(b) continuous auditing; (5 marks)
(b) continuous auditing; (5 marks)
(b) continuous auditing; (5 marks)
第1题
(b) International Standards on Auditing (ISAs); and (5 marks)
第2题
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audit, your team has identified an error in the valuation of work in progress, as a number of the assumptions contain out of date information.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)
第3题
of international accounting, auditing and ethical standards. The International Federation of Accountants (IFAC) has
been at the forefront of the development of the worldwide accountancy profession through its activities in ethics,
auditing and education.
Required:
Explain the developments in each of the following areas and indicate how they affect Chartered Certified
Accountants:
(a) IFAC’s ‘Code of Ethics for Professional Accountants’; (5 marks)
第4题
(b) You are the audit manager of Jinack Co, a private limited liability company. You are currently reviewing two
matters that have been left for your attention on the audit working paper file for the year ended 30 September
2005:
(i) Jinack holds an extensive range of inventory and keeps perpetual inventory records. There was no full
physical inventory count at 30 September 2005 as a system of continuous stock checking is operated by
warehouse personnel under the supervision of an internal audit department.
A major systems failure in October 2005 caused the perpetual inventory records to be corrupted before the
year-end inventory position was determined. As data recovery procedures were found to be inadequate,
Jinack is reconstructing the year-end quantities through a physical count and ‘rollback’. The reconstruction
exercise is expected to be completed in January 2006. (6 marks)
Required:
Identify and comment on the implications of the above matters for the auditor’s report on the financial
statements of Jinack Co for the year ended 30 September 2005 and, where appropriate, the year ending
30 September 2006.
NOTE: The mark allocation is shown against each of the matters.
第5题
A.Continuous Interview
B.Continuous Integration
C.Continuous Interact
D.Continuous Install
第6题
A.Peculiar
B.Trembling
C.Conversing
D.Continuous
第7题
A.continuous
B.professional
C.stable
D.net
第8题
I hope you are making ________ for continuous education in your life.
A、room
B、vacancy
C、place
第9题
A.separate legal existence
B.continuous life
C.limited liabilities for stockholders
D.double taxation