In the year to 31 December 20X9 Weston Co pays an interim equity dividend of 3.4c per shar
A、4%
B、24%
C、3.2%
D、4.1%
A、4%
B、24%
C、3.2%
D、4.1%
Tirrol Co provides repair services to motor vehicles from 25 different locations. All inventory, sales and purchasing systems are computerised, with each location maintaining its own computer system. The software in each location is
the same because the programs were written specifically for Tirrol Co by a reputable software house. Data from each location is amalgamated on a monthly basis at Tirrol Co’s head office to produce management and financial accounts.
You are currently planning your audit approach for Tirrol Co. One option being considered is to re-write Cal & Co’s audit software to interrogate the computerised inventory systems in each location of Tirrol Co (except for head office)
as part of inventory valuation testing. However, you have also been informed that any computer testing will have to be on a live basis and you are aware that July is a major holiday period for your audit firm.
Required:
(a) (i) Explain the benefits of using audit software in the audit of Tirrol Co; (4 marks)
(ii) Explain the problems that may be encountered in the audit of Tirrol Co and for each problem, explain
how that problem could be overcome. (10 marks)
(b) Following a discussion with the management at Tirrol Co you now understand that the internal audit department are prepared to assist with the statutory audit. Specifically, the chief internal auditor is prepared to provide you with documentation on the computerised inventory systems at Tirrol Co. The documentation provides details of the software and shows diagrammatically how transactions are processed through the inventory system. This documentation can be used to significantly decrease the time needed to understand the computer systems and enable audit software to be written for this year’s audit.
Required:
Explain how you will evaluate the computer systems documentation produced by the internal audit
department in order to place reliance on it during your audit. (6 marks)
A、7.1%
B、3.9%
C、7.6%
D、16.1%
A、7.5
B、8
C、7
D、6.5
Extracts from the statements of financial position of Nedburg Co are as follows: Statements of financial position as at 30 September: 20X2 20X1 $m $m Ordinary shares of $1 each 750 500 Share premium 350 100 On 1 October 20X1 a bonus issue of one new share for every ten held was made, financed from the share premium account. This was followed by a further issue for cash.Using the drop down options available, what amount will appear under 'cash flows from financing activities' in the statement of cash flows of Nedburg Co for the year ended 30 September 20X2 in respect of share issues?
A、$500 million
B、$450 million
C、$550 million
D、$250 million
The statement of financial position of Pinto Co at 31 March 20X7 showed property, plant and equipment with a carrying amount of $1,860,000. At 31 March 20X8 it had increased to $2,880,000.During the year to 31 March 20X8 plant with a carrying amount of $240,000 was sold at a loss of $90,000, depreciation of $280,000 was charged and $100,000 was added to the revaluation surplus in respect of property, plant and equipment.What amount should appear under 'investing activities' in the statement of cash flows of Pinto Co for the year ended 31 March 20X8 as cash paid to acquire property, plant and equipment?
A、$1,640,000
B、$1,440,000
C、$1,260,000
D、$1,350,000
The following information is available for the property, plant and equipment of Fry Co as at 30 September: 20X4 20X3 $'000 $'000 Carrying amounts 23,400 14,400 The following items were recorded during the year ended 30 September 20X4: Depreciation charge of $2.5 million An item of plant with a carrying amount of $3 million was sold for $1.8 million A property was revalued upwards by $2 million Environmental provisions of $4 million relating to property, plant and equipment were capitalised during the year What amount would be shown in Fry Co's statement of cash flows for purchase of property, plant and equipment for the year ended 30 September 20X4?
A、$8.5 million
B、$12.5 million
C、$7.3 million
D、$10.5 million
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