ACCAF1考试-会计师与企业（基础阶段）章节练习(2020-10-10)

正确答案：
(b) There are several issues that must be addressed as a matter of urgency:
Extra work must be planned to discover the extent of the breakdown in internal controls that occurred during the year. It is
important to decide whether the errors were isolated, or continued through the accounting period and whether similar errors
have occurred in other areas e.g. cash receipts from existing customers or cash payments. A review of the working papers of
the internal audit team should be carried out as soon as possible. The materiality of the errors should be documented.
Errors discovered in the accounting systems will have serious implications for the planned audit approach of new customer
deposits. Nate & Co must plan to expand audit testing on this area as control risk is high. Cash deposits will represent a
significant class of transaction in CF Co. A more detailed substantive approach than used in prior year audits may be needed
in this material area if limited reliance can be placed on internal controls.
A combination of the time spent investigating the reasons for the errors, their materiality, and a detailed substantive audit on
this area means that the audit is likely to take longer than previously anticipated. This may have cost and recoverability
implications. Extra staff may need to be assigned to the audit team, and the deadline for completion of audit procedures may
need to be extended. This will need to be discussed with CF Co.
Due to the increased audit risk, Nate & Co should consider increasing review procedures throughout the audit. In addition CF
Co is likely to be a highly regulated company as it operates in financial services, increasing possible attention focused on the
audit opinion. These two factors indicate that a second partner review would be recommended.
A separate issue is that of Jin Sayed offering advice to the internal audit team. The first problem raised is that of quality control.
A new and junior member of the audit team should be subject to close direction and supervision which does not appear to
have been the case during this assignment.
Secondly, Jin Sayed should not have offered advice to the internal audit team. On being made aware of the errors, he should
have alerted a senior member of the audit team, who then would have decided the action to be taken. This implies that he
does not understand the limited extent of his responsibilities as a junior member of the audit team. Nate & Co may wish to
review the training provided to new members of staff, as it should be made clear when matters should be reported to a senior,
and when matters can be dealt with by the individual.
Thirdly, Jin Sayed must be questioned to discover what exactly he advised the internal audit team to do. Despite his academic
qualification, he has little practical experience in the financial information systems of CF Co. He may have given inappropriate
advice, and it will be crucial to confirm that no action has been taken by the internal audit team.
The audit partner should consider if Nate & Co are at risk because of the advice that has been provided by Jin Sayed. As he
is a member of the audit team, his advice would be considered by the client as advice offered by Nate & Co, and the partner
should ascertain by discussion with the client whether this advice has been acted upon.
Finally Nate & Co should consider whether as a firm they could provide the review of the financial information technology
system, as requested by CF Co. IFAC’s Code of Ethics, and ACCA’s Code of Ethics and Conduct places restrictions on the
provision of non-audit services. Nate & Co must be clear in what exactly the ‘review’ will involve.
Providing a summary of weaknesses in the system, with appropriate recommendations is considered part of normal audit
procedures. However, given the errors that have arisen in the year, CF Co may require Nate & Co to design and implement
changes to the system. This would constitute a self-review threat and should only be considered if significant safeguards are
put in place, for example, using a separate team to provide the non-audit service and/or having a second partner review of
the work.

正确答案：

 

正确答案：
(ii) The statement of product profitability shows that CTC is forecast to achieve a profit of $2·185 million in 2008 giving a
profit:sales ratio of 11·9%. However, the forecast profit in 2009 is only $22,000 which would give a profit:sales ratio
of just 0·19%! Total sales volume in 2008 is 390,000 units which represent 97·5% utilisation of total annual capacity.
In stark contrast, the total sales volume in 2009 is forecast to be 240,000 units which represents 60% utilisation of
total annual capacity and shows the expected rapid decline in sales volumes of Bruno and Kong products. The rapid
decline in the sales of these two products is only offset to a relatively small extent by increased sales volume from the
Leo product. It is vital that a new product or products with healthy contribution to sales ratios are introduced.
Management should also undertake cost/benefit analyses in order to assess the potential of extending the life of Bruno
and Kong products.

正确答案：B

All of the statements are false except statement (iii).