2022年ACCA-CAT模拟冲刺试题集

2022年ACCA/CAT模拟冲刺试题集姓名:年级:学号:题型选择题填空题解答题判断题计算题附加题总分得分评卷人得分x3ThemanagersofDayIonplcarereviewingthecompany1sinvestmentportfolio.About15%oftheportfolioisrepresentedbyaholdingof5,550,000ordinarysharesofMondglobeplc.ThemanagersareconcernedabouttheeffectonportfoIiovaIueifthepriceofMondglobe1ssharesshouldfall,andareconsideringsellingtheshares.DayIon1sinvestmentbankhassuggestedthattheriskofMondgIobe1ssharesfaIIingbymorethan5%fromtheircurrentvaIuecouIdbeprotectedagainstbybuyinganoverthecounteroption.TheinvestmentbankispreparedtoseIIanappropriatesixmonthoptiontoDayIonfor£250,000.Otherinformation:ThecurrentmarketpriceofMondglobe1sordinarysharesis360pence.(ii)TheannuaIvolatiIity(variance)ofMondglobe1ssharesfortheIastyearwas169%.(iii)Theriskfreerateis4%peryear.(iv)NodividendisexpectedtobepaidbyMondglobeduringthenextsixmonths.Required:(a)EvaIuatewhetherornotthepriceatwhichtheinvestmentbankiswillingtoseiItheoptionisafairprice.(10marks)正确答案:3(a)TheinvestmentbankisofferingtoseiItoDayIonpIcanoptiontoseIIMondgIobeordinarysharesatapricenoworsethan5%beIowthecurrentmarketpriceof360pence.ThisisaputoptiononMondgIobesharesatapriceof342pence.TheBIack-SchoIesoptionpricingmodeImaybeusedtoestimatewhetherornottheoptionpriceisafairprice.ThevaIueofaputoptionmaybefoundbyfirstestimatingthevaIueofacaIIoptionandthenusingtheput-caIIparitytheorem.□Basicdata:Shareprice360penceExerciseprice342penceRiskfreerate4%(0004)VoIatiIityismeasuredbythestandarddeviation.Thevarianceis169%thereforethestandarddeviation,〇is13%(0,13)ThereIevantperiodissixmonths(0,5)Usingcallprice-P5N(d])-Xe*N(d2)一In(36Q/342)+04(0-5)ハロいれハムd«- +0-5(0-13)(0-5)5-13。5户-082184ーも-0(TF5-08218-00919-07299Fromnormaldistributiontables：N(d1)-05-02944-07944N(d2)-05+02673-07673342(07673)Inputtingdataintocallprice-PsN(dt)-Xe-*TN(d?342(07673)Callprice-360(07944)-qCOCMXOS)-28598-25722—2876penceThevalueofaputoptiononasharemaybeestimatedusingtheput-callparitytheorem,Pp-P0-Ps+31Theoptionexercisepriceis342pence,andthecalloptionpricehasbeenestimatedめbe2876pence.Therefore-2876-360±34204MM給ら)Solving.Pp-399penceDayion'sholdingof5.550.000sharesmultipliedbytheputoptionpricegivesafairopticxipriceaccordingiotheBlack-Schotesmodelof£221,445.□Ifthedataiscorrectthentheinvestmentbankischarsine£28.555morethanthetheoreticalfairvaluefortheputoption□2、(c)TheOECD1sFinancialActionTaskForceonMoneyLaundering(FATF)recommendspreventativemeasurestobetakenbyindependentIegaIprofessionaIsandaccountants(includingsoIepractitioners,partnersandempIoyedprofessionaIswithinprofessionaIfirms).Required:DescribeFOURmeasuresthatassistinpreventingprofessionaIaccountantsfrombeingusedformoneyIaunderingpurposes.(8marks)正确答案:(c)MeasuresIThefollowingmeasuresaredesignedtoassistinpreventingprofessionaIaccountantsfrombeingusedformoneyIaundering□purposes:■developingprogrammesagainstmoneyIaunderingandterroristfinancing;■compIianceofficer;■empIoyeetrainingprogramme;■customerduediIigence(ODD);■estabIishing/enhancingrecordkeepingsystemsfor:-aIItransactions;and-theverificationofclients'identities;■reportingofsuspicioustransactions;■refusingtohavereIationshipswith*sheIIbanks,.□TutoriaInote:OnIyFOURarerequired.,Developingprogrammes■InternaIpolicies,proceduresandcontrolsshouldbeestabIishedandrecordedincluding:□-compIiancemanagementarrangements(includingappointmentofacompIianceofficer);-anongoingempIoyeetrainingprogramme;0-anauditfunctiontotestthesystem.nCompIianceofficerIHAppointingacompIianceofficerhavingasuitableIeveIofseniorityandexperience(e.g.oneoftheprincipalsofan□accountancyfirm).MakingaIternativearrangements(e.g.appointingadeputy)whenthecompIianceofficerisgoingtobeunavaitableforコaperiodoftime(asreportshavetobemadeassoonasisreasonabIypracticabIe).ロ・ThecompIianceofficerbeingmaderesponsibIefor:ローreceivingandassessingmoneyIaunderingreportsfromcolIeagues;ロ-makingreportstotheFIU;andローensuringthatindividuaIsareadequateIytrained.Employeetrainingprogramme■Providinganemployeetrainingprogrammeon:-relevantlegislation(e.g.themainmoneyIaunderingoffences);-ethicaIguidance(e.g.ACCA's*GuidanceforAccountants,);and□-theTirm'sprocedurestoforestaIIandpreventmoneylaundering.IHEstabIishingacultureofcomplyingwithmoneyIaunderingrequirements.IHDocumentingtheprovisionoftraining(todemonstratecompIiance).!IHTrainingmethodsmayeffectiveIyinclude:-attendingconferences,seminarsandtrainingcoursesrunbyexternaIorganizations;and□-participatingincomputerbasedtrainingcourses.CustomerduediIigence(ODD)IHFirmsshouIdnotkeepanonymousaccountsoraccountsinobviouslyfictitiousnames.IHFirmsshouIdverifytheidentityoftheircustomers,when:□-estabIishingbusinessrelations;-carryingoutoccasionaItransactions(e.g.aboveadesignatedthreshoId);-thereisasuspicionofmoneyIaunderingorterroristfinancing;or-thereisdoubtaboutthereIiabiIityoradequacyofpreviousIyobtainedcustomeridentificationdata.□CDDmeasuresshouIdincIude:■Identifyingthecustomerandverifyingthatcustomer,sidentityusingreIiabIe,independentsourcedocuments,dataorinformation.□TutoriaInote:Similarlyidentifyandverifythebeneficialowner.■ObtaininginformationonthepurposeandintendednatureofthebusinessreIationship.HConductingongoingduediIigenceonbusinessreIationshipsbyscrutinisingtransactionstoensurethattheyare□consistentwiththefirm,sknowIedgeof:-thecustomer;-theirbusinessandriskprofiIe;-thesourceoffunds.UutoriaInote:TheserequirementsshouIdappIytoaIInewcustomersandexistingcustomersonthebasisofmateriaIityand□risk.□Recordkeepingロ・MaintainingaIIcIientidentificationrecordstogetherwitharecordofaIItransactions,inafuIIaudittraiIform.ZIHMaintainingrecordsoftransactions(bothdomesticorinternationaI)inareadiIyretrievabIeform,foraperiodofatIeastfiveyears(tofaciIitateswiftcompIiancewithinformationrequestsfromthecompetentauthorities).□TutoriaInote:SuchrecordsmustbesufficienttopermitreconstructionofindividuaItransactions(includingthe□amountsandtypesofcurrencyinvoIved,ifany)soastoprovide,ifnecessary,evidenceforprosecutionofcriminal□activity.I■RetainingcIientverificationrecordsthroughouttheperiodofthereIationshipandforfiveyearsafterterminationoftheIIreIationship.IHMakingavaiIableidentificationdataandtransactionrecordstodomesticcompetentauthoritiesuponappropriatelauthority.ApplyingACCA5sRuIesofProfessionaIConduct'Retentionofbooks,files,workingpapersandotherdocuments1.IHPayingspecialattentiontoaIIcompIex,unusuaIlargetransactions,andaIIunusuaIpatternsoftransactions,whichhavenoapparenteconomicorvisibleIawfuIpurpose(inaccordancewithISA240'TheAuditor*sResponsibiIitytoConsider□FraudinanAuditofFinanciaIStatements').CIientidentificationHForanindividuaI-inspectingofficiaIdocuments,withaphotograph,estabIishingtheclient'sfuIInameandpermanent□address,e.g:-adrivingIicenceorpassport,supportedby;-arecentutilitybill.HFortheentity-obtainingfromtheRegistrarofCompanies:-certificateofincorporation;-company'sregisteredaddress;and-aIistofshareholdersanddirectors.」•CheckingthenamesofnewcIientsagainstIistsofknownterroristsandothersanctionsinformation.HFortrusts-ascertaining:-thenatureandpurposeofthetrust;ローtheoriginalsourceoffunding;andローtheidentitiesofthetrustees/controllers,principalsettIersandbeneficiaries.—Suspicionreportingロ■Promptreportingofsuspicionstothe(FIU)inasuspicioustransactionreport(STR).」•ThereshouIdbeno'deminimisyconcessions.ReportingshouIdbeirrespectiveof:ロ・theamountinvoIved;orロ・whethertaxmattersareinvoIved.QTutoriaInote:AttemptedtransactionsshouIdaIsobereported.」•EnhancingconfidentiaIityofthesourceofreportsby:ローdisclosingthecompIianceofficeronIyonce;andローnotnamingthepersonneImakingreportstothecompIianceofficer.ロ■DisclosingfurtherinformationonIyif:ローlegaIIyrequiredtodoso;orローotherwisejustified,inthepubIicinterest.□SheIIbanksIITutoriaInote:A'sheIIbank1isabankincorporatedinajurisdictioninwhichithasnophysicaIpresenceandwhichis丨!unaffiIiatedwithareguIatedfinanciaIgroup.IHFirmsshouIdguardagainstrelationshipswithpartiesthatpermittheiraccountstobeusedbysheIIbanks.3、(b)(i)AdviseBennyoftheincometaximpIicationsofthegrantandexerciseoftheshareoptionsinSummerGlowplcontheassumptionthatthesharepriceon1September2007andonthedayheexercisestheoptionsis£3,35pershare.ExplainwhytheshareoptionschemeisnotfreefromriskbyreferencetotheruIesoftheschemeandthecircumstancessurroundingthecompany.(4marks)正确答案:(i)TheshareoptionsQTherearenoincometaximpIicationsonthegrantoftheshareoptions.〇InthetaxyearinwhichBennyexercisestheoptionsandacquirestheshares,theexcessofthemarketvaIueoftheロsharesoverthepricepaid,i.e.£11,500((£3-35-£2,20)x10,000)willbesubjecttoincometax.□Benny*sfinanciaIexposureiscausedbytheruIewithintheshareoptionschemeobiiginghimtoholdthesharesfora□yearbeforehecanseIIthem.Ifthecompany,sexpansionintoEasternEuropefaiIs,suchthatitssharepricesubsequentIyfallstoIessthan£2,20beforeBennyhasthechancetoseIItheshares,Benny,sfinancialpositionmaybesummarisedasfollows:

ロ・Bennywillhavepaid£22,000(£2•20x10,000)forshareswhicharenowworthlessthanthat.ローHewillalsohavepaidincometaxof£4,600(£11,500x40%).4、(c)Preparebriefingnotes,tobeusedbyanauditpartnerinyourfirm,assessingtheprofessionaI,ethicaIandotherissuestobeconsideredindecidingwhethertoproceedwiththeappointmentasauditorofMedixCo.Note:requirement(c)incIudes2professionaImarks.(12marks)正确答案:Briefingnotes□To:Auditpartner□From:Auditmanager□Subject:IssuestoconsiderregardingappointmentasauditorofMedixCo□Introduction□MedixCohasrecentIyinvitedourfirmtobecomeappointedasauditor.ThesebriefingnotessummarisethemainissuesweIIshouldconsiderindecidingwhethertotaketheappointmentastagefurther.MycommentsarebasedonadiscussionheIdIwithRicardoFeiler,financedirectorofMedixCo,adiscussionwiththecurrentauditpartner,andinformationprovidedinthe11ocaInewspaper.LegalactionsandinvestigationsiThereareseveraIindicationsthatMedixCohasahistoryofnoncompIiancewithIawandreguIations.TheformerfinanceIdirectorisclaimingunfairdismissaI,andtakenIegaIactionagainsttheIcompanyandhasacurrentcasepending.InireguIations.TheformerfinanceIdirectorisclaimingunfairdismissaI,andtakenIegaIactionagainsttheIcompanyandhasacurrentcasepending.Ininthepasttheaddition,thereIocaIauthorityhassuccessfullyhavebeentwotaxinvestigationsinrecentyears□withreIevant□TherearetwohintingatnoncompIiancetaxreguIbIemsFirstly,forusintakingonthereputationacIientwithapropensityforlegaIactionsand□ofthecompanymustbeappointedasauditor,weconsidered.Ifwebecomeassociated□ofthecompanymustbeappointedasauditor,weconsidered.IfwebecomeassociatedcouldwiththecompanythroughbeingonIybeIionIybeIieves□matterhasbeenisinvoIvedinanthatthetax□be'tarredwiththesamebrush'andourownreputationalsotarnished.□SecondIyFwecouldbecomequicklyexposedtoanadvocacyindependencethreat,whichclearlyshouldbeavoided.Our」ethicalstatusshouIdnotbecompromisedforthesakeofgaininganewauditcIient.MickEvansresoIvedbythedirectors,andweshouIdavoidtakingonanewcIientwhich□investigation.□PubIicinterestiTheproblemsnotedabovearecompoundedbythebadpubIicitywhichthecompanyiscurrentlyreceiving.TheIocaIpressロcontainedarecentarticlediscussingMedixCo'spastandcurrentbreachofpIanningreguIations.GiventhecurrentIeveIofコpublieinterestinenvironmentaIissues,andemphasisoncorporateresponsibiIity,itwouldseemthatMedixCohasapoorコpublieperception,whichwewouldnotwanttobeassociatedwith.□Potentialliabilitytolender□Thecompanyiscurrentlynegotiatingasignificantbankloan,andtheIenderwiIIbeusingtheauditedfinancialstatementsto□makeadecisiononwhethertoadvanceaIoan,andthetermsofanyfinancethatmightbeadvancedtoMedixCo.Thismeans□thatourauditopinionfortheforthcomingyearendwiIIbescrutinisedbytheIender,andourfirmisexposedtoarelativelyhighriskofIiabiIitytoathirdparty.GiventhatthiswiIIbeourfirstaudit,andtheIimitedtimewehaveavaiIable(discussedIbeIow)ourfirmmayfeeIthattheriskofthisauditengagementistoohigh.ShouIdtheappointmentbeaccepted,disciaimersiIshouldbeputinpIacetoensurethatwecouldnotbesuedintheeventofthebanksufferingafinanciaIlossasaresultofItheirlendingdecision.ITimeframe.andresourcesItiscurrentlythelastmonthofthefinanciaIyear.IfweareappointedasauditorweneedtoworkquicklytodeveIopathoroughunderstandingofthebusiness,andtobegintopIantheassignment.WeneedtoconsiderwhetherourfirmhassufficientresourcestoputtogetheranauditteamsoquicklywithoutdetractingfromothercIientworkcurrentlybeingconducted.□Tomakethismatterworse,MickEvansstatesthatMedixCoIikes'aquickaudit’,andweneedtoconsiderhowtomanage□thisexpectation,asfirstyearauditproceduressuchassystemsdocumentation,anddevelopingbusinessunderstandingtend□totakealongtime.WemustbecarefuIthattheclientdoesnotpressureusintoa*quickaudit',whichcouldcompromise□quaIity.IMedixCooperatesinareasonabIyspeciaIistandhighlyreguIatedindustry,soourfirmshouIdtakecaretoensurewehave□expertiseinthisindustry.□PotentiaIIyaggressivemanagementstyle□ThereareseveraIindicatorsthatthemanagementmaytakeaconfrontationaIapproach,suchastheunfairdismissaIclaimnbroughtagainstthecompanybytheex-financedirector.Inaddition,theauditorspriortoMickEvansresignedfollowingaIdisagreementwithmanagement.ThishistoryshowsthatwemayfinditdifficulttoestabIishagoodworkingreIationshipwithコthemanagement.AsthecompanyisownermanagedthepresenceofadominantmanagingdirectorexacerbatesthisprobIem.(ManagementbiasQThereisincentiveforthefinanciaIstatementstobemanipuIatedinordertosecurebankfinance.ThereisconsiderabIerisk□ofmateriaImisstatementwhichourfirmmayconsidertobeunacceptabIyhigh.□InternaIsystemsandcontrols□Thecurrentauditorshavefoundsystemsandcontrolstobepoor,andmanagementhasnotacteduponrecommendations□madebytheauditors.OfcoursethisdoesnotmeanthatweshouIdnottakeontheassignment-manycompanieshaveIweakcontrols.However,ifwedidtakeontheappointment,wewouIdnotbeabIetorelyoncontroIsoruseacontroIsbasedlapproachfortheaudit.WewouIdneedtotakeasubstantiveapproachtotheaudit.OnepracticaIissuehereisavaiIabiIityof\Istafftoconducttheaudittesting,assubstantiveprocedurestendtobemoretimeconsumingthanifwecouIdhavetakenaF2systemsbasedapproach.□OpeningbaIances□InaIInewauditassignments,workmustbeconductedtoverifytheopeningbaIances.GiventhepossibIefraudandpoor「controlsdescribedabove,wewouIdneedtoperform,detailedtestingontheopeningbaIancesasthereisahighriskoffraudコand/orerrorinpreviousaccountingperiods.WemayaIsowishtoconsiderthecompetenceofthepreviousauditors,who□appearedtodisregardpotentiaIfraudindicator(twocashbooks)andhadonIyoneauditcIient.□Fees□MickEvanshasmadeitcIearthatMedixCo'smanagementIikestokeepatightcontroIoncosts,anditmayputpressureon□ustochargeaIowauditfee.Weneedtobearinmindtherisksassociatedwiththisengagement,asdiscussedabove,andOonIytakeonthishighriskauditiftheauditfeeishighenoughtocompensate.jWeshouIdaIsoconsiderthecashfIowprobIemsbeingexperiencedbythecompany.Asabusinessweneedtoensurethat□weonlytakeoncIientswithagoodcreditrating,anditseemsthatMedixCo,operatingwithanoverdraft,maynotbeabIe□topayourinvoices.□IndicationoffraudormoneyIaundering□SureIythemostseriousissuetoconsideristhatJonTate,themanagingdirector,haskepttwocashbooks.WeneedfurtherIdetaiIonthis,butitclearlycouldindicateafraudbeingperpetratedatthehighestIeveIofmanagement.Thefactthathehas□maintainedtwocashbookscouIdindicatemoneyIaunderingactivitestakingpIace,especiaIIywhenconsideredinthecontextコofanowner-managedbusinesswithoverseasoperations.IfthisweretheONLYprobIemdiscovereditcouIdbedeemed」seriousenoughtobringtoanendourappointmentprocess.ItwouIdbereckIessforourfirmtotakeonaclientwherethe□managingdirectorisafraudster.□Conclusion□Furtherinformationisneededinmanyareasbeforeafinaldecisionismade.However,fromtheinformationwehavegathered□sofar,itappearsthatMedixCowouIdrepresentahighriskclient,andourfirmmustthereforebeverycarefuItoassesseachIproblemnotedabovebeforedecidingwhethertoproceedwiththeappointment.5、8PandQareinpartnership,sharingprofitsintheratio2:1.On1July2004theyadmittedP'ssonRasapartner.PguaranteedthatR'sprofitsharewouIdnotbelessthan$25,000forthesixmonthsto31December2004.TheprofitsharingarrangementsafterR'sadmissionwereP50%,Q30%,R20%.Theprofitfortheyearended31December2004is$240,000,