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[主观题]

（c) During the year Albreda paid $0·1 million （2004 – $0·3 million) in fines and penalties

health and safety regulations. These amounts have not been separately disclosed but included in cost of sales.

(5 marks)

Required:

For each of the above issues:

(i) comment on the matters that you should consider; and

(ii) state the audit evidence that you should expect to find,

in undertaking your review of the audit working papers and financial statements of Albreda Co for the year ended

30 September 2005.

NOTE: The mark allocation is shown against each of the three issues.

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发布时间：2021-04-17

更多“（c) During the year Albreda paid $0·1 million （2004 – $0·3 million) in fines and penalties”相关的问题

第1题

About a business operating cycle, which of the followings is the most accurate？A．12 months

About a business operating cycle, which of the followings is the most accurate？

A．12 months

B．half a year

C．the time span during which cash is used to acquire goods and services

D．always longer than a year

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第2题

Kyle is 31 years old, single, self－employed, and has no qualified pension plan. His ne

Kyle is 31 years old, single, self-employed, and has no qualified pension plan. His net self-employment income is $35,000 and he contributes the maximum amount to his IRA account during the current year. How much can Kyle deduct for AGI this year？()

A、$0

B、$1,500

C、$3,000

D、$4,000

E、$5,500

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第3题

（ii) The percentage change in revenue, total costs and net assets during the year ended 31

(ii) The percentage change in revenue, total costs and net assets during the year ended 31 May 2008 that

would have been required in order to have achieved a target ROI of 20% by the Beetown centre. Your

answer should consider each of these three variables in isolation. State any assumptions that you make.

(6 marks)

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第4题

5 The directors of Quapaw, a limited liability company, are reviewing the company’s draft

financial statements for the

year ended 31 December 2004.

The following material matters are under discussion:

(a) During the year the company has begun selling a product with a one-year warranty under which manufacturing

defects are remedied without charge. Some claims have already arisen under the warranty. (2 marks)

Required:

Advise the directors on the correct treatment of these matters, stating the relevant accounting standard which

justifies your answer in each case.

NOTE: The mark allocation is shown against each of the three matters

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第5题

听力原文：During the second half year, this bank had total assets of USD80.2 million.（7)A．T

听力原文：During the second half year, this bank had total assets of USD80.2 million.

(7)

A．The bank had aggregate assets of USD80,200,000.

B．The bank had aggregate assets of USD80,020,000.

C．The bank had aggregate assets of USD8,200,000.

D．The bank had aggregate assets of USD18,200,000.

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第6题

（a) Apex is a publicly listed supermarket chain. During the current year it started the bu

(a) Apex is a publicly listed supermarket chain. During the current year it started the building of a new store. The directors are aware that in accordance with IAS 23 Borrowing costs certain borrowing costs have to be capitalised.

Required:

Explain the circumstances when, and the amount at which, borrowing costs should be capitalised in accordance with IAS 23. (5 marks)

(b) Details relating to construction of Apex’s new store:

Apex issued a $10 million unsecured loan with a coupon (nominal) interest rate of 6% on 1 April 2009. The loan is redeemable at a premium which means the loan has an effective fi nance cost of 7？5% per annum. The loan was specifi cally issued to fi nance the building of the new store which meets the defi nition of a qualifying asset in IAS 23. Construction of the store commenced on 1 May 2009 and it was completed and ready for use on 28 February 2010, but did not open for trading until 1 April 2010. During the year trading at Apex’s other stores was below expectations so Apex suspended the construction of the new store for a two-month period during July and August 2009. The proceeds of the loan were temporarily invested for the month of April 2009 and earned interest of $40,000.

Required:

Calculate the net borrowing cost that should be capitalised as part of the cost of the new store and the fi nance cost that should be reported in the income statement for the year ended 31 March 2010. (5 marks)

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第7题

At the start of the year, a division has non-current assets of $4 million and makes no add

itions or disposals during the year. Depreciation is charged at a rate of 10% per annum on all non-current assets held at the end of the year. Working capital is $0·5 million at the start of the year although this is expected to increase by 20% by the end of the year. The budgeted profit of the division after depreciation is $1·2m.

What is the expected ROI of the division for the year, based on average capital employed？

A.27·59%

B.26·37%

C.18·39%

D.31·58%

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第8题

Jackdaw Motor Cars Co （Jackdaw) manufactures a range of motor cars and its year end is 31

Jackdaw Motor Cars Co (Jackdaw) manufactures a range of motor cars and its year end is 31 January 2015. You are the audit supervisor of Puffin & Co and are currently preparing the audit programmes for the year-end audit of Jackdaw. You have had a meeting with your audit manager and he has notified you of a number of issues identified during the audit risk assessment process.

Land and buildings

Jackdaw have a policy of revaluing land and buildings, this is undertaken on a rolling basis over a five-year period. During the year Jackdaw requested an external valuer to revalue a number of properties, including a warehouse purchased in May 2014. Depreciation is charged on a pro rata basis.

Work in progress

Jackdaw undertakes continuous production of cars, 24 hours a day, seven days a week. An inventory count is to be undertaken at the year end and Puffin & Co will attend. You are responsible for the audit of work in progress (WIP) and will be part of the team attending the count as well as the final audit. WIP constitutes the partly assembled cars at the year end and this balance is likely to be material. Jackdaw values WIP according to percentage of completion, and standard costs are then applied to these percentages.

Required:

(a) Explain the factors Puffin & Co should consider when placing reliance on the work of the independent valuer. (5 marks)

(b) Describe the substantive procedures the auditor should perform. to obtain sufficient and appropriate audit evidence in relation to:

(i) The revaluation of land and buildings and the recently purchased warehouse; and (6 marks)

(ii) The valuation of work in progress. (4 marks)

(c) During the audit, your team has identified an error in the valuation of work in progress, as a number of the assumptions contain out of date information. The directors of Jackdaw have indicated that they do not wish to amend the financial statements.

Required:

Explain the steps Puffin & Co should now take and the impact on the audit report in relation to the directors’ refusal to amend the financial statements. (5 marks)

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第9题

You are an audit supervisor of Pluto & Co and are currently planning the audit of your

client, Venus Magnets Co (Venus) which manufactures decorative magnets. Its year end is 31 December 2015 and the forecast profit before tax is $9·6 million.

During the year, the directors reviewed the useful lives and depreciation rates of all classes of plant and machinery. This resulted in an overall increase in the asset lives and a reduction in the depreciation charge for the year.

Inventory is held in five warehouses and on 28 and 29 December a full inventory count will be held with adjustments for movements to the year end. This is due to a lack of available staff on 31 December. In October, there was a fire in one of the warehouses; inventory of $0·9 million was damaged and this has been written down to its scrap value of $0·2 million. An insurance claim has been submitted for the difference of $0·7 million. Venus is still waiting to hear from the insurance company with regards to this claim, but has included the insurance proceeds within the statement of profit or loss and the statement of financial position.

The finance director has informed the audit manager that the October and November bank reconciliations each contained unreconciled differences; however, he considers the overall differences involved to be immaterial.

A directors’ bonus scheme was introduced during the year which is based on achieving a target profit before tax. In order to finalise the bonus figures, the finance director of Venus would like the audit to commence earlier so that the final results are available earlier this year.

Required:

Describe FIVE audit risks, and explain the auditor’s response to each risk, in planning the audit of Venus Magnets Co.

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