______ he has not come, we will begin our class without him.
A.Now that
B.That
C.Since
D.Once
- · 有4位网友选择 A,占比40%
- · 有3位网友选择 D,占比30%
- · 有2位网友选择 B,占比20%
- · 有1位网友选择 C,占比10%
A.Now that
B.That
C.Since
D.Once
James has just arrived, but I didn’t know he _________ until yesterday.
A.will come
B.was coming
C.had been coming
D.comes
Look, here ______.
A.Mr. Brown comes
B.comes he Mr. Brown
C.comes Mr. Brown
D.Mr. Brown has come
Bluebird Enterprises Co (Bluebird) is a retail company planning to list on a stock exchange within the next six months, and management has been advised by the company’s auditors about the need for compliance with corporate governance provisions. In particular, the finance director is looking to recruit non-executive directors as he understands that Bluebird will need to establish an audit committee.
The finance director has two potential non-executive directors whom he is considering approaching to join the board of Bluebird. Antony Goldfinch is currently an executive sales director of a listed multi-national banking company; he sits on an audit committee of another company as a non-executive director and is agreeable to being paid a fixed fee which is not related to profits. Jacob Mallard is currently a finance director of a small retail company, which does not compete with Bluebird; he has expressed an interest in a fixed seven year contract and he is the brother of Bluebird’s chief executive.
Required
(a) Explain the benefits to Bluebird Enterprises Co of establishing an audit committee. (4 marks)
(b) Discuss the advantages and disadvantages of appointing:
(i) Anthony Goldfinch; and
(ii) Jacob Mallard
as non-executive directors of Bluebird Enterprises Co.
Note: The total marks will be split equally between each part. (6 marks)
&8226;Write a message for your colleague saying:
&8226;who has called
&8226;why he wilI be Iate
&8226;when he can get there
&8226;what he wants Sue to do
&8226;Write 30-40.words.
&8226;Write on your Answer Sheet.
A、1 year
B、2 years
C、3 years
D、4 years
We learn from the passage that______
A.one doesn't need to take any medicine if he has a cold or flu
B.aspirin should not be included in over-the-counter medicines for the flu
C.delayed treatment of the flu will harm the liver and central nervous system
D.over-the-counter drugs can be taken to ease the misery caused by a cold or flu
Saxophone Enterprises Co (Saxophone) has been trading for 15 years selling insurance and has recently become a listed company. In accordance with corporate governance principles Saxophone maintains a small internal audit department. The directors feel that the team needs to increase in size and specialist skills are required, but they are unsure whether to recruit more internal auditors, or to outsource the whole function to their external auditors, Cello & Co.
Saxophone is required to comply with corporate governance principles in order to maintain its listed status; hence the finance director has undertaken a review of whether or not the company complies.
Bill Bassoon is the chairman of Saxophone, until last year he was the chief executive. Bill is unsure if Saxophone needs more non-executive directors as there are currently three non-executive directors out of the eight board members. He is considering appointing one of his close friends, who is a retired chief executive of a manufacturing company, as a non-executive director.
The finance director, Jessie Oboe, decides on the amount of remuneration each director is paid. Currently all remuneration is in the form. of an annual bonus based on profits. Jessie is considering setting up an audit committee, but has not undertaken this task yet as she is very busy. A new sales director was appointed nine months ago. He has yet to undertake his board training as this is normally provided by the chief executive and this role is currently vacant.
There are a large number of shareholders and therefore the directors believe that it is impractical and too costly to hold an annual general meeting of shareholders. Instead, the board has suggested sending out the financial statements and any voting resolutions by email; shareholders can then vote on the resolutions via email.
Required:
(a) Explain the advantages and disadvantages for each of Saxophone Enterprises Co AND Cello & Co of outsourcing the internal audit department.
Note: The total marks will be split as follows:
Saxophone Enterprises Co (8 marks)
Cello & Co (2 marks) (10 marks)
(b) In respect of the corporate governance of Saxophone Enterprises Co:
(i) Identify and explain FIVE corporate governance weaknesses; and
(ii) Provide a recommendation to address each weakness.
Note: The total marks will be split equally between each part. (10 marks)
The Telephone Co (T Co) is a company specialising in the provision of telephone systems for commercial clients. There are two parts to the business:
– installing telephone systems in businesses, either first time installations or replacement installations;
– supporting the telephone systems with annually renewable maintenance contracts.
T Co has been approached by a potential customer, Push Co, who wants to install a telephone system in new offices it is opening. Whilst the job is not a particularly large one, T Co is hopeful of future business in the form. of replacement systems and support contracts for Push Co. T Co is therefore keen to quote a competitive price for the job. The following information should be considered:
1. One of the company’s salesmen has already been to visit Push Co, to give them a demonstration of the new system, together with a complimentary lunch, the costs of which totalled $400.
2. The installation is expected to take one week to complete and would require three engineers, each of whom is paid a monthly salary of $4,000. The engineers have just had their annually renewable contract renewed with T Co. One of the three engineers has spare capacity to complete the work, but the other two would have to be moved from contract X in order to complete this one. Contract X generates a contribution of $5 per engineer hour. There are no other engineers available to continue with Contract X if these two engineers are taken off the job. It would mean that T Co would miss its contractual completion deadline on Contract X by one week. As a result, T Co would have to pay a one-off penalty of $500. Since there is no other work scheduled for their engineers in one week’s time, it will not be a problem for them to complete Contract X at this point.
3. T Co’s technical advisor would also need to dedicate eight hours of his time to the job. He is working at full capacity, so he would have to work overtime in order to do this. He is paid an hourly rate of $40 and is paid for all overtime at a premium of 50% above his usual hourly rate.
4. Two visits would need to be made by the site inspector to approve the completed work. He is an independent contractor who is not employed by T Co, and charges Push Co directly for the work. His cost is $200 for each visit made.
5. T Co’s system trainer would need to spend one day at Push Co delivering training. He is paid a monthly salary of $1,500 but also receives commission of $125 for each day spent delivering training at a client’s site.
6. 120 telephone handsets would need to be supplied to Push Co. The current cost of these is $18·20 each, although T Co already has 80 handsets in inventory. These were bought at a price of $16·80 each. The handsets are the most popular model on the market and frequently requested by T Co’s customers.
7. Push Co would also need a computerised control system called ‘Swipe 2’. The current market price of Swipe 2 is $10,800, although T Co has an older version of the system, ‘Swipe 1’, in inventory, which could be modified at a cost of $4,600. T Co paid $5,400 for Swipe 1 when it ordered it in error two months ago and has no other use for it. The current market price of Swipe 1 is $5,450, although if T Co tried to sell the one they have, it would be deemed to be ‘used’ and therefore only worth $3,000.
8. 1,000 metres of cable would be required to wire up the system. The cable is used frequently by T Co and it has 200 metres in inventory, which cost $1·20 per metre. The current market price for the cable is $1·30 per metre.
9. You should assume that there are four weeks in each month and that the standard working week is 40 hours long.
Required:
(a) Prepare a cost statement, using relevant costing principles, showing the minimum cost that T Co should charge for the contract. Make DETAILED notes showing how each cost has been arrived at and EXPLAINING why each of the costs above has been included or excluded from your cost statement. (14 marks)
(b) Explain the relevant costing principles used in part (a) and explain the implications of the minimum price that has been calculated in relation to the final price agreed with Push Co. (6 marks)
Eagle has experienced increased competition and as a result, in order to maintain its current levels of sales, it has decreased the selling price of its products significantly since September 2014. The finance director has informed your audit manager that he expects increased inventory levels at the year end. He also notified your manager that one of Eagle’s key customers has been experiencing financial difficulties. Therefore, Eagle has agreed that the customer can take a six-month payment break, after which payments will continue as normal. The finance director does not believe that any allowance is required against this receivable.
In October 2014 the financial controller of Eagle was dismissed. He had been employed by the company for over 20 years, and he has threatened to sue the company for unfair dismissal. The role of financial controller has not yet been filled and so his tasks have been shared between the existing finance department team. In addition, the purchase ledger supervisor left in August and a replacement has been appointed in the last week. However, for this period no supplier statement reconciliations or purchase ledger control account reconciliations were performed.
You have undertaken a preliminary analytical review of the draft year to date statement of profit or loss, and you are surprised to see a significant fall in administration expenses.
Required:
Explain FIVE audit risks, and the auditor’s response to each risk, in planning the audit of Eagle Heating 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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