ACCA P4-P7模拟题及解析（4）
1.(a)You are an audit manager in Weller & Co, an audit firm which operates as part of an international network of firms. This morning you received a note from a partner regarding a potential new audit client:‘I have been approached by the audit committee of the Plant Group, which operates in the mobile telecommunications sector. Our firm has been invited to tender for the audit of the individual and group financial statements for the year ending 31 March 2013, and I would like your help in preparing the tender document.
This would be a major new client for our firm’s telecoms audit department.
The Plant Group comprises a parent company and six subsidiaries, one of which is located overseas. The audit committee is looking for a cost effective audit, and hopes that the strength of the Plant Group’s governance and internal control mean that the audit can be conducted quickly, with a proposed deadline of 31 May 2013. The Plant Group has expanded rapidly in the last few years and si
gnificant finance was raised in July 2012 through a stock exchange listing.’ Required:
Identify and explain the specific matters to be included in the tender document for the audit of the Plant Group. (8 marks)
(b) Weller & Co is facing competition from other audit firms, and the partners have been considering how the firm’s revenue could be increased. Two suggestions have been made:
1. Audit partners and managers can be encouraged to sell non-audit services to audit clients by including in their remuneration package a bonus for successful sales.
2. All audit managers should suggest to their audit clients that as well as providing the external audit service,Weller & Co can provide the internal audit service as part of an ‘extended audit’service.
Required:
Comment on the ethical and professional issues raised by the suggestions to increase the firm’s revenue.(8 marks)
(16 marks)
2.(a)‘Revenue recognition should always be approached as a high risk area of the audit.’ Required:
Discuss this statement. (6 marks)
(b)You are a manager in Beck & Co, responsible for the audit of Kobain Co, a new audit client of your firm, with a inancial year ended 31 July 2012. Kobain Co’s draft financial statements
recognise total assets of $55 million,and profit before tax of $15 million. The audit is nearing completion and you are reviewing the audit files.
Kobain Co designs and creates high-value items of jewellery. Approximately half of the jewellery is sold in Kobain Co’s own retail outlets. The other half is sold by external vendors under a consignment stock arrangement, the terms of which specify that Kobain Co retains the ability to change the selling price of the jewellery, and that the vendor is required to return any unsold jewellery after a period of nine months. When the vendor sells an item of jewellery to a customer, legal title passes from Kobain Co to the customer.
On delivery of the jewellery to the external vendors, Kobain Co recognises revenue and derecognises inventory. At 31 July 2012, jewellery at cost price of $3 million is held at external vendors. Revenue of $4 million has been recognised in respect of this jewellery.
Required:
Comment on the matters that should be considered, and explain the audit evidence you should expect to find in your file review in respect of the consignment stock arrangement. (6 marks)
(c) Your firm also performs the audit of Jarvis Co, a company which installs windows. Jarvis Co uses sales representatives to make direct sales to customers. The sales representatives earn a small salary, and also earn a sales commission of 20% of the sales they generate.
Jarvis Co’s sales manager has discovered that one of the sales representatives has been operating a fraud, in which he was submitting false claims for sales commission based on non-existent sales. The sales representative started to work at Jarvis Co in January 2012. The forensic investigation department of your firm has been engaged to quantify the amount of the fraud.
Required:
Recommend the procedures that should be used in the forensic investigation to quantify the amount of the fraud. (4 marks) (16 marks)
3.(a)You are the manager responsible for the audit of Dylan Co, a listed company, and you are reviewing the working papers of the audit file for the year ended 30 September 2012. The audit senior has left a note for your attention:
‘Dylan Co outsources its entire payroll, invoicing and credit control functions to Hendrix Co. In August 2012,Hendrix Co suffered a computer virus attack on its operating system, resulting in the destruction of its accounting records, including those relating to Dylan Co. We have therefore been unable to perform the planned audit procedures on payroll, revenue and receivables, all of which are material to the financial statements. Hendrix Co has manually reconstructed the relevant figures as far as possible, and has supplied a written statement to confirm that they are as accurate
as possible, given the loss of accounting records.’
Required:
(i) Comment on the actions that should be taken by the auditor, and the implications for the auditor’s report; (7 marks)
(ii) Discuss the quality control procedures that should be carried out by the audit firm prior to the audit report being issued. (3 marks)
submitting(b)You are also responsible for the audit of Squire Co, a listed company, and you are completing the review of its interim financial information for the six months ended 31 October 2012. Squire Co is a car manufacturer, and historically has offered a three-year warranty on cars sold. The financial statements for the year ended 30 April 2012 included a warranty provision of $1·5 million and recognised total assets of $27·5 million. You are aware that on 1 July 2012, due to cost cutting measures, Squire Co stopped offering warranties on cars sold. The financial statements for the six months ended 31 October 2012 do not recognise any warranty provision. Total assets are $30 million at 31 October 2012.
Required:
Assess the matters that should be considered in forming a conclusion on Squire Co’s interim financial statements, and the implications for the review report. (6 marks) (16 marks)
试题答案：略
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