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[主观题]

（b) When a director retires, amounts become payable to the director as a form. of retireme

(b) When a director retires, amounts become payable to the director as a form. of retirement benefit as an annuity.

These amounts are not based on salaries paid to the director under an employment contract. Sirus has

contractual or constructive obligations to make payments to former directors as at 30 April 2008 as follows:

(i) certain former directors are paid a fixed annual amount for a fixed term beginning on the first anniversary of

the director’s retirement. If the director dies, an amount representing the present value of the future payment

is paid to the director’s estate.

(ii) in the case of other former directors, they are paid a fixed annual amount which ceases on death.

The rights to the annuities are determined by the length of service of the former directors and are set out in the

former directors’ service contracts. (6 marks)

Required:

Draft a report to the directors of Sirus which discusses the principles and nature of the accounting treatment of

the above elements under International Financial Reporting Standards in the financial statements for the year

ended 30 April 2008.

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发布时间：2021-04-14

更多“（b) When a director retires, amounts become payable to the director as a form. of retireme”相关的问题

第1题

Peter will ______ as managing director when Bill retired.A．take offB．take overC．take upD．t

Peter will ______ as managing director when Bill retired.

A．take off

B．take over

C．take up

D．take on

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第2题

Peter will ___ as managing director when Bill retires.A．take offB．take overC．take toD．take

Peter will ___ as managing director when Bill retires.

A．take off

B．take over

C．take to

D．take up

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第3题

As far back as he could remember, Larry had longed to go to Hollywood and become a film st

ar. The young man's hopes for success were broken again and again, however. Hollywood just did not seem interested. When he first came to California Larry had decided never to give up and return home without success. Therefore, he kept on trying. Someday, he told himself, his big opportunity would come.

Larry found a job parking cars for one of Hollywood's big restaurants. His pay was basic, but since the guests were kind enough to give him more money, he managed to make a living.

One day he recognized an important film director driving into the parking lot and getting out of his car. Larry had recently heard that the man was ready to make a new picture.

Larry got into the car and prepared to drive it on into the lot and park it. Then he stopped, jumped out, and ran over to the director. "Excuse me, sir, but I think it's only fair to tell you that it's now or never if you want me in your next picture. A lot of big companies are after me."

Instead of pushing away the boy, the director got interested in Larry's words and stopped. "Yes？ Which companies？" he asked.

"Well," replied the boy, "there's the telephone company, the gas company, and the electric company, to tell you only a few."

The director laughed, then wrote something on a card and handed it to the young man. "Come and see me tomorrow."

Larry got a small part in the director's next film. He was on his way!

Which of the following was Larry interested in？

A．Working as a waiter.

B．Becoming a film star.

C．Parking cars for film stars.

D．Never going home.

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第4题

Section B – TWO questions ONLY to be attemptedArthur Jellicoe has been the chief executive

Section B – TWO questions ONLY to be attempted

Arthur Jellicoe has been the chief executive officer (CEO) of Scapa Holdings, a listed company, for over 15 years, during which time the company has been very successful in capturing market share and achieving levels of profitability well in excess of it direct competition. Much of this success has been credited specifically to the way Arthur has managed the company. So when he advised the board at its last meeting that he plans to retire at the end of the year, there was real concern about appointing his successor. Scapa Holdings is particularly aware that any uncertainty which may arise during the CEO transitional period could result in a fall in share price, which they clearly wish to avoid.

The remuneration policy at Scapa Holdings includes a provision for awarding significant share options to executive directors when the company attains high levels of performance. For many years the targets set by the remuneration committee have been exceeded, so Arthur has accumulated a large number of share options which he can exercise any time over the next year. As part of his retirement planning, Arthur has consulted with an independent financial adviser who has recommended that he exercises his share options before he retires because they will deliver a tax efficient capital gain which he can then invest for his future. Clearly it will be in Arthur’s best interest to choose an exercise date when the share price is trading at its highest. So when a new contract opportunity was tabled by the sales director, which would clearly increase the company’s share price this year, Arthur was an enthusiastic supporter. Unfortunately, the finance director advised the board that its bank loan contained a restrictive covenant requiring the company to maintain interest cover of four times its pre-tax profit. Although Scapa Holdings has always been able meet this loan condition, the finance director is concerned that the further investment in the working capital needed for the proposed new contract presented a significant risk of breaching the loan covenant.

To address this issue the CEO suggested that inventory could be valued differently in order to report a higher profit figure, and thereby increase the level of interest cover. He further suggested that ‘this minor policy change would not be opposed by shareholders’ as it would undoubtedly increase the value of the share price. He also advised the board that he was sure that he could use his longstanding friendship with the engagement partner of Scapa Holdings’ auditors, who he had trained with as an accountant many years ago, to convince the audit team to agree with the higher inventory valuation during the forthcoming audit.

Required:

(a) An inherent risk in any listed company is that its directors have the power to pursue their own personal interests, which may not be aligned with their fiduciary duties towards shareholders.

Explain the term conflict of interest in this context, and using information from the scenario, discuss how Arthur Jellicoe’s behaviour presents a clear conflict of interest, stating what course of action he should take. (8 marks)

(b) Describe the agency relationships at Scapa Holdings, and explain how clear accountability could increase trust between principal and agent thereby reducing agency costs. (9 marks)

(c) Explain the meaning of ‘probity’ when maintaining professional business relationships as described in the scenario, and criticise the ethical behaviour of Arthur Jellicoe with respect to probity. (8 marks)

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第5题

Section A暂缺Section B – ALL SIX questions are compulsory and MUST be attemptedYou are an

Section A暂缺

Section B – ALL SIX questions are compulsory and MUST be attempted

You are an audit manager of Pink Partners & Co (Pink) and are planning the audit of Golden Finance Co (Golden), a banking institution which provides a range of financial services including loans. Your firm has audited Golden for four years and the company’s year end is 30 September 2015.

At the end of August, Golden’s financial controller left and the new replacement is not due to start until approximately two months after the year end. The finance director, who is the sister-in-law of the audit engagement partner, has asked if a member of the audit team can be seconded to Golden for three months to act as the temporary financial controller.

You are aware that a number of the audit team members currently bank with Golden and two team members have significant loans owing to the company.

Pink’s taxation department also provides services to Golden. They have been approached by Golden to represent them in negotiations to resolve some outstanding issues with the taxation authorities, for which the fees quoted are substantial.

The finance director has informed the audit engagement partner that when the audit is complete, she would like the whole team to attend an evening watching the national football team play a match followed by a luxury meal.

Required:

Using the information above:

(i) Identify and explain FIVE ethical threats which may affect the independence of Pink Partners & Co’s audit of Golden Finance Co; and

(ii) For each threat, explain how it might be reduced to an acceptable level.

Note: The total marks will be split equally between each part.

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第6题

In 1920, barely out of his teens, Alfred Hitchcock went to work for an American film co

mpany which had opened a studio in Islington, London. His first job at the studio was writing captions (脚本) for silent movies. Within two years, he was writing scripts(剧本) and working as an assistant director. For the rest of the 1920s, Hitchcock worked on one film after another in Britain and Germany. Filming was often a rough-and-ready(匆忙做成的) affair and the assistant director was required to step in and plug gaps. A cameraman went missing, Hitchcock became a cameraman. A scene needed rewriting, Hitchcock rewrote it. Someone needed to be in charge of money when the film crew was on location, Hitchcock looked after the money. At the same time, this being the era of silent movies, Hitchcock was learning the language of cinema: telling a story-not through dialogue, but through visual images(视觉影象). This led to his success later. When he began to direct his own films, first in Britain and later in Hollywood, he was determined to make films that held the audience's attention and kept tension(紧张感). He succeeded. Hitchcock's ability to put you on the edge of your seat makes him one of the greatest makers of suspense(悬念) movies. (以下为试题题干)He had taken up different jobs before he succeeded.()

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第7题

The homeless make up a growing percentage of America’s population. __1__ homelessness has

reached such proportions that local government can’t possibly __2__. To help homeless people __3__ independence, the federal government must support job training programs, __4__ the minimum wage, and fund more low-cost housing.

__5__ everyone agrees on the numbers of Americans who are homeless. Estimates __6__ anywhere from 600,000 to 3 million. __7__ the figure may vary, analysts do agree on another matter: that the number of the homeless is __8__. One of the federal government’s studies __9__ that the number of the homeless will reach nearly 19 million by the end of this decade.

Finding ways to __10__ this growing homeless population has become increasingly difficult. __11__ when homeless individuals manage to find a __12__ that will give them three meals a day and a place to sleep at night, a good number still spend the bulk of each day __13__ the street. Part of the problem is that many homeless adults are addicted to alcohol or drugs. And a significant number of the homeless have serious mental disorders. Many others, __14__ not addicted or mentally ill, simply lack the everyday __15__ skills need to turn their lives __16__. Boston Globe reporter Chris Reidy notes that the situation will improve only when there are __17__ programs that address the many needs of the homeless. __18__ Edward Blotkowsk, director of community service at Bentley College in Massachusetts, __19__ it, “There has to be __20__ of programs. What we need is a package deal.”

1.___________

[A] Indeed

[B] Likewise

[C] Therefore

[D] Furthermore

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第8题

2 The Information Technology division （IT) of the RJ Business Consulting Group provides co

2 The Information Technology division (IT) of the RJ Business Consulting Group provides consulting services to its

clients as well as to other divisions within the group. Consultants always work in teams of two on every consulting

day. Each consulting day is charged to external clients at ￡750 which represents cost plus 150% profit mark up. The

total cost per consulting day has been estimated as being 80% variable and 20% fixed.

The director of the Human Resources (HR) division of RJ Business Consulting Group has requested the services of

two teams of consultants from the IT division on five days per week for a period of 48 weeks, and has suggested that

she meets with the director of the IT division in order to negotiate a transfer price. The director of the IT division has

responded by stating that he is aware of the limitations of using negotiated transfer prices and intends to charge the

HR division ￡750 per consulting day.

The IT division always uses ‘state of the art’ video-conferencing equipment on all internal consultations which would

reduce the variable costs by ￡50 per consulting day. Note: this equipment can only be used when providing internal

consultations.

Required:

(a) Calculate and discuss the transfer prices per consulting day at which the IT division should provide

consulting services to the HR division in order to ensure that the profit of the RJ Business Consulting Group

is maximised in each of the following situations:

(i) Every pair of consultants in the IT division is 100% utilised during the required 48-week period in

providing consulting services to external clients, i.e. there is no spare capacity.

(ii) There is one team of consultants who, being free from other commitments, would be available to

undertake the provision of services to the HR division during the required 48-week period. All other

teams of consultants would be 100% utilised in providing consulting services to external clients.

(iii) A major client has offered to pay the IT division ￡264,000 for the services of two teams of consultants

during the required 48-week period.

(12 marks)

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第9题

One of your audit clients is Tye Co a company providing petrol, aviation fuel and similar

oil based products to the government of the country it is based in. Although the company is not listed on any stock exchange, it does follow best practice regarding corporate governance regulations. The audit work for this year is complete, apart from the matter referred to below.

As part of Tye Co’s service contract with the government, it is required to hold an emergency inventory reserve of 6,000 barrels of aviation fuel. The inventory is to be used if the supply of aviation fuel is interrupted due to unforeseen events such as natural disaster or terrorist activity.

This fuel has in the past been valued at its cost price of $15 a barrel. The current value of aviation fuel is $120 a barrel. Although the audit work is complete, as noted above, the directors of Tye Co have now decided to show the ‘real’ value of this closing inventory in the financial statements by valuing closing inventory of fuel at market value, which does not comply with relevant accounting standards. The draft financial statements of Tye Co currently show a profit of approximately $500,000 with net assets of $170 million.

Required:

(a) List the audit procedures and actions that you should now take in respect of the above matter. (6 marks)

(b) For the purposes of this section assume from part (a) that the directors have agreed to value inventory at

$15/barrel.

Having investigated the matter in part (a) above, the directors present you with an amended set of financial

statements showing the emergency reserve stated not at 6,000 barrels, but reported as 60,000 barrels. The final financial statements now show a profit following the inclusion of another 54,000 barrels of oil in inventory. When queried about the change from 6,000 to 60,000 barrels of inventory, the finance director stated that this change was made to meet expected amendments to emergency reserve requirements to be published in about six months time. The inventory will be purchased this year, and no liability will be shown in the financial statements for this future purchase. The finance director also pointed out that part of Tye Co’s contract with the government requires Tye Co to disclose an annual profit and that a review of bank loans is due in three months. Finally the finance director stated that if your audit firm qualifies the financial statements in respect of the increase in inventory, they will not be recommended for re-appointment at the annual general meeting. The finance director refuses to amend the financial statements to remove this ‘fictitious’ inventory.

Required:

(i) State the external auditor’s responsibilities regarding the detection of fraud; (4 marks)

(ii) Discuss to which groups the auditors of Tye Co could report the ‘fictitious’ aviation fuel inventory;

(6 marks)

(iii) Discuss the safeguards that the auditors of Tye Co can use in an attempt to overcome the intimidation

threat from the directors of Tye Co. (4 marks)

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第10题

3 Mary Hobbes joined the board of Rosh and Company, a large retailer, as finance director

earlier this year. Whilst she

was glad to have finally been given the chance to become finance director after several years as a financial

accountant, she also quickly realised that the new appointment would offer her a lot of challenges. In the first board

meeting, she realised that not only was she the only woman but she was also the youngest by many years.

Rosh was established almost 100 years ago. Members of the Rosh family have occupied senior board positions since

the outset and even after the company’s flotation 20 years ago a member of the Rosh family has either been executive

chairman or chief executive. The current longstanding chairman, Timothy Rosh, has already prepared his slightly

younger brother, Geoffrey (also a longstanding member of the board) to succeed him in two years’ time when he plans

to retire. The Rosh family, who still own 40% of the shares, consider it their right to occupy the most senior positions

in the company so have never been very active in external recruitment. They only appointed Mary because they felt

they needed a qualified accountant on the board to deal with changes in international financial reporting standards.

Several former executive members have been recruited as non-executives immediately after they retired from full-time

service. A recent death, however, has reduced the number of non-executive directors to two. These sit alongside an

executive board of seven that, apart from Mary, have all been in post for over ten years.

Mary noted that board meetings very rarely contain any significant discussion of strategy and never involve any debate

or disagreement. When she asked why this was, she was told that the directors had all known each other for so long

that they knew how each other thought. All of the other directors came from similar backgrounds, she was told, and

had worked for the company for so long that they all knew what was ‘best’ for the company in any given situation.

Mary observed that notes on strategy were not presented at board meetings and she asked Timothy Rosh whether the

existing board was fully equipped to formulate strategy in the changing world of retailing. She did not receive a reply.

Required:

(a) Explain ‘agency’ in the context of corporate governance and criticise the governance arrangements of Rosh

and Company. (12 marks)

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