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提问人：网友sulynn 发布时间：2022-01-07
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The following scenario relates to questions 1–5You are an audit manager at Horti & Co

The following scenario relates to questions 1–5You are an audit manager at Horti & Co

The following scenario relates to questions 1–5

You are an audit manager at Horti & Co and you are considering a number of ethical issues which have arisen on some of the firm’s long-standing audit clients.

Tree Co Horti & Co is planning its external audit of Tree Co. Yesterday, the audit engagement partner, Charlie Thrower, discovered that a significant fee for information security services, which were provided to Tree Co by Horti & Co, is overdue. Charlie hopes to be able to resolve the dispute amicably and has confirmed that he will discuss the matter with the finance director,

Percy Marsh, at the weekend, as they are both attending a party to celebrate the engagement of Charlie’s daughter and Percy’s son. Bush Co

Horti & Co is the external auditor of Bush Co and also provides other non-audit services to the company. While performing the audit for the year ended 31 October 20X8, the audit engagement partner was taken ill and took an indefinite leave of absence from the firm. The ethics partner has identified the following potential replacements and is keen that independence is maintained to the highest level:

Brian Smith who is also the partner in charge of the tax services provided to Bush Co

Monty Nod who was the audit engagement partner for the ten years ended 31 October 20X7

Cassie Dixon who introduced Bush Co as a client when she joined the firm as an audit partner five years ago

Pete Russo who is also the partner in charge of the payroll services provided to Bush Co

Plant Co

Plant Co is a large private company, with a financial year to 30 June, and has been an audit client of Horti & Co for several years. Alan Marshlow, a partner of Horti & Co, has acted as the engagement quality control reviewer (EQCR) on the last two

audits to the year ended 30 June 20X8. At a recent meeting, he advised that he can no longer be EQCR on the engagement as he is considering accepting appointment as a non-executive director and will sit on the audit committee of Plant Co.

The board of directors has also asked Horti & Co if they would be able to provide internal audit services to the company.

Weed Co

Weed Co, a listed company, is one of Horti & Co’s largest clients. Last year the fee for audit and other services was $1·2m and this year it is expected to be $1·3m which represents 16·6% and 18·1% of Horti & Co’s total income respectively.

3. Which of the following correctly identifies the threats to Horti & Co’s independence and proposes an appropriate course of action for the firm if Alan Marshlow accepts appointment as a non-executive director of Plant Co？

Threats Course of action

A.Self-interest and familiarity Can continue with appropriate safeguards

B.Self-interest and self-review Must resign as auditor

C.Self-review and familiarity Must resign as auditor

D.Familiarity only Can continue with appropriate safeguards

4. You are separately considering Plant Co’s request to provide internal audit services and the remit of these services if they are accepted.

Which of the following would result in Horti & Co assuming a management responsibility in relation to the internal audit services？

(1) Taking responsibility for designing and maintaining internal control systems

(2) Determining which recommendations should take priority and be implemented

(3) Determining the reliance which can be placed on the work of internal audit for the external audit

(4) Setting the scope of the internal audit work to be carried out

A.1 and 3

B.2, 3 and 4

C.1, 2 and 4

D.3 and 4 only

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更多“The following scenario relates to questions 1–5You are an audit manager at Horti & Co ”相关的问题
第1题
4 You are an audit manager in Smith & Co, a firm of Chartered Certified Accountants. You have recently been made

responsible for reviewing invoices raised to clients and for monitoring your firm’s credit control procedures. Several

matters came to light during your most recent review of client invoice files:

Norman Co, a large private company, has not paid an invoice from Smith & Co dated 5 June 2007 for work in respect

of the financial statement audit for the year ended 28 February 2007. A file note dated 30 November 2007 states

that Norman Co is suffering poor cash flows and is unable to pay the balance. This is the only piece of information

in the file you are reviewing relating to the invoice. You are aware that the final audit work for the year ended

28 February 2008, which has not yet been invoiced, is nearly complete and the audit report is due to be issued

imminently.

Wallace Co, a private company whose business is the manufacture of industrial machinery, has paid all invoices

relating to the recently completed audit planning for the year ended 31 May 2008. However, in the invoice file you

notice an invoice received by your firm from Wallace Co. The invoice is addressed to Valerie Hobson, the manager

responsible for the audit of Wallace Co. The invoice relates to the rental of an area in Wallace Co’s empty warehouse,

with the following comment handwritten on the invoice: ‘rental space being used for storage of Ms Hobson’s

speedboat for six months – she is our auditor, so only charge a nominal sum of $100’. When asked about the invoice,

Valerie Hobson said that the invoice should have been sent to her private address. You are aware that Wallace Co

sometimes uses the empty warehouse for rental income, though this is not the main trading income of the company.

In the ‘miscellaneous invoices raised’ file, an invoice dated last week has been raised to Software Supply Co, not a

client of your firm. The comment box on the invoice contains the note ‘referral fee for recommending Software Supply

Co to several audit clients regarding the supply of bespoke accounting software’.

Required:

Identify and discuss the ethical and other professional issues raised by the invoice file review, and recommend

what action, if any, Smith & Co should now take in respect of:

(a) Norman Co; (8 marks)

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第2题
Which of the following is not completed during phase IV of the audit?

A、Obtain a client representation letter.

B、Read information in the annual report to make sure that it is consistent with the financial statements.

C、Perform substantive tests of transactions.

D、Perform final analytical procedures.

点击查看答案
第3题
In a contingency table a sample of 400 people is classified by gender and four hair colors (blond, brown, black, and red). How many degrees of freedom are there?

A、1

B、3

C、8

D、399

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第4题
4 You are an audit manager in Nate & Co, a firm of Chartered Certified Accountants. You are reviewing three situations,

which were recently discussed at the monthly audit managers’ meeting:

(1) Nate & Co has recently been approached by a potential new audit client, Fisher Co. Your firm is keen to take the

appointment and is currently carrying out client acceptance procedures. Fisher Co was recently incorporated by

Marcellus Fisher, with its main trade being the retailing of wooden storage boxes.

(2) Nate & Co provides the audit service to CF Co, a national financial services organisation. Due to a number of

errors in the recording of cash deposits from new customers that have been discovered by CF Co’s internal audit

team, the directors of CF Co have requested that your firm carry out a review of the financial information

technology systems. It has come to your attention that while working on the audit planning of CF Co, Jin Sayed,

one of the juniors on the audit team, who is a recent information technology graduate, spent three hours

providing advice to the internal audit team about how to improve the system. As far as you know, this advice has

not been used by the internal audit team.

(3) LA Shots Co is a manufacturer of bottled drinks, and has been an audit client of Nate & Co for five years. Two

audit juniors attended the annual inventory count last Monday. They reported that Brenda Mangle, the new

production manager of LA Shots Co, wanted the inventory count and audit procedures performed as quickly as

possible. As an incentive she offered the two juniors ten free bottles of ‘Super Juice’ from the end of the

production line. Brenda also invited them to join the LA Shots Co office party, which commenced at the end of

the inventory count. The inventory count and audit procedures were completed within two hours (the previous

year’s procedures lasted a full day), and the juniors then spent four hours at the office party.

Required:

(a) Define ‘money laundering’ and state the procedures specific to money laundering that should be considered

before, and on the acceptance of, the audit appointment of Fisher Co. (5 marks)

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第5题
_________n. department responsible for Research and Development of (new) products.
点击查看答案
第6题
Sometimes when the buyer cannot determine a specific port of discharge during negotiation, he may require two or three ports to be written on the contract as optional ports.
点击查看答案
第7题
The following scenario relates to questions 6–10

You are an audit manager at Blenkin & Co and are approaching the end of the audit of Sampson Co, which is a large listed retailer. The draft financial statements currently show a profit before tax of $6·5m and revenue of $66m for the financial year ended 30 June 20X6. You have been informed that the finance director left Sampson Co on 31 May 20X6.

As part of the subsequent events audit procedures, you reviewed post year-end board meeting minutes and discovered that a legal case for unfair dismissal has been brought against Sampson Co by the finance director. During a discussion with the Human Resources (HR) director of Sampson Co, you established that the company received notice of the proposed legal claim on 10 July 20X6.

The HR director told you that Sampson Co’s lawyers believe that the finance director’s claim is likely to be successful, but estimate that $150,000 is the maximum amount of compensation which would be paid. However, management does not intend to make any adjustments or disclosures in the financial statements.

Blenkin & Co has a responsibility to perform. procedures to obtain sufficient, appropriate evidence that subsequent events are appropriately reflected in the financial statements of Sampson Co.

Subsequent events procedures should be performed between the date of the financial statements and WHICH DATE？

A.The date the subsequent events review is performed

B.The date of approval of the financial statements

C.The date of the auditor’s report

D.The date the financial statements are issued

If, after the financial statements have been issued, Blenkin & Co becomes aware of a fact which may have caused its report to be amended, the firm should consider several possible actions.

Which of the following are appropriate actions for Blenkin & Co to take？

(1) Discuss the matter with management and, where appropriate, those charged with governance

(2) Obtain a written representation from management

(3) Consider whether the firm should resign from the engagement

(4) Enquire how management intends to address the matter in the financial statements where appropriate

A.1 and 2

B.1 and 4

C.2 and 3

D.3 and 4

Which of the following audit procedures should be performed to form. a conclusion as to whether the financial statements require amendment in relation to the unfair dismissal claim？

(1) Inspect relevant correspondence with Sampson Co’s lawyers

(2) Write to the finance director to confirm the claim and level of damages

(3) Review the post year-end cash book for evidence of payments to the finance director

(4) Request that management confirm their views in a written representation

A.1, 2 and 3

B.1, 2 and 4

C.1, 3 and 4

D.2, 3 and 4

You are drafting the auditor’s report for Sampson Co and the audit engagement partner has reminded you that the report will need to reflect the requirements of ISA 701 Communicating Key Audit Matters in the Independent Auditor’s Report.

According to ISA 701, which of the following should be included in the ‘Key Audit Matters’ paragraph in the auditor’s report？

A.Matters which required significant auditor attention

B.Matters which result in a modification to the audit opinion

C.All matters which were communicated to those charged with governance

D.All matters which are considered to be material to the financial statements

Which of the following audit opinions will be issued if the unfair dismissal case is NOT adjusted for or disclosed within the financial statements？

A.A qualified audit opinion as the financial statements are materially misstated

B.A qualified audit opinion as the auditor is unable to obtain sufficient appropriate evidence

C.An unmodified opinion with an emphasis of matter paragraph

D.An unmodified audit opinion

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第8题
Review refers that an engagement designed to express ( ) assurance relating to subject matter or an assertion.
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第9题
Following a competitive tender, your audit firm Cal & Co has just gained a new audit client Tirrol Co. You are the manager in charge of planning the audit work. Tirrol Co’s year end is 30 June 2009 with a scheduled date to complete the audit of 15 August 2009. The date now is 3 June 2009.

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)

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第10题
In a push-based supply chain, production and distribution decisions are based on short-term forecasts.
点击查看答案
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