题目内容
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5 (a) Compare and contrast the responsibilities of management, and of auditors, in relation to the assessment of
going concern. You should include a description of the procedures used in this assessment where relevant.
(7 marks)
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更多“5 （a) Compare and contrast the responsibilities of management, and of auditors, in relatio”相关的问题
Lst yer the number of deth incresed by 2%-5% ______ the yer before lst.compring to B．compring with C．to co
A．comparing to
B．comparing with
C．to compare with
D．compared with
to the following three audits of financial statements for the year ending 31 December 2006:
(a) Blythe Co is a new audit client. This private company is a local manufacturer and distributor of sportswear. The
company’s finance director, Peter, sees little value in the audit and put it out to tender last year as a cost-cutting
exercise. In accordance with the requirements of the invitation to tender your firm indicated that there would not
be an interim audit.
(b) Huggins Co, a long-standing client, operates a national supermarket chain. Your firm provided Huggins Co with
corporate financial advice on obtaining a listing on a recognised stock exchange in 2005. Senior management
expects a thorough examination of the company’s computerised systems, and are also seeking assurance that
the annual report will not attract adverse criticism.
(c) Gray Co has been an audit client since 1999 after your firm advised management on a successful buyout. Gray
provides communication services and software solutions. Your firm provides Gray with technical advice on
financial reporting and tax services. Most recently you have been asked to conduct due diligence reviews on
potential acquisitions.
Required:
For these assignments, compare and contrast:
(i) the threats to independence;
(ii) the other professional and practical matters that arise; and
(iii) the implications for allocating staff.
(15 marks)
For the year to end of March 2014, CSZ Co had domestic and foreign sales of $40 million, all on credit, while cost of sales was $26 million. Trade payables related to both domestic and foreign suppliers.
For the year to end of March 2015, CSZ Co has forecast that credit sales will remain at $40 million while cost of sales will fall to 60% of sales. The company expects current assets to consist of inventory and trade receivables, and current liabilities to consist of trade payables and the company’s overdraft.
CSZ Co also plans to achieve the following target working capital ratio values for the year to the end of March 2015:
Required:
(a) Calculate the working capital cycle (cash collection cycle) of CSZ Co at the end of March 2014 and discuss whether a working capital cycle should be positive or negative. (6 marks)
(b) Calculate the target quick ratio (acid test ratio) and the target ratio of sales to net working capital of CSZ Co at the end of March 2015. (5 marks)
(c) Analyse and compare the current asset and current liability positions for March 2014 and March 2015, and discuss how the working capital financing policy of CSZ Co would have changed. (8 marks)
(d) Briefly discuss THREE internal methods which could be used by CSZ Co to manage foreign currency transaction risk arising from its continuing business activities. (6 marks)
Why does the professor say this:
A．To illustrate the unreasonable demands of the typical consumer
B．To compare consumers in North America with those in other places
C．To give examples of common agricultural products in North America
D．To explain why agricultural marketing technology is necessary
Directions: In each of the following groups of words,there arc four underlined letters or letter combinations
marked A, B, C and D. Compare the underlined parts and identify the one that is different from the others in
pronunciation. Mark your answer by blackening the corresponding letter on the answer sheet.
1.
A. trail
B. certain
C. again
D. faint
Why does the author mention "aragonite" in line 26
A．To explain why fossils are rare
B．To compare aragonite fossils and calcite fossils
C．To argue that certain fossils are more informative than others
D．To illustrate the kinds of inorganic hard parts that can form. fossils
Why does the author cite the study by Bangor University and the Royal Mail Service？
A．To compare similar responses in different settings.
B．To provide further evidence for his own observation.
C．To offer a scientific account of the brain"s functions.
D．To describe emotional responses in online shopping.
Section B – TWO questions ONLY to be attempted
You are a manager in the assurance department at Raphael & Co, a firm of Chartered Certified Accountants. Your firm has been appointed by Sanzio Co to perform. a due diligence review of a potential acquisition target, Titian Tyres Co. As part of the due diligence review and to allow for consideration of an appropriate offer price, Sanzio Co has requested that you identify and value all the assets and liabilities of Titian Tyres Co, including items which may not currently be reported in the statement of financial position.
Sanzio Co is a large, privately owned company operating only in this country, which sells spare parts and accessories for cars, vans and bicycles. Titian Tyres Co is a national chain of vehicle service centres, specialising in the repair and replacement of tyres, although the company also offers a complete range of engine and bodywork services as well. If the acquisition is successful, the management of Sanzio Co intends to open a Titian Tyres service centre in each of its stores.
One of the reasons for Titian Tyres Co’s success is their internally generated customer database, which records all customer service details. Using the information contained on the database software, the company’s operating system automatically informs previous customers when their vehicle is due for its next service via email, mobile phone text or automated letter. It also informs a customer service team to telephone the customer if they fail to book a service within two weeks of receiving the notification. According to the management of Titian Tyres Co, repeat business makes up over 60% of annual sales and management believes that this is a distinct competitive advantage over other service centres.
Titian Tyres Co also recently purchased a licence to distribute a new, innovative tyre which was designed and patented in the United States. The tyre is made of 100% recycled materials and, due to a new manufacturing process, is more hardwearing and therefore needs replacing less often. Titian Tyres Co paid $5 million for the licence in January 2015 and the company is currently the sole, licenced distributor in this country.
During a brief review of Titian Tyres Co’s financial statements for the year ended 30 June 2015, you notice a contingent liability disclosure in the notes relating to compensation claims made after the fitting of faulty engine parts during 2014. The management of Titian Tyres Co has stated that the fault lies with the manufacturer of the part and that they have made a claim against the manufacturer for the total amount sought by the affected customers.
Required:
(a) Describe the purpose of a due diligence assignment and compare the scope of a due diligence assignment with that of an audit of historical financial statements. (6 marks)
(b) (i) Recommend, with reasons, the principal additional information which should be made available to assist with your valuation of Titian Tyres Co’s intangible assets.
(ii) Explain the specific enquiries you should make of Titian Tyres Co’s management relevant to the contingent liability disclosed in the financial statements.
Note: The total marks will be split equally between each part. (14 marks)
candidates and to assess whether the use of external recruitment consultants is appropriate.
Required:
(a) Describe the advantages of internal promotion. (5 marks)
听力原文：W: How do you compare Tom with Jack？
M: Tom is clever and Jack is honest. I think Jack is more faithful.
Q: What do we learn from this conversation？
(5)
A．Jack is dependable.
B．Tom always tells the truth.
C．Jack is wealthy.
D．Tom is sometimes more foolish than Jack.
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