题目内容
（请给出正确答案）
The management has authorized wage increase for all ____.
A.employers
B.citizens
C.employees
D.residents
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(c) You have been making preliminary inquiries regarding matters arising from the previous year’s audit of Di Rollo.
It has been revealed that no action has been taken in response to the management letter prepared by the previous
auditors. Di Rollo’s management has explained that this was because it was ‘poorly prepared’ and ‘unhelpful’.
Required:
Briefly describe various criteria against which the effectiveness of a management letter may be assessed.
(7 marks)
(b) The management of Division C has identified the need to achieve cost savings in order to become more
competitive. They have decided that an analysis and investigation of quality costs into four sub-categories will
provide a focus for performance measurement and improvement.
Required:
Identify the FOUR sub-categories into which quality costs can be analysed and provide examples (which
must relate to Division C) of each of the four sub-categories of quality cost that can be investigated in order
that overall cost savings might be achieved and hence the performance improved. (8 marks)
Required:
(iii) A firm of consultants has offered to undertake a study on behalf of Envico Ltd which will provide perfect
information regarding seminar attendance during the forthcoming year.
Advise the management of Envico Ltd with regard to the maximum amount that they should pay to
consultants for perfect information regarding seminar attendance and comment briefly on the use of
perfect information in such decisions. (5 marks)
(9)
A．The company is a sun-rising firm so it is worthwhile to extend the loan.
B．The company has some accounting problems, some improvement is needed.
C．The company is short of funds because it is sun-rising.
D．The company has some accounting problems because it is sun-rising.
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
(4)
A．Banks with global operations are also referred to as national corporations.
B．Both the banks and non-financial corporations have the same desire to make profit.
C．Managers of non-financial corporations have no profit motives.
D．Non-financial corporations are multinational and operate globally.
Herman Swan & Co (HS) is a family-owned company that has made fashionable clothes and leather goods for men for over 100 years. The company has been successful in building a strong reputation for quality by sourcing from local textile and leather producers. It sells its goods across the world through a chain of owned shops and also franchised stalls inside large, well-known stores. The company is still owned and run by the family with no other shareholders. The main goal of the firm is to organically grow the business for the next generation of the Swan family.
Customers are attracted to HS products due to the history and the family story that goes behind the products. They are willing to pay the high prices demanded as they identify with the values of the firm, especially the high quality of manufacturing.
The competition for HS has been increasing for more than ten years. It is made up of other global luxury brands and also the rising national champions in some of the rapidly expanding developing countries. The competitors often try to leverage their brands into many different product types. However, the Swan family have stated their desire to focus on the menswear market after an unsuccessful purchase of a handbag manufacturer five years ago.
The company is divided into a number of strategic business units (SBU). Each production site is an SBU, while the whole retail operation is one SBU. The head office previously functioned as a centre for procurement, finance and other support activities. The company has recently invested in a new management information system (MIS) that has increased the data available to all managers in the business. This has led to much of the procurement shifting to the production SBUs and the SBU managers taking more responsibility for budgeting. The SBU managers are delighted with their increased responsibilities and with the results from the new information system but feel there is still room for improvement in its use. The system has assisted in a project of flattening the organisation hierarchy by cutting out several layers of head office management.
You are the management accountant at HS and have been trying to persuade your boss, the finance director, that your role should change. You have read about Burns and Scapens’ report ‘Accounting Change Project’ and think that it suggests an interesting change from your current roles of preparing and reviewing budgets and overseeing the production of management and financial accounts. Your boss is sceptical but is willing to listen to your arguments. He has asked you to submit an explanation of the change that you propose and why it is necessary at HS.
Also, your boss has asked you for an example of how your role as an ‘internal consultant’ would be valuable at HS by looking at the ideas of brand loyalty and awareness. You should consider their impact on performance management at HS, both from the customer and the internal business process perspectives and how to measure them.
Required:
(a) Describe the changes in the role of the management accountant based on Burns and Scapens work. Explain what is driving these changes and justify why they are appropriate to HS. (12 marks)
(b) Using HS as an example, discuss the impact of brand loyalty and awareness on the business both from the customer and the internal business process perspectives and evaluate suitable measures for brand loyalty and awareness. (8 marks)
Tench Cars (Tench) is large national car manufacturing business. It is based in Essland, a country that has recently turned from state communism to democratic capitalism. The car industry had been heavily supported and controlled by the bureaucracy of the old regime. The government had stipulated production and employment targets for the business but had ignored profit as a performance measure. Tench is now run by a new generation of capitalist business people intent on rejuvenating the company’s fortunes.
The company has a strong position within Essland, which has a population of 200 million and forms the majority of Tench’s market. However, the company has also traditionally achieved a good market share in six neighbouring countries due to historic links and shared culture between them and Essland. All of these markets are experiencing growing car ownership as political and market reforms lead to greater wealth in a large proportion of the population. Additionally, the new government in Essland is deregulating markets and opening the country to imports of foreign vehicles.
Tench’s management recognises that it needs to make fundamental changes to its production approach in order to combat increased competition from foreign manufacturers. Tench’s cars are now being seen as ugly, pollutive and with poor safety features in comparison to the foreign competition. Management plans to address this by improving the quality of its cars through the use of quality management techniques. It plans to improve financial performance through the use of Kaizen costing and just-in-time purchasing and production. Tench’s existing performance reporting system uses standard costing and budgetary variance analysis in order to monitor and control production activities.
The Chief Financial Officer (CFO) of Tench has commented that he is confused by the terminology associated with quality management and needs a clearer understanding of the different costs associated with quality management. The CFO also wants to know the impact of including quality costs and using the Kaizen costing approach on the traditional standard costing approach at Tench.
Required:
Write to the CFO to:
(a) Discuss the impact of collection and use of quality costs on the current costing systems at Tench. (6 marks)
(b) Discuss and evaluate the impact of the Kaizen costing approach on the costing systems and employee management at Tench. (8 marks)
(c) Briefly evaluate the effect of moving to just-in-time purchasing and production, noting the impact on performance measures at Tench. (6 marks)
(a) Delhi Co, a potential new client, is a privately owned and rapidly expanding company which currently operates below the audit threshold in the country in which it is based. The company’s management is currently considering having either a full audit or a limited assurance review of their financial statements. The partner would like you to assist the management of Delhi Co by writing a response to them in which you:
(i) Explain the difference between an audit of historical financial statements and a limited assurance review. (4 marks)
(ii) Discuss the relative advantages and disadvantages to Delhi Co of having an audit of their historical financial statements as opposed to a limited assurance review. (8 marks)
Delhi Co was incorporated in 2005, with founder and chief executive Mr Nimesh Dattani as the sole shareholder. After a period of rapid growth, Delhi Co took out a ten-year bank loan facility in June 2007 to finance Mr Dattani’s ambitious expansion plans. This was supported by a further injection of financial capital in 2014 through a new issue of shares in the company. The shares were sold to Mr Robert Hyland, an ex-business partner of Mr Dattani. The sale gave Mr Hyland a 40% shareholding in Delhi Co. He has no involvement in the management of the company.
Until recently Delhi Co operated with a small accounting department, comprising one full-time member of staff and one part-time employee. Due to the expansion of the company and Mr Dattani’s plans to expand the customer base internationally, it has been necessary to increase the size of the accounting function to include two new full-time members of staff. Both of the new recruits are part-qualified accountants and Mr Dattani has committed to sponsoring them through their remaining training and ACCA examinations.
Required:
Prepare the response to the management of Delhi Co as requested by the partner.
Note: The split of the mark allocation is shown against each of the issues above.
(b) The audit committee of another client, Mumbai Co, has asked the partner to consider whether it would be possible for the audit team to perform. a review of the company’s internal control system. A number of recent incidents have raised concerns amongst the management team that controls have deteriorated and that this has increased the risk of fraud, as well as inefficient commercial practices. The audit report for the audit of the financial statements of Mumbai Co for the year ended 31 March 2016 was signed a few weeks ago. Mumbai Co is a listed company.
Required:
In respect of the request for Chennai & Co to review Mumbai Co’s internal control systems: Identify and discuss the relevant ethical and professional issues raised, and recommend any actions necessary. (8 marks)
You are the manager responsible for the audit of Greenfields and you are performing the final review stage of the audit and have come across the following two issues.
Receivable balance owing from Yellowmix Co
Greenfields has a material receivable balance owing from its customer, Yellowmix Co. During the year-end audit, your team reviewed the ageing of this balance and found that no payments had been received from Yellowmix for over six months, and Greenfields would not allow this balance to be circularised. Instead management has assured your team that they will provide a written representation confirming that the balance is recoverable.
Warranty provision
The warranty provision included within the statement of financial position is material. The audit team has performed testing over the calculations and assumptions which are consistent with prior years. The team has requested a written representation from management confirming the basis and amount of the provision are reasonable. Management has yet to confirm acceptance of this representation.
Required:
(a) Describe the audit procedures required in respect of accounting estimates. (5 marks)
(b) For each of the two issues above:
(i) Discuss the appropriateness of written representations as a form. of audit evidence; and (4 marks)
(ii) Describe additional procedures the auditor should now perform. in order to reach a conclusion on the balance to be included in the financial statements. (6 marks)
Note: The total marks will be split equally between each issue.
(c) The directors of Greenfields have decided not to provide the audit firm with the written representation for the warranty provision as they feel that it is unnecessary.
Required:
Explain the steps the auditor of Greenfields Co should now take and the impact on the audit report in relation to the refusal to provide the written representation. (5 marks)
well managed and the group accounting policies are rigorously applied. The company’s financial year end is
31 December.
Prescott has been seeking to acquire a construction company for some time in order to bring in-house the building
and refurbishment of hotels and related leisure facilities (e.g. swimming pools, squash courts and restaurants).
Prescott’s management has recently identified Robson Construction Co as a potential target and has urgently requested
that you undertake a limited due diligence review lasting two days next week.
Further to their preliminary talks with Robson’s management, Prescott has provided you with the following brief on
Robson Construction Co:
The chief executive, managing director and finance director are all family members and major shareholders. The
company name has an established reputation for quality constructions.
Due to a recession in the building trade the company has been operating at its overdraft limit for the last 18
months and has been close to breaching debt covenants on several occasions.
Robson’s accounting policies are generally less prudent than those of Prescott (e.g. assets are depreciated over
longer estimated useful lives).
Contract revenue is recognised on the percentage of completion method, measured by reference to costs incurred
to date. Provisions are made for loss-making contracts.
The company’s management team includes a qualified and experienced quantity surveyor. His main
responsibilities include:
(1) supervising quarterly physical counts at major construction sites;
(2) comparing costs to date against quarterly rolling budgets; and
(3) determining profits and losses by contract at each financial year end.
Although much of the labour is provided under subcontracts all construction work is supervised by full-time site
managers.
In August 2005, Robson received a claim that a site on which it built a housing development in 2002 was not
properly drained and is now subsiding. Residents are demanding rectification and claiming damages. Robson
has referred the matter to its lawyers and denied all liability, as the site preparation was subcontracted to Sarwar
Services Co. No provisions have been made in respect of the claims, nor has any disclosure been made.
The auditor’s report on Robson’s financial statements for the year to 30 June 2005 was signed, without
modification, in March 2006.
Required:
(a) Identify and explain the specific matters to be clarified in the terms of engagement for this due diligence
review of Robson Construction Co. (6 marks)
