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(iii) Identify and discuss an alternative strategy that may assist in improving the performance of CTC with
effect from 1 May 2009 (where only the products in (a) and (b) above are available for manufacture).
(4 marks)
答案
更多“（iii) Identify and discuss an alternative strategy that may assist in improving the perfor”相关的问题
第1题
(iii) State any disadvantages to the relief in (i) that Sharon should be aware of, and identify and describe
another relief that she might use. (4 marks)
第2题
(b) Identify and discuss the appropriateness of the cost drivers of any TWO expense values in EACH of levels (i)
to (iii) above and ONE value that relates to level (iv).
In addition, suggest a likely cause of the cost driver for any ONE value in EACH of levels (i) to (iii), and
comment on possible benefits from the identification of the cause of each cost driver. (10 marks)
第3题
(iii) State the value added tax (VAT) and stamp duty (SD) issues arising as a result of inserting Bold plc as
a holding company and identify any planning actions that can be taken to defer or minimise these tax
costs. (4 marks)
You should assume that the corporation tax rates for the financial year 2005 and the income tax rates
and allowances for the tax year 2005/06 apply throughout this question.
第4题
(a) (i) Identify and explain FOUR financial statement assertions relevant to classes of transactions and events for the year under audit; and
(ii) For each identified assertion, describe a substantive procedure relevant to the audit of REVENUE. (8 marks)
(b) Hawthorn Enterprises Co (Hawthorn) manufactures and distributes fashion clothing to retail stores. Its year end was 31 March 2015. You are the audit manager and the year-end audit is due to commence shortly. The following three matters have been brought to your attention.
(i) Supplier statement reconciliations
Hawthorn receives monthly statements from its main suppliers and although these have been retained, none have been reconciled to the payables ledger as at 31 March 2015. The engagement partner has asked the audit senior to recommend the procedures to be performed on supplier statements. (3 marks)
(ii) Bank reconciliation
During last year’s audit of Hawthorn’s bank and cash, significant cut off errors were discovered with a number of post year-end cheques being processed prior to the year end to reduce payables. The finance director has assured the audit engagement partner that this error has not occurred again this year and that the bank reconciliation has been carefully prepared. The audit engagement partner has asked that the bank reconciliation is comprehensively audited. (4 marks)
(iii) Receivables
Hawthorn’s receivables ledger has increased considerably during the year, and the year-end balance is $2·3 million compared to $1·4 million last year. The finance director of Hawthorn has requested that a receivables circularisation is not carried out as a number of their customers complained last year about the inconvenience involved in responding. The engagement partner has agreed to this request, and tasked you with identifying alternative procedures to confirm the existence and valuation of receivables. (5 marks)
Required:
Describe substantive procedures you would perform. to obtain sufficient and appropriate audit evidence in relation to the above three matters.
Note: The mark allocation is shown against each of the three matters above.
第5题
(a) (i) Defi ne a ‘test of control’ and a ‘substantive procedure’; (2 marks)
(ii) State ONE test of control and ONE substantive procedure in relation to sales invoicing. (2 marks)
(b) Shiny Happy Windows Co (SHW) is a window cleaning company. Customers’ windows are cleaned monthly, the window cleaner then posts a stamped addressed envelope for payment through the customer’s front door.
SHW has a large number of receivable balances and these customers pay by cheque or cash, which is received in the stamped addressed envelopes in the post. The following procedures are applied to the cash received cycle:
1. A junior clerk from the accounts department opens the post and if any cheques or cash have been sent, she records the receipts in the cash received log and then places all the monies into the locked small cash box.
2. The contents of the cash box are counted each day and every few days these sums are banked by which ever member of the fi nance team is available.
3. The cashier records the details of the cash received log into the cash receipts day book and also updates the sales ledger.
4. Usually on a monthly basis the cashier performs a bank reconciliation, which he then fi les, if he misses a month then he catches this up in the following month’s reconciliation.
Required:
For the cash cycle of SHW:
(i) Identify and explain THREE defi ciencies in the system; (3 marks)
(ii) Suggest controls to address each of these defi ciencies; and (3 marks)
(iii) List tests of controls the auditor of SHW would perform. to assess if the controls are operating effectively. (3 marks)
(c) Describe substantive procedures an auditor would perform. in verifying a company’s bank balance. (7 marks)
第8题
A.un-im-ag-in-at-ive
B. un-imaginative
C.un-imagin-ative
D. unimagin-ative
