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（a) （i) Identify and explain FOUR financial statement assertions relevant to classes of tr

(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.

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发布时间：2023-02-17

更多“（a) （i) Identify and explain FOUR financial statement assertions relevant to classes of tr”相关的问题

第1题

（c) Identify and discuss the implications for the audit report if:（i) the directors refuse

(c) Identify and discuss the implications for the audit report if:

(i) the directors refuse to disclose the note; (4 marks)

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第2题

（c) （i) Identify and describe FOUR quality control procedures that are applicable to the i

(c) (i) Identify and describe FOUR quality control procedures that are applicable to the individual audit

engagement; and (8 marks)

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第3题

该原则中“I”代表什么意思（）

A.Identify 识别

B.Important 重要

C.Implement 实施

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第4题

（iii) State any disadvantages to the relief in （i) that Sharon should be aware of, and ide

(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)

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第5题

Identify the errors in the following sentence:"Excuse me," he said, with more dignity than I would thought of possible considering his appearance. （)

A.than

B.thought of

C.considering

D.appearance

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第6题

Identify the errors in the following sentence:When I got to the cinema, the film had already started; I ought to get there earlier. ( )

Identify the errors in the following sentence:When I got to the cinema, the film had already started; I ought to get there earlier. （)

A.got to

B.had already started

C.ought to get

D.earlier

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第7题

（b) Identify and discuss the appropriateness of the cost drivers of any TWO expense values

(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)

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第8题

Identify the errors in the following sentence:As soon as I showed her the trick, she bursted out laughing ( )

Identify the errors in the following sentence:As soon as I showed her the trick, she bursted out laughing （)

A.As soon as

B.showed her

C.bursted out

D.laughing

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第9题

（b) （i) Advise Andrew of the income tax （IT) and capital gains tax （CGT) reliefs available

(b) (i) Advise Andrew of the income tax (IT) and capital gains tax (CGT) reliefs available on his investment in

the ordinary share capital of Scalar Limited, together with any conditions which need to be satisfied.

Your answer should clearly identify any steps that should be taken by Andrew and the other investors

to obtain the maximum relief. (13 marks)

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第10题

3 Better budgeting in recent years may have been seen as a movement from ‘incremental budgeting’ to alternative

budgeting approaches.

However, academic studies (e.g. Beyond Budgeting – Hope & Fraser) argue that the annual budget model may be

seen as (i) having a number of inherent weaknesses and (ii) acting as a barrier to the effective implementation of

alternative models for use in the accomplishment of strategic change.

Required:

(a) Identify and comment on FIVE inherent weaknesses of the annual budget model irrespective of the budgeting

approach that is applied. (8 marks)

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第11题

（a) （i) Identify and explain FOUR financial statement assertions relevant to account balan

(a) (i) Identify and explain FOUR financial statement assertions relevant to account balances at the year end; and

(ii) For each identified assertion, describe a substantive procedure relevant to the audit of year-end inventory. (8 marks)

(b) Pineapple Beach Hotel Co (Pineapple) operates a hotel providing accommodation, leisure facilities and restaurants. Its year end was 30 April 2012. You are the audit senior of Berry & Co and are currently preparing the audit programmes for the year end audit of Pineapple. You are reviewing the notes of last week’s meeting between the audit manager and finance director where two material issues were discussed.

Depreciation

Pineapple incurred significant capital expenditure during the year on updating the leisure facilities for the hotel. The finance director has proposed that the new leisure equipment should be depreciated over 10 years using the straight-line method.

Food poisoning

Pineapple’s directors received correspondence in March from a group of customers who attended a wedding at the hotel. They have alleged that they suffered severe food poisoning from food eaten at the hotel and are claiming substantial damages. Pineapple’s lawyers have received the claim and believe that the lawsuit against the company is unlikely to be successful.

Required:

Describe substantive procedures to obtain sufficient and appropriate audit evidence in relation to the above two issues.

Note: The total marks will be split equally between each issue. (8 marks)

(c) List and explain the purpose of FOUR items that should be included on every working paper prepared by the audit team. (4 marks)

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