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Some overseas clients are going to visit your company next week.
Talk together
？what to consider when organize for the visitors.
？decide which one you think is most important.
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？Read the memo below from the CEO of your company.
MEMO
To: International Sales staff
From: CEO
Date: 30/10/04
Subject: 50th anniversary celebration
I think it would be a good idea to include some of our overseas clients on the guest list for the formal event we are planning as part of the company's 50th anniversary celebrations.
Could all International Sales staff write to their most important clients to invite them to the event.
？Write a letter to an overseas client, Mrs Johannson:
？inviting her to the event
？giving her the date of the event
？giving details of what will happen at the event
？explaining what overnight accommodation is available.
？Write 60-80 words on your Answer Sheet.
？Do not include any postal addresses.
(a) You are an audit manager in Weston & Co which is an international firm of Chartered Certified Accountants with branches in many countries and which offers a range of audit and assurance services to its clients. Your responsibilities include reviewing ethical matters which arise with audit clients, and dealing with approaches from prospective audit clients.
The management of Jones Co has invited Weston & Co to submit an audit proposal (tender document) for their consideration. Jones Co was established only two years ago, but has grown rapidly, and this will be the first year that an audit is required. In previous years a limited assurance review was performed on its financial statements by an unrelated audit firm. The company specialises in the recruitment of medical personnel and some of its start up funding was raised from a venture capital company. There are plans for the company to open branches overseas to help recruit personnel from foreign countries.
Jones Co has one full-time accountant who uses an off-the-shelf accounting package to record transactions and to prepare financial information. The company has a financial year ending 31 March 2015.
The following comment was made by Bentley Jones, the company’s founder and owner-manager, in relation to the audit proposal and potential audit fee:
‘I am looking for a firm of auditors who will give me a competitive audit fee. I am hoping that the fee will be quite low, as I am willing to pay more for services that I consider more beneficial to the business, such as strategic advice. I would like the audit fee to be linked to Jones Co’s success in expanding overseas as a result of the audit firm’s advice. Hopefully the audit will not be too disruptive and I would like it completed within four months of the year end.’
Required:
(i) Explain the specific matters to be included in the audit proposal (tender document), other than those relating to the audit fee; and (8 marks)
(ii) Assuming that Weston & Co is appointed to provide the audit service to Jones Co, discuss the issues to be considered by the audit firm in determining a fee for the audit including any ethical matters raised. (6 marks)
(b) Ordway Co is a long-standing audit client of your firm and is a listed company. Bobby Wellington has acted as audit engagement partner for seven years and understands that a new audit partner needs to be appointed to take his place. Bobby is hoping to stay in contact with the client and act as the engagement quality control reviewer in forthcoming audits of Ordway Co.
Required:
Explain the ethical threats raised by the long association of senior audit personnel with an audit client and the relevant safeguards to be applied, and discuss whether Bobby Wellington can act as engagement quality control reviewer in the future audits of Ordway Co. (6 marks)
(a) Wire Co’s audit committee refused to agree to an increase in audit fees despite the company’s operations expanding into new locations. In response to this, the materiality level was increased during the audit, and some review procedures were not carried out. To reduce sample sizes used in tests of detail, the samples were selected based on judgement rather than statistical methods. In addition, only parts of the population being tested were sampled, for example, certain locations were not included in the sample of non-current assets selected for physical verification. (6 marks)
(b) Some of the audit work was performed by an overseas office of Bunk & Co in an ‘off-shoring’ arrangement. This practice is encouraged by Bunk & Co, whose managing partners see it as a way of improving audit efficiency. The overseas office performs the work at a lower cost, and it was largely low-risk, non-judgemental work included in this arrangement for the audit of Wire Co, for example, numerical checks on documentation. In addition, the overseas office read the minutes of board meetings to identify issues relevant to the audit. (5 marks)
(c) In July 2014, Russell Bell, Wire Co’s former finance director, joined Bunk & Co as an audit partner, working in the same office as Lester Freeman. Although Russell was not a member of the audit team, he did update Lester on some business developments which had taken place at the company during the period before he left. Russell held a number of equity shares in Wire Co, which he sold in January 2015. Since joining Bunk & Co, Russell has been developing initiatives to increase the firm’s income. One initiative is that audit team members should be encouraged to cross-sell non-audit services and references to targets for the cross-selling of non-audit services to audit clients is now included in partner and employee appraisal documentation. (9 marks)
Required:
Comment on the quality control, ethical and professional issues raised in respect of the audit of Wire Co and the firm-wide policies of Bunk & Co, and recommend any actions to be taken by the audit firm.
Note: The split of the mark allocation is shown against each of the issues above.
Some high ability people prefer a career overseas because of ______.
A．fierce competition at home
B．higher social status overseas
C．more opportunities abroad
D．monetary reward at home
A UK client ordered 10,000 jeans, requiring CIF C 5 London,premiums covering all risks. Purchase cost: 30 RMB per jean,logistics cost:15000 RMB, expected profit rate:10%, foreign exchange rate of BOC:1USD=7.61/7.64RMB,commodity added-value tax rate:17%,rebate tax rate:13%.(P.S:25jeans each carton, carton size:45X36X25,G.W.35KG,N.W.32KG,freight from harber to London:150 USD per ton ,overseas shipping premium is defined as 0.6% by W/M,which covers all insurance).The following conclusions () are correct.
A、FOB net price is 4.07 USD
B、freigt(per set) is 0.24USD
C、CIF C 5 London is 4.34USD
D、CIF C 5% London is 4.57 USD
A．over
B．since
C．forward
D．meantime
A.accommodate
B. meet
C. adopt
D. feed
A UK client ordered 10,000 jeans, requiring CIF C 5 London,premiums covering all risks. Purchase cost 30 RMB: per jean,logistics cost:15000 RMB, expected profit rate:10%, foreign exchange rate of BOC:1USD=7.61/7.64RMB,commodity added-value tax rate:17%,rebate tax rate:13%.(P.S:25jeans each carton, carton size:45X36X25,G.W.35KG,N.W.32KG,freight from harber to London:150 USD per ton ,overseas shipping premium is defined as 0.6% by W/M,which covers all insurance).The following conclusions () are correct.
A、FOB net price is 4.07 USD
B、freigt(per set) is 0.24USD
C、CIF C 5 London is 4.34USD
D、CIF C 5% London is 4.57 USD
The overseas subsidiaries are set up to______.
A．puzzle the Zimbabwean government
B．act as a seller
C．import some products
D．store the products which are produced in Zimbabwean
There are some unique problems in international trade and companies doing business overseas must be aware
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