialises in manufacturing engine parts for motor cars and the company has a diverse customer base but seven significant customers. The company’s year end was 30 September 2015.
During the year, a number of the company’s significant customers have experienced a fall in sales, and consequently they have purchased fewer items from Mercury. As a result, Mercury has paid a number of its suppliers later than usual and some of them have withdrawn credit terms meaning the company must pay cash on delivery. One of Mercury’s main suppliers is threatening legal action to recover the sums owing. As a result of the increased level of payables, the company’s current ratio has fallen below 1 to 0·9 for the first time.
Mercury has produced a cash flow forecast to 30 June 2016 and this shows net cash outflows until May 2016. Mercury has a loan of $2·3 million which is due for repayment in full by 30 September 2016.
The finance director has just informed the audit manager that there is a possible change in legislation which will result in one of Mercury’s top product lines becoming obsolete as it will not comply with the proposed law. The prepared cash flow forecasts do not reflect this possible event.
Required:
(a) Explain FIVE potential indicators that Mercury Motoring Co is NOT a going concern. (5 marks)
(b) Describe the audit procedures which you should perform. in assessing whether or not Mercury Motoring Co is a going concern. (5 marks)
(a) You are the manager responsible for the audit of Yew Co, a company which designs and develops aircraft engines. The audit for the year ended 31 July 2011 is nearing completion and the audit senior has left the following file note for your attention:
‘I have just returned from a meeting with the management of Yew Co, and there is a matter I want to bring to your attention. Yew Co’s statement of financial position recognises an intangible asset of $12·5 million in respect of capitalised research and development costs relating to new aircraft engine designs. However, market research conducted by Yew Co in relation to these new designs indicated that there would be little demand in the near future for such designs. Management has provided written representation that they agree with the results of the market research.
Currently, Yew Co has a cash balance of only $125,000 and members of the management team have expressed concerns that the company is finding it difficult to raise additional finance.
The new aircraft designs have been discussed in the chairman’s statement which is to be published with the financial statements. The discussion states that ‘developments of new engine designs are underway, and we believe that these new designs will become a significant source of income for Yew Co in the next 12 months.’
Yew Co’s draft financial statements include profit before tax of $23 million, and total assets of $210 million.
Yew Co is due to publish its annual report next week, so we need to consider the impact of this matter urgently.’
Required:
Discuss the implications of the audit senior’s file note on the completion of the audit and on the auditor’s report, recommending any further actions that should be taken by the auditor. (12 marks)
(b) You are responsible for answering technical queries from other managers and partners of your firm. An audit partner left the following note on your desk this morning:
(i) ‘I am about to draft the audit report for my client, Sycamore Co. I am going on holiday tomorrow and want to have the audit report signed and dated before I leave. The only thing outstanding is the written representation from management – I have verbally confirmed the contents with the finance director who agreed to send the representations to the audit manager within the next few days. I presume this is acceptable？’ (3 marks)
(ii) ‘We are auditing Sycamore Co for the first time. The prior period financial statements were audited by another firm. We are aware that the auditor’s report on the prior period was qualified due to a material misstatement of trade receivables. We have obtained sufficient appropriate evidence that the matter giving rise to the misstatement has been resolved and I am happy to issue an unmodified opinion. But should I refer to the prior year modification in this year’s auditor’s report？’ (3 marks)
Required:
Respond to the audit partner’s comments.
Note: the split of the mark allocation is shown within the question. (18 marks)
Introduction
The following is an interview with Mick Kazinski, a senior marketing executive with Bridge Co, a Deeland-based construction company. It concerns their purchase of Custcare, a Customer Relationship Management (CRM) software package written by the Custcare Corporation, a software company based in Solland, a country some 4,000 km away from Deeland. The interview was originally published in the Management Experiences magazine.
Interviewer: Thanks for talking to us today Mick. Can you tell us how Bridge Co came to choose the Custcare software package？
Mick: Well, we didn’t choose it really. Teri Porter had just joined the company as sales and marketing director. She had recently implemented the Custcare package at her previous company and she was very enthusiastic about it. When she found out that we did not have a CRM package at Bridge Co, she suggested that we should also buy the Custcare package as she felt that our requirements were very similar to those of her previous company. We told her that any purchase would have to go through our capex (capital expenditure) system as the package cost over $20,000. Here at Bridge Co, all capex applications have to be accompanied by a formal business case and an Invitation to Tender (ITT) has to be sent out to at least three potential suppliers. However, Teri is a very clever lady. She managed to do a deal with Custcare and they agreed to supply the package at a cost of $19,995, just under the capex threshold. Teri had to cut a few things out. For example, we declined the training courses (Teri said the package was an easy one to use and she would show us how to use it) and also we opted for the lowest level of support, something we later came to regret. Overall, we were happy. We knew that Custcare was a popular and successful CRM package.
Interviewer: So, did you have a demonstration of the software before you bought it？
Mick: Oh yes, and everyone was very impressed. It seemed to do all the things we would ever want it to do and, in fact, it gave us some ideas about possibilities that we would never have thought of. Also, by then, it was clear that our internal IT department could not provide us with a bespoke solution. Teri had spoken to them informally and she was told that they could not even look at our requirements for 18 months. In contrast, we could be up and running with the Custcare package within three months. Also, IT quoted an internal transfer cost of $18,000 for just defining our requirements. This was almost as much as we were paying for the whole software solution!
Interviewer: When did things begin to go wrong？
Mick: Well, the implementation was not straightforward. We needed to migrate some data from our current established systems and we had no-one who could do it. We tried to recruit some local technical experts, but Custcare pointed out that we had signed their standard contract which only permitted Custcare consultants to work on such tasks. We had not realised this, as nobody had read the contract carefully. In the end, we had to give in and it cost us $10,000 in fees to migrate the data from some of our internal systems to the new package. Teri managed to get the money out of the operational budget, but we weren’t happy.
We then tried to share data between the Custcare software and our existing order processing system. We thought this would be easy, but apparently the file formats are incompatible. Thus we have to enter customer information into two systems and we are unable to exploit the customer order analysis facility of the Custcare CRM.
Finally, although we were happy with the functionality and reliability of the Custcare software, it works very slowly. This is really very disappointing. Some reports and queries have to be aborted because the software appears to have hung. The software worked very quickly in the demonstration, but it is painfully slow now that it is installed on our IT platform.
Interviewer: What is the current situation？
Mick: Well, we are all a bit deflated and disappointed in the package. The software seems reasonable enough, but its poor performance and our inability to interface it to the order processing system have reduced users’ confidence in the system. Because users have not been adequately trained, we have had to phone Custcare’s support desk more than we should. However, as I said before, we took the cheapest option. This is for a help line to be available from 8.00 hrs to 17.00 hrs Solland time. As you know, Solland is in a completely different time zone and so we have had to stay behind at work and contact them in the late evening. Again, nobody had closely read the terms of the contract. We have taken legal advice, but we have also found that, for dispute resolution, the contract uses the commercial contract laws of Solland. Nobody in Bridge Co knows what these are! Our solicitor said that we should have asked for this specification to be changed when the contract was drawn up. I just wish we had chosen a product produced by a company here in Deeland. It would have made it much easier to resolve issues and disputes.
Interviewer: What does Teri think？
Mick: Not a lot! She has left us to rejoin her old company in a more senior position. The board did ask her to justify her purchase of the Custcare CRM package, but I don’t think she ever did. I am not sure that she could!
Required:
(a) Suggest a process for evaluating, selecting and implementing a software package solution and explain how this process would have prevented the problems experienced at Bridge Co in the Custcare CRM application. (15 marks)
(b) The CEO of Bridge Co now questions whether buying a software package was the wrong approach to meeting the CRM requirements at Bridge Co. He wonders whether they should have commissioned a bespoke software system instead.
Explain, with reference to the CRM project at Bridge Co, the advantages of adopting a software package approach to fulfilling business system requirements compared with a bespoke software solution. (10 marks)
Bethan Oak was the audit engagement partner for Willow and as she had completed seven years as the audit engagement partner, she has recently been rotated off the audit engagement. The current audit partner, Sandeep Pine, has suggested that in order to maintain a close relationship with Willow, Bethan should undertake the role of independent review partner this year. In addition Willow has requested that Bethan assist them by attending their audit committee meetings, as a non-executive director has recently left the company.
Willow has also asked Sandeep and the other partners at Beech & Co to help them in recruiting a new non-executive director.
The total fees received by Beech & Co for last year equated to 16% of the firm’s total fee income. The current year’s audit fee has not yet been confirmed, but along with taxation and other possible non-audit fees the total income from Willow this year could be greater than for last year. Last year’s audit fee was being paid monthly by Willow but no payments have been made for the last three months.
The audit manager for Willow has just announced that he is leaving Beech & Co to join Willow as the financial controller.
Required:
Using the information above:
(i) Identify and explain FIVE ethical threats which may affect the independence of Beech & Co’s audit of Willow Wands Co; and
(ii) For each threat explain how it might be reduced to an acceptable level.
Note: The total marks will be split equally between each part.
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