You are an audit manager in Cedar Co, responsible for ..

第1题

听力原文：Man: So Jane, the changes are certainly quite wide-ranging, aren't they？Woman: Ye

听力原文：Man: So Jane, the changes are certainly quite wide-ranging, aren't they？

Woman: Yes, Oliver, the skills audit, targets, suggestion scheme, training arrangements... the list seems endless...

Man: I suppose different people will react differently - they won't all see the benefits of the changes...

Woman: Sure - and for some people, they'll feel their areas of responsibility are being taken over, become resentful, and the company must tread very carefully here.., because it's the tide of high turnover that the company is trying to stem with these measures. These days, it's often service that's the key to maintaining an edge... so what the company needs to avoid happening in the future is sales decreasing if clients stop feeling they're getting that treatment from happy, motivated staff here...

Man: Mm... I guess it was Human Resources that pushed for the changes, then？

Woman: Well, they were consulted. Actually, they're the kinds of ideas that you might have expected the team system might have generated - because they're quite wide-ranging, not just focused on one aspect. So, I guess it's quite surprising, in a way, that it was the leadership group which authored them.., what's good, I think, is the way they've spent quite an amount of time consulting with management at all levels, so they have a kind of hands-on feel.

Man: So what will affect us first？

Woman: Well, the skills audit, though its real effects won't be apparent for some time. I don't know, I think that was a wasted opportunity, really... It was so thorough, too thorough in fact... I mean, they asked absolutely everyone about absolutely everything because they were so obsessed with wanting to be accurate, but the result is they're just swamped with information.., they didn't need to be that in-depth...

Man: Uh-huh... So is it really these divisional targets that will have the first impact？

Woman: Er, yeah, I suppose.., but then again, there's some poor design involved there... Oh sure, they've carefully calculated how sales move throughout the year, but the point is that it's not only shifting actual products that counts - the targets should really be looking at data on customer satisfaction too, which is certainly a major concern in my section, where we're always looking for ways to keep that high enough to retain customers.

Man: So, are you unconvinced about the suggestions scheme too？

Woman: Er... I just think they should have gone further with it. After all the publicity it's been given, you'd think they'd want to involve everyone.., what you don't want is just the same ideas from the same people all the time... we've got all these short-term workers, they're in and out of organisations all the time.., we should be trying to capture their insights and observations, especially since they won't personally stand to benefit from making suggestions.

Man: And do you think the performance reviews are similarly flawed in their approach？

Woman: Oh, I don't want to seem too negative! The only unfortunate thing there is not incorporating what competitors are doing. We don't want to be saying one of our reps is underperforming at the moment, only to find out that so is everyone in the business at the moment. That could be very unfair, especially on the reps abroad, who are at the mercy of the supply situation too.

Man: And do you think that people have been missed out of the training programmes as well？

Woman: No, there I'm quite positive! They're going to be a real winner, I'm sure. A long time's been spent on trying to get our training right, and I think the final results are great. We've been far too focused on IT training, and' it's much better now that it's broadening out to include more aspects for staff to select from, according to their needs.

Man: So would you see all the changes having a lasting impact？

Woman: Well, they must have some kind of future . . . after all, they're the kind of thing our competitors h

A．a decrease in sales.

B．the threat of a takeover.

C．the level of staff turnover.

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第2题

（b) Illustrate how you might use analytical procedures to provide audit evidence and reduc

(b) Illustrate how you might use analytical procedures to provide audit evidence and reduce the level of detailed

substantive procedures. (7 marks)

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第3题

Did you get the financinl records（)shape for your audit next month？

A.into

B.in

C.from

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第4题

听力原文：Woman: In our last meeting, David, we talked about the need for bringing in agenc

y staff to take over the marketing strategy.

Man: Yes. I've talked it over with my senior management team. It's not something we'd considered before and we're not sure this is the right moment for a commitment like that.

Woman: I would say this is the perfect moment. The business is doing really well and you are ahead of the competition but this means there are new challenges ahead. Your managers are already so busy due to the recent expansion that I think your day-to-day business could suffer if you don't get outside help.

Man: I see. How would an agency be able to help us develop our business？

Woman: Well, when I discussed with the marketing team their plans for a new marketing strategy, I felt their ideas lacked imagination and creativity. I'm not sure that they have the resources or the experience to take the business forward. And besides, I don't think recruiting new people to the team is the answer at this stage as this would be expensive and time-consuming. Consultants, though, are experts at providing solutions quickly, which is what you need most of all.

Man: And what type of agency do you have in mind for this？

Woman: You can go for the safe option and choose a well-known agency such as Walker Taylor, but they would be very expensive. An agency like Duffy and Partners on the other hand is smaller but has the relevant experience and employs some of the best consultants.

Man: I have heard that Red Ribbon is very good.

Woman: That's true, but they're not really specialists in your field.

Man: Anyway, before we decide which agency to use, we need to decide what we'd want them to do.

Woman: There are two ways to use an agency: to do a specific job, like an audit or product launch, or to involve them in the long-term development of your business, which is what I would do in your situation.

Man: It sounds like an expensive long-term commitment to me.

Woman: It needn't be. There are ways to limit the costs. Before you draw up the contract you must decide what your aims are and only agree to pay according to how well the agency achieves these aims. Most agencies will agree to terms like this these days. Man: I like the sound of that. I'd feel I was really getting value for money.

Woman: Remember though, David, it's up to you as well to make it work. Successful relationships depend on sharing information about the business freely and being totally open with the agency. Then let them get on with their job without trying to take control and don't waste time on unnecessary meetings.

Man: Mm.

Woman: Things can go wrong, of course, even when your whole team's involved in the process. Agencies frequently complain that a key reason for failure is that middle managers are sometimes too afraid to say yes to new ideas because saying no is less risky.

Man: I can see that. So, you're saying that we have to be good clients if we want to achieve good results？

Woman: Exactly. In my experience, great clients get great agencies. They understand that, if the business is successful, then the agency is successful.

Man: Well. It's something I need to think about. I agree we should certainly meet some of these agencies and see what they have to offer. But I know the marketing team won't like it.

？You will hear Janet Willis, a management consultant, advising David Smith, a managing director, about using a marketing services agency.

？For each question (23-30), mark one letter (A, B or C) for the correct answer.

？After you have listened once, replay the recording.

Why does Janet Willis think they need to use an outside agency？

A．because the business is growing quickly

B．because the business is not growing fast enough

C．because the business is falling behind its competitors

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第5题

（c) Explain the extent to which you should plan to place reliance on analytical procedures

(c) Explain the extent to which you should plan to place reliance on analytical procedures as audit evidence.

(6 marks)

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第6题

（c) Describe the audit procedures you should perform. to determine the validity of the amo

(c) Describe the audit procedures you should perform. to determine the validity of the amortisation rate of five

years being applied to development costs in relation to Plummet. (5 marks)

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第7题

Did you get the financinl records（)shape for your audit next month？

A、into

B、in

C、from

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第8题

听力原文：W: Hey, Tom! I heard that you are auditing at the history class. How do you like

it？

M: Pretty good! Prof. Lincoln talked a lot about Africa yesterday. (13) Do you know which African country has the strongest economy？

W: (13) I would guess South Africa. It's probably got the most modern infrastructure of all the African countries.

M: (13) Exactly! And Prof. Lincoln said that it is one of the most stable democracies in that part of the world.

W: Sounds interesting. What else did Prof. Lincoln say？

M: As developed as it is now, that's not to say that there haven't been problems. I bet you can guess what I'm referring to.

W: Apartheid？

M: Yes, under apartheid, the government maintained a policy of separating the white minority and the black majority. (14) Early on, black people were barred from being members of parliament. It was a whites-only government.

W: Does everyone speak English in South Africa？

M: No, not necessarily. Most people do, but there are actually eleven official languages. English is one. The most commonly spoken language that's native to the area would be Zulu.

W: And... And how about the population there？

M: Interestingly, South Africa has the largest population of people of European descent in Africa, and the largest Indian population outside of Asia. Not only that, (15) it also has the largest mixed race community in Africa.

W: Oh, you really know a lot about that country now! I guess I want to audit at the history class next semester.

M: I bet you won't regret it.

13. According to the conversation, what is the situation about South Africa？

14.What does the man say about the black people under apartheid？

15.What can we learn about South Africa from the conversation？

(1)

A．It has the strongest economy in Africa.

B．It is the most famous country in Africa.

C．It has the most stable democracy in Africa.

D．It has the biggest population in Africa.

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第9题

Section B – TWO questions ONLY to be attempted （a) You are an audit manager in Weller &

Section B – TWO questions ONLY to be attempted

(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 significant 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)

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第10题

（a) State the FIVE threats contained within ACCA’s Code of Ethics and Conduct and for each

(a) State the FIVE threats contained within ACCA’s Code of Ethics and Conduct and for each threat list ONE example of a circumstance that may create the threat. (5 marks)

(b) You are the audit manager of Jones & Co and you are planning the audit of LV Fones Co, which has been an audit client for four years and specialises in manufacturing luxury mobile phones.

During the planning stage of the audit you have obtained the following information. The employees of LV Fones Co are entitled to purchase mobile phones at a discount of 10%. The audit team has in previous years been offered the same level of staff discount.

During the year the fi nancial controller of LV Fones was ill and hence unable to work. The company had no spare staff able to fulfi l the role and hence a qualifi ed audit senior of Jones & Co was seconded to the client for three months. The audit partner has recommended that the audit senior work on the audit as he has good knowledge of the client. The fee income derived from LV Fones was boosted by this engagement and along with the audit and tax fee, now accounts for 16% of the fi rm’s total fees.

From a review of the correspondence fi les you note that the partner and the fi nance director have known each other socially for many years and in fact went on holiday together last summer with their families. As a result of this friendship the partner has not yet spoken to the client about the fee for last year’s audit, 20% of which is still outstanding.

Required:

(i) Explain the ethical threats which may affect the independence of Jones & Co’s audit of LV Fones Co; and (5 marks)

(ii) For each threat explain how it might be avoided. (5 marks)

(c) Describe the steps an audit fi rm should perform. prior to accepting a new audit engagement. (5 marks)

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第11题

Jackdaw Motor Cars Co （Jackdaw) manufactures a range of motor cars and its year end is 31

Jackdaw Motor Cars Co (Jackdaw) manufactures a range of motor cars and its year end is 31 January 2015. You are the audit supervisor of Puffin & Co and are currently preparing the audit programmes for the year-end audit of Jackdaw. You have had a meeting with your audit manager and he has notified you of a number of issues identified during the audit risk assessment process.

Land and buildings

Jackdaw have a policy of revaluing land and buildings, this is undertaken on a rolling basis over a five-year period. During the year Jackdaw requested an external valuer to revalue a number of properties, including a warehouse purchased in May 2014. Depreciation is charged on a pro rata basis.

Work in progress

Jackdaw undertakes continuous production of cars, 24 hours a day, seven days a week. An inventory count is to be undertaken at the year end and Puffin & Co will attend. You are responsible for the audit of work in progress (WIP) and will be part of the team attending the count as well as the final audit. WIP constitutes the partly assembled cars at the year end and this balance is likely to be material. Jackdaw values WIP according to percentage of completion, and standard costs are then applied to these percentages.

Required:

(a) Explain the factors Puffin & Co should consider when placing reliance on the work of the independent valuer. (5 marks)

(b) Describe the substantive procedures the auditor should perform. to obtain sufficient and appropriate audit evidence in relation to:

(i) The revaluation of land and buildings and the recently purchased warehouse; and (6 marks)

(ii) The valuation of work in progress. (4 marks)

(c) During the audit, your team has identified an error in the valuation of work in progress, as a number of the assumptions contain out of date information. The directors of Jackdaw have indicated that they do not wish to amend the financial statements.

Required:

Explain the steps Puffin & Co should now take and the impact on the audit report in relation to the directors’ refusal to amend the financial statements. (5 marks)

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You are an audit manager in Cedar & Co, responsible for the audit of Chestnut Co, a la