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(i) Describe FIVE types of procedures for obtaining audit evidence; and
(ii) For each type of procedure, describe an example relevant to the audit of BANK balances.
Note: The total marks will be split equally between each part. (10 marks)
答案
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(c) Describe the audit procedures you should perform. to determine the validity of the amortisation rate of five
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(a) Explain FOUR factors which influence the reliability of audit evidence. (4 marks)
Andromeda Industries Co (Andromeda) develops and manufactures a wide range of fast moving consumer goods. The company’s year end is 31 December 2015 and the forecast profit before tax is $8·3 million. You are the audit manager of Neptune & Co and the year-end audit is due to commence in January. The following information has been gathered during the planning process:
Inventory count
Andromeda’s raw materials and finished goods inventory are stored in 12 warehouses across the country. Each of these warehouses is expected to contain material levels of inventory at the year end. It is expected that there will be no significant work in progress held at any of the sites. Each count will be supervised by a member of Andromeda’s internal audit department and the counts will all take place on 31 December, when all movements of goods in and out of the warehouses will cease.
Research and development
Andromeda spends over $2 million annually on developing new product lines. This year it incurred expenditure on five projects, all of which are at different stages of development. Once they meet the recognition criteria under IAS 38 Intangible Assets for development expenditure, Andromeda includes the costs incurred within intangible assets. Once production commences, the intangible assets are amortised on a straight line basis over five years.
Required:
(b) Describe audit procedures you would perform. during the audit of Andromeda Industries Co:
(i) BEFORE and DURING the inventory counts; and (8 marks)
(ii) In relation to research and development expenditure. (4 marks)
(c) During the audit, the team discovers that one of the five development projects, valued at $980,000 and included within intangible assets, does not meet the criteria for capitalisation. The finance director does not intend to change the accounting treatment adopted as she considers this an immaterial amount.
Required:
Discuss the issue and describe the impact on the audit report, if any, if the issue remains unresolved. (4 marks)
第8题
You are the manager responsible for the audit of Greenfields and you are performing the final review stage of the audit and have come across the following two issues.
Receivable balance owing from Yellowmix Co
Greenfields has a material receivable balance owing from its customer, Yellowmix Co. During the year-end audit, your team reviewed the ageing of this balance and found that no payments had been received from Yellowmix for over six months, and Greenfields would not allow this balance to be circularised. Instead management has assured your team that they will provide a written representation confirming that the balance is recoverable.
Warranty provision
The warranty provision included within the statement of financial position is material. The audit team has performed testing over the calculations and assumptions which are consistent with prior years. The team has requested a written representation from management confirming the basis and amount of the provision are reasonable. Management has yet to confirm acceptance of this representation.
Required:
(a) Describe the audit procedures required in respect of accounting estimates. (5 marks)
(b) For each of the two issues above:
(i) Discuss the appropriateness of written representations as a form. of audit evidence; and (4 marks)
(ii) Describe additional procedures the auditor should now perform. in order to reach a conclusion on the balance to be included in the financial statements. (6 marks)
Note: The total marks will be split equally between each issue.
(c) The directors of Greenfields have decided not to provide the audit firm with the written representation for the warranty provision as they feel that it is unnecessary.
Required:
Explain the steps the auditor of Greenfields Co should now take and the impact on the audit report in relation to the refusal to provide the written representation. (5 marks)
第9题
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During the planning stage of the audit you have obtained the following information. The employees of LV Fones Co are entitled to purchase mobile phones at a discount of 10%. The audit team has in previous years been offered the same level of staff discount.
During the year the fi nancial controller of LV Fones was ill and hence unable to work. The company had no spare staff able to fulfi l the role and hence a qualifi ed audit senior of Jones & Co was seconded to the client for three months. The audit partner has recommended that the audit senior work on the audit as he has good knowledge of the client. The fee income derived from LV Fones was boosted by this engagement and along with the audit and tax fee, now accounts for 16% of the fi rm’s total fees.
From a review of the correspondence fi les you note that the partner and the fi nance director have known each other socially for many years and in fact went on holiday together last summer with their families. As a result of this friendship the partner has not yet spoken to the client about the fee for last year’s audit, 20% of which is still outstanding.
Required:
(i) Explain the ethical threats which may affect the independence of Jones & Co’s audit of LV Fones Co; and (5 marks)
(ii) For each threat explain how it might be avoided. (5 marks)
(c) Describe the steps an audit fi rm should perform. prior to accepting a new audit engagement. (5 marks)
第10题
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