-Are you Mr Robert Lee?--__________.A. Yes , Lee speakingB. Hello , what do you wantC.
-Are you Mr Robert Lee?
--__________.
A. Yes , Lee speaking
B. Hello , what do you want
C. Sorry, speaking
-Are you Mr Robert Lee?
--__________.
A. Yes , Lee speaking
B. Hello , what do you want
C. Sorry, speaking
--- Is that Mr Robert Lee? --- __________ .
A.Yes, Lee speaking
B.Hello, what do you want
C.Sorry, speaking
D.I don’t know
&8226;Read the invitation card below.
Mr Wang Changwen
Requests the pleasure of the company of
Mr & Mrs Robert Li
At dinner
At 7:00 p.m. on Friday, 31 st December
At the Guest House, the Friendship Hotel
R.S.V.P Telephone: 2558330
&8226;Write a letter to Mr Wang:
&8226;apologizing
&8226;explaining that you will go to a pop music concert with LiMing
&8226;expressing your thanks for the invitation.
&8226;Write 60-80 words on your Answer Sheet.
&8226;Do not include any postal addresses.
According to the speaker, in which of the following countries does Omnicraft, Inc. NOT have its stores?
A.Japan.
B.France.
C.Argentina.
D.England.
(a) Delhi Co, a potential new client, is a privately owned and rapidly expanding company which currently operates below the audit threshold in the country in which it is based. The company’s management is currently considering having either a full audit or a limited assurance review of their financial statements. The partner would like you to assist the management of Delhi Co by writing a response to them in which you:
(i) Explain the difference between an audit of historical financial statements and a limited assurance review. (4 marks)
(ii) Discuss the relative advantages and disadvantages to Delhi Co of having an audit of their historical financial statements as opposed to a limited assurance review. (8 marks)
Delhi Co was incorporated in 2005, with founder and chief executive Mr Nimesh Dattani as the sole shareholder. After a period of rapid growth, Delhi Co took out a ten-year bank loan facility in June 2007 to finance Mr Dattani’s ambitious expansion plans. This was supported by a further injection of financial capital in 2014 through a new issue of shares in the company. The shares were sold to Mr Robert Hyland, an ex-business partner of Mr Dattani. The sale gave Mr Hyland a 40% shareholding in Delhi Co. He has no involvement in the management of the company.
Until recently Delhi Co operated with a small accounting department, comprising one full-time member of staff and one part-time employee. Due to the expansion of the company and Mr Dattani’s plans to expand the customer base internationally, it has been necessary to increase the size of the accounting function to include two new full-time members of staff. Both of the new recruits are part-qualified accountants and Mr Dattani has committed to sponsoring them through their remaining training and ACCA examinations.
Required:
Prepare the response to the management of Delhi Co as requested by the partner.
Note: The split of the mark allocation is shown against each of the issues above.
(b) The audit committee of another client, Mumbai Co, has asked the partner to consider whether it would be possible for the audit team to perform. a review of the company’s internal control system. A number of recent incidents have raised concerns amongst the management team that controls have deteriorated and that this has increased the risk of fraud, as well as inefficient commercial practices. The audit report for the audit of the financial statements of Mumbai Co for the year ended 31 March 2016 was signed a few weeks ago. Mumbai Co is a listed company.
Required:
In respect of the request for Chennai & Co to review Mumbai Co’s internal control systems: Identify and discuss the relevant ethical and professional issues raised, and recommend any actions necessary. (8 marks)
Part A
Mr Alan Robert was a program director of your TV station. He was talented, but he had a fatal shortcoming: drinking. Write a letter of recommendation for him. Try to be impartial to introduce a man like him. (100~120 words)
Now, Mr Lyon, can you tell us the advantages of buying stocks in Europe vs. in U.S.?
First, the price-earning ratio on European stocks is at about 30% to 40% discount to U.S. stocks -- as big as it has been in the last 30 years. Second, the euro at 87 cents to the dollar is a competitive plus. Investors will earn more money in Europe in the next 12 months than they will in the Standard &Poor's 500-stock index.
Do you target specific countries when you compile your European portfolio?
Traditionally, people would try to pick the best currency block or the best country. But we are the opposite of the traditional global investor. What we are looking for is a great global competitor. Nestle is considered as the best food company in the world and Disgeo as the best drink company. We would like m own their stock.
What's the fund's biggest holding?
A company from Belgium called Group Bruxelles Lambert(GBL). It is really a holding company and has big investments in two French companies. In addition, it also holds a 25% interest in Bertelsmann, the private German media group. Along with the 25% interest, it got the right to force Bertelsmann to have a public offering no later than 2005. We believe that Bertelsmann is worth between $25 billion and $35 billion. When Bertelsmann does go public in the next few years, we would expect GBL to increase by at least 50%.
Do you think that Europe's economy will have a pickup?
Not really. Most strategists favor more cyclically sensitive companies, anticipating that economic improvement in the U.S. will filter through Europe and lead to a rebound. Our view is that the recovery in Europe will not be that strong and a lot of those stocks have already moved up.
How do you break down Europe on a country-by-country basis?
Germany and France are really falling short. There has been a lot of backtracking in terms of willingness to lower taxes, enhance transparency, and encourage shareholders democracy. Britain and Scandinavia are well ahead of France and Germany. The Italians are making some more capitalist-type noise, which is also creating a lot of labor unrest. Spain has been growing steadily. Britain is expected to slow down but isn't really slowing that much.
Can you say something about the euro, Mr Lyon?
Well, the euro is probably a cheap currency. Academic models put its value at from 95 cents to $1.10. On the other hand, the euro is still a synthetic currency. Hopefully, the euro won't go any lower. It doesn't seem to have benefited European countries' trade situation. They have a current-account surplus with the U.S. but the euro doesn't seem to be a huge competitive weapon for them.
•You will hear an interview with Mr Lyon, a fund manager, by a reporter from Business Week.
•For each question 23-30, mark one letter (A, B or C) for the correct answer.
•You will hear the recording twice.
According to Mr Lyon, one of the advantages of buying stocks in Europe is
A.the European stocks are higher than that of U.S.
B.the price-earning ratio is lower than that of U.S.
C.the euro has a lower value than dollar.
Now, taking books, or anything else, from a little girl is like taking candy from a baby, but the father of the little girl had his way and Robert got two of her books. "After all, that leaves you with nine", said the father, who thought he was a philosopher and a child psychologist, and couldn't shut his big stupid mouth on the subject.
A few weeks later, the father went to his library to look up "father" in the Oxford English Dictionary, to feast his eyes on(饱眼福) the praise of fatherhood through the centuries, but he couldn't find volume F~G and then he discovered that three others were missing, too—A~B, L~M, V~Z. He began to search his household, and learned what had happened to the four missing volumes.
"A man came to the door this morning", said his little daughter, "and he didn't know how to get from here to Torrington, or from Torrington to Winsted, and he was a nice man, much nicer than Robert, and so I gave him four of your books. After all, there are thirteen volumes in the Oxford English Dictionary, and that leaves you with nine".
How does the writer feel about taking picture books from a little girl?
A.This sort of thing is quite common.
B.It makes no difference to a child.
C.It is nothing to be surprised at.
D.It may hurt the girl's feelings.
Kevin:How are you doing all these days,Robert?
Robert:__________.
A.Fine,thanks.And you?
B.t am good.Thank you.And you7.
C.Very.well.Thanks a lot.What about you?
D.Wonderful.Thank you.And how about you?
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