2015年6月 F8 mock exam 考题及答案

1、Multiplechoicequestions（20marks）1.Whichtwoofthefollowingareelementsofanassuranceengagement?(1)Athree-partyrelationship(2)Suitablecriteria(3)Determinationofmateriality(4)AnengagementletterA(1)and(2)onlyB(1)and(3)onlyC(2)and(3)onlyD(1),(2)and(3)2.Whonormallyappointstheexternalauditorsofacompany?ADirec

2、torsBShareholdersCAuditcommitteeDSeniormanagement3.Whichofthefollowingisthemostappropriatedefinitionoftheexternalaudit?ATheexternalauditisanexercisecarriedoutbyauditorsinordertogiveanopiniononwhetherthefinancialstatementsofacompanyaremateriallymisstated.BTheexternalauditisanexercisecarriedoutinorder

3、togiveanopinionontheeffectivenessofacompanysinternalcontrolsystem.CTheexternalauditisperformedbymanagementtoidentifyareasofdeficiencywithinacompanyandtomakerecommendationstomitigatethosedeficiencies.DTheexternalauditprovidesnegativeassuranceonthetruthandfairnessofacompanysfinancialstatements4.Inwhic

4、hofthefollowingsituationswouldtheauditorbeabletodiscloseconfidentialinformationaboutaclient?(1)Disclosureisrequiredbylaw.(2)Disclosureispermittedbylawbuttheauditorhasnotrequestedtheclientspermission.(3)Theauditorsuspectsthattheclienthascommittedmoney-launderingoffences.A(1)and(2)onlyB(1)and(3)onlyC(

5、2)and(3)onlyD(1),(2)and(3)5.Whoisultimatelyresponsibleforacompanyssystemofinternalcontrols?AExternalauditorsBBoardofdirectorsCInternalauditorsDAuditcommittee6.Whichofthefollowingstatementsaboutmaterialityarecorrect?(1)Informationismaterialifitsomissionormisstatementcouldinfluencetheeconomicdecisions

6、ofusersofthefinancialstatements.(2)Materialityisbasedontheauditorsexperienceandjudgement.(3)Materialityisalwaysbasedonrevenue.(4)Materialityshouldonlybecalculatedattheplanningstageoftheaudit.A(1),(2)and(3)B(1),(3)and(4)C(1)and(2)D(2)and(4)7.Whatarethetwoelementsoftheriskofmaterialmisstatementattheas

7、sertionlevel?AInherentriskanddetectionriskBAuditriskanddetectionriskCInherentriskandcontrolriskDDetectionriskandcontrolrisk8.Auditriskrepresentstheriskthattheauditorwillgiveaninappropriateopiniononthefinancialstatementswhenthefinancialstatementsaremateriallymisstated.Whichofthefollowingcategoriesofr

8、iskcanbecontrolledbytheauditor?Categoryofrisk:(1)Controlrisk(2)Detectionrisk(3)SamplingriskA(1)and(2)B(2)onlyC(1)and(3)D(2)and(3)9.Whichofthefollowingstatementsarecorrectwithregardtotherelationshipbetweentheauditplanandtheauditstrategyforanexternalauditengagement?(1)Theauditplanshouldbedevelopedbefo

9、retheauditstrategyisestablished.(2)Theauditplanandtheauditstrategyshouldbeestablishedanddevelopedatthesametime.(3)Theoverallauditstrategyshouldbemoredetailedthantheauditplan.(4)Theauditstrategyshouldbeestablishedbeforetheauditplanisdeveloped.A(1)and(3)B(2)onlyC(3)and(4)D(4)only10.Whoisresponsiblefor

10、thepreventionanddetectionoffraud?AInternalauditorsBExternalauditorsCThosechargedwithgovernanceandmanagementDTheauditcommitteeCaseStudy(80marks)2010.Dec.2aExplaintheconceptofTRUEandFAIRpresentation.2011.Jun.5aYouaretheauditmanagerofDaffyand(ii)Explainsthepossibleimplicationofeachdeficiency;and(iii)Pr

11、ovidesarecommendationtoaddresseachdeficiency.AcoveringletterISrequired.Note:Uptotwomarkswillbeawardedwithinthisrequirementforpresentationandtheremainingmarkswillbesplitequallybetweeneachpart.2013.Dec.1d2MintyColaCo(Minty)manufacturesfizzydrinkssuchascolaandlemonadeaswellasothersoftdrinksanditsyearen

12、dis31December2013.YouaretheauditmanagerofParsleysomeareownedbyMintyandsomearerentedfromthirdparties.Therewillbeinventorycountstakingplaceatall15ofthesesitesattheyearend.Anewaccountinggeneralledgerhasbeenintroducedatthebeginningoftheyear,withtheoldandnewsystemsbeingruninparallelforaperiodoftwomonths.

13、Asaresultoftheincreaseinrevenue,Mintyhasrecentlyrecruitedanewcreditcontrollertochaseoutstandingreceivables.Thefinancedirectorthinksitisnotnecessarytocontinuetomaintainanallowanceforreceivablesandsohasreleasedtheopeningallowanceof$15million.Inaddition,Mintyhasincurredexpenditureof$45millionondevelopi

14、nganewbrandoffizzysoftdrinks.ThecompanystartedthisprocessinJanuary2013andisclosetolaunchingtheirnewproductintothemarketplace.ThefinancedirectorstatedthattherewasaprobleminNovemberinthemixingofrawmaterialswithintheproductionprocesswhichresultedinalargebatchofcolaproductstastingdifferent.Anumberofthes

15、eproductsweresold;however,duetocomplaintsbycustomersabouttheflavour,nofurthersalesofthesegoodshavebeenmade.Noadjustmenthasbeenmadetothevaluationofthedamagedinventory,whichwillstillbeheldatcostof$1millionattheyearend.Asinpreviousyears,themanagementofMintyisduetobepaidasignificantannualbonusbasedonthe

16、valueofyear-endtotalassets.Required:(d)Describesubstantiveprocedurestheauditteamshouldperformtoobtainsufficientandappropriateauditevidenceinrelationtothefollowingthreematters:(ii)Thereleaseofthe$15millionallowanceforreceivables;and2013.Jun.5bPandaComanufactureschemicalsandhasafactoryandfouroffsitest

17、oragelocationsforfinishedgoods.PandaCosyearendwas30April2013.Thefinalauditisalmostcompleteandthefinancialstatementsandauditreportareduetobesignednextweek.Revenuefortheyearis$55millionandprofitbeforetaxationis$56million.Thefollowingtwoeventshaveoccurredsubsequenttotheyearend.Noamendmentsordisclosures

18、havebeenmadeinthefinancialstatements.Event1DefectivechemicalsPandaCoundertakesextensivequalitycontrolcheckspriortodespatchofanychemicals.Testingon3May2013foundthatabatchofchemicalsproducedinAprilwasdefective.Thecostofthisbatchwas$085million.Initscurrentconditionitcanbesoldatascrapvalueof$01million.ThecostsofcorrectingthedefectaretoosignificantforPandaCosmanagementtoconsiderthisanalternativeoption.Event2ExplosionAnexplosionoccurredatthe