题目内容
（请给出正确答案）
A.Having avoided
B.Avoid
C.Being avoided
D.To avoid
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更多“______ subsequent amendments p…”相关的问题
According to the passage, ______ can eliminate bank cheeks and the subsequent work.
A．credit cards
B．some sophisticated equipment
C．computers
D．a device of electronic transfer of funds
4 (a) Explain the auditor’s responsibilities in respect of subsequent events. (5 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.
A.inherited
B.inhibited
C.imitated
D.transmitted
A.Release 1 B. Release 8C.Release 10 D. Release 15
A、condition/late
B、provisions/consequent
C、clauses/later
D、stipulations/subsequent
To whom is an endorser liable if the bill of exchange is dishonored？
A．the payee
B．the drawer
C．a previous endorser
D．a subsequent endorser or holder
The objective of shoring the damaged area of a ship is to ______.
A.force the warped，bulged，or deformed sections back into place
B.support and hold the area in the damaged position
C.withstand subsequent additional damage
D.make a watertight seal at the damaged area
(ii) Explain the income tax (IT), national insurance (NIC) and capital gains tax (CGT) implications arising on
the grant to and exercise by an employee of an option to buy shares in an unapproved share option
scheme and on the subsequent sale of these shares. State clearly how these would apply in Henry’s
case. (8 marks)
A.That all deficiencies in internal control known to management have been communicated to the auditor
B.That subsequent events requiring adjustment or disclosure in the financial statements have been dealt with appropriately
C.That the payroll charge for three months of the year when the accounting records were unavailable is correctly stated
D.That management has fulfilled their responsibility for the preparation and presentation of the financial statements
The following scenario relates to questions 6–10
You are an audit manager at Blenkin & Co and are approaching the end of the audit of Sampson Co, which is a large listed retailer. The draft financial statements currently show a profit before tax of $6·5m and revenue of $66m for the financial year ended 30 June 20X6. You have been informed that the finance director left Sampson Co on 31 May 20X6.
As part of the subsequent events audit procedures, you reviewed post year-end board meeting minutes and discovered that a legal case for unfair dismissal has been brought against Sampson Co by the finance director. During a discussion with the Human Resources (HR) director of Sampson Co, you established that the company received notice of the proposed legal claim on 10 July 20X6.
The HR director told you that Sampson Co’s lawyers believe that the finance director’s claim is likely to be successful, but estimate that $150,000 is the maximum amount of compensation which would be paid. However, management does not intend to make any adjustments or disclosures in the financial statements.
Blenkin & Co has a responsibility to perform. procedures to obtain sufficient, appropriate evidence that subsequent events are appropriately reflected in the financial statements of Sampson Co.
Subsequent events procedures should be performed between the date of the financial statements and WHICH DATE？
A.The date the subsequent events review is performed
B.The date of approval of the financial statements
C.The date of the auditor’s report
D.The date the financial statements are issued
If, after the financial statements have been issued, Blenkin & Co becomes aware of a fact which may have caused its report to be amended, the firm should consider several possible actions.
Which of the following are appropriate actions for Blenkin & Co to take？
(1) Discuss the matter with management and, where appropriate, those charged with governance
(2) Obtain a written representation from management
(3) Consider whether the firm should resign from the engagement
(4) Enquire how management intends to address the matter in the financial statements where appropriate
A.1 and 2
B.1 and 4
C.2 and 3
D.3 and 4
Which of the following audit procedures should be performed to form. a conclusion as to whether the financial statements require amendment in relation to the unfair dismissal claim？
(1) Inspect relevant correspondence with Sampson Co’s lawyers
(2) Write to the finance director to confirm the claim and level of damages
(3) Review the post year-end cash book for evidence of payments to the finance director
(4) Request that management confirm their views in a written representation
A.1, 2 and 3
B.1, 2 and 4
C.1, 3 and 4
D.2, 3 and 4
You are drafting the auditor’s report for Sampson Co and the audit engagement partner has reminded you that the report will need to reflect the requirements of ISA 701 Communicating Key Audit Matters in the Independent Auditor’s Report.
According to ISA 701, which of the following should be included in the ‘Key Audit Matters’ paragraph in the auditor’s report？
A.Matters which required significant auditor attention
B.Matters which result in a modification to the audit opinion
C.All matters which were communicated to those charged with governance
D.All matters which are considered to be material to the financial statements
Which of the following audit opinions will be issued if the unfair dismissal case is NOT adjusted for or disclosed within the financial statements？
A.A qualified audit opinion as the financial statements are materially misstated
B.A qualified audit opinion as the auditor is unable to obtain sufficient appropriate evidence
C.An unmodified opinion with an emphasis of matter paragraph
D.An unmodified audit opinion
请帮忙给出每个问题的正确答案和分析，谢谢！
Grains 4U Co (Grains) manufactures breakfast cereals and has three factories, four warehouses and three distribution depots spread across North America. The audit for the year ended 31 December 2015 is almost complete and the financial statements and audit report are due to be signed shortly. Profit before taxation is $7·9 million. The following events have occurred subsequent to the year end and no amendments or disclosures have been made in the financial statements.
Event 1 – Fire
On 15 February 2016, a fire occurred at the largest of the distribution depots. The fire resulted in extensive damage to 40% of the company’s vehicles used for dispatching goods to customers; however, there have been no significant delays to customer deliveries. The company estimates the level of damage to the vehicles to be in excess of $650,000. Only a minimal level of inventory, approximately $25,000, was damaged. Grain’s insurance company has started to investigate the fire to assess the likelihood and level of payment, however, there are concerns the fire was started deliberately, and if true, would invalidate any insurance cover.
Event 2 – Inventory
On 18 February 2016, it was discovered that a large batch of Grain’s new cereal brand ‘Loopy Green Loops’ held in inventory at the year end was defective, as the cereal contained too much green food colouring. To date no sales of this new cereal have been made. The cost of the defective batch of inventory is $915,000 and the defects cannot be corrected. However, the scrapped cereal can be utilised as a raw material for an alternative cereal brand at a value of $50,000.
Required:
For each of the two subsequent events described above:
(i) Based on the information provided, explain whether the financial statements require amendment; and
(ii) Describe audit procedures which should now be performed in order to form. a conclusion on any required amendment.
Note: The total marks will be split equally between each event.
