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当人从蒙昧状态中觉醒，文明的曙光出现后，人们开始认识到丑，在观念上则体现分离的主要领域是 ()
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论述丑作为特殊的审美形态的原因
You are a manager in Ryder & Co, a firm of Chartered Certified Accountants, and you have taken on the responsibility for providing support and guidance to new members of the firm. Ryder & Co has recently recruited a new audit junior, Sam Tyler, who has come across several issues in his first few months at the firm which he would like your guidance on. Sam’s comments and questions are shown below:
(a) I know that auditors are required to assess risks of material misstatement by developing an understanding of the business risks of an audit client, but I am not clear on the relationship between business risk and risk of material misstatement. Can you explain the two types of risk, and how identifying business risk relates to risk of material misstatement？ (4 marks)
(b) I worked on the interim audit of Crow Co, a manufacturing company which outsources its payroll function. I know that for Crow Co payroll is material. How does the outsourcing of payroll affect our audit planning？ (4 marks)
(c) Crow Co is tendering for an important contract to supply Hatfield Co. I know that Hatfield Co is also an audit client of our firm, and I have heard that Crow Co’s management has requested our firm to provide advice on the tender it is preparing. What matters should our firm consider in deciding whether to provide advice to Crow Co on the tender？ (5 marks)
(d) I also worked on the audit of Campbell Co, where I heard the managing director, Ting Campbell, discussing a potential new business opportunity with the audit engagement partner. Campbell Co is an events organiser, and is planning to run a programme of nationwide events for accountants, at which speakers will discuss technical updates to financial reporting, tax and audit regulations. Ting proposed that our firm could invest some cash in the business opportunity, supply the speakers, market the events to our audit clients, and that any profit made would be shared between Ryder & Co and Campbell Co. What would be the implications of our firm considering this business opportunity？ (7 marks)
Required:
For each of the issues raised, respond to the audit junior, explaining the ethical and professional matters arising from the audit junior’s comments.
Note: The split of the mark allocation is shown against each of the issues above.
You are a manager in Hunt & Co, a firm which offers a range of services to audit and non-audit clients. You have been asked to consider a potential engagement to review and provide a report on the prospective financial information of Waters Co, a company which has been an audit client of Hunt & Co for six years. The audit of the financial statements for the year ended 30 April 2014 has just commenced.
Waters Co operates a chain of cinemas across the country. Currently its cinemas are out of date and use projectors which cannot show films made using new technology, which are becoming more popular. Management is planning to invest in all of its cinemas in order to attract more customers. The company has sufficient cash to fund half of the necessary capital expenditure, but has approached its bank with a loan application of $8 million for the remainder of the funds required. Most of the cash will be used to invest in equipment and fittings, such as new projectors and larger screens, enabling new technology films to be shown in all cinemas. The remaining cash will be used for refurbishment of the cinemas.
The draft forecast statements of profit or loss for the years ending 30 April 2015 and 2016 are shown below, along with the key assumptions which have been used in their preparation. The unaudited statement of profit or loss for the year ended 30 April 2014 is also shown below. The forecast has been prepared for use by the bank in making its lending decision, and will be accompanied by other prospective financial information including a forecast statement of cash flows.
Forecast statement of profit or loss
Note 1: The forecast increase in revenue is based on the following assumptions:
(i) All cinemas will be fitted with new projectors and larger screens to show new technology films by September 2014.
(ii) Ticket prices will increase from $7·50 to $10 from 1 September 2014.
Note 2: Operating expenses include mainly staff costs, depreciation of property and equipment, and repairs and maintenance to the cinemas.
Required:
(a) (i) Explain the matters to be considered by Hunt & Co before accepting the engagement to review and report on Waters Co’s prospective financial information. (6 marks)
(ii) Assuming the engagement is accepted, describe the examination procedures to be used in respect of the forecast statement of profit or loss. (8 marks)
(b) The audit strategy relevant to the audit of Waters Co concludes that the company has a relatively high risk associated with money laundering, largely due to the cash-based nature of its activities. The majority of customers purchase their cinema tickets and refreshments in cash, and the company transfers its cash to overseas bank accounts on a regular basis.
Required:
(i) Explain the stages used in laundering money, commenting on why Waters Co has been identified as high risk. (5 marks)
(ii) Recommend FOUR elements of an anti-money laundering programme which audit firms such as Hunt & Co should have in place. (6 marks)
Section A – BOTH questions are compulsory and MUST be attempted
You are a manager in Dando & Co, a firm of Chartered Certified Accountants responsible for the audit of the Adams Group. Your firm was appointed as auditor in January 2014, and the audit engagement partner, Joss Dylan, has sent you the following email:
Attachment: Background and structure of the Adams Group
The Group operates in the textile industry, buying cotton, silk and other raw materials to manufacture a range of goods including clothing, linen and soft furnishings. Goods are sold under the Adams brand name, which was acquired by Adams Co many years ago and is held at its original cost in the Group statement of financial position. The Group structure and information about each of the components of the Group is shown below:
Ross Co, Lynott Co and Beard Co are all wholly owned, acquired subsidiaries which manufacture different textiles. Adams Co also owns 25% of Stewart Co, a company which is classified as an associate in the Group statement of financial position at a value of $12 million at 31 May 2014. The shares in Stewart Co were acquired in January 2014 for consideration of $11·5 million. Other than this recent investment in Stewart Co, the Group structure has remained unchanged for many years.
Information relevant to each of the subsidiaries
Ross Co manufactures luxury silk clothing, with almost all of its output sold through approximately 200 department stores. Ross Co’s draft statement of financial position recognises assets of $21·5 million at 31 May 2014. Any silk clothing which has not been sold within 12 months is transferred to Lynott Co, where the silk material is recycled in its manufacturing process.
Lynott Co is located overseas, where it can benefit from low cost labour in its factories. It produces low price fashion clothing for the mass market. A new inventory system was introduced in December 2013 in order to introduce stronger controls over the movement of inventory between factories and stores. Lynott Co is audited by Clapton & Co, and its audit reports in all previous years have been unmodified. Clapton & Co is a small accounting and audit firm, but is a member of an international network of firms. Lynott Co’s draft statement of financial position recognises assets of $24 million at 31 May 2014.
Beard Co manufactures soft furnishings. The company is cash-rich, and surplus cash is invested in a large portfolio of investment properties, which generate rental income. The Group’s accounting policy is to measure investment properties at fair value. Beard Co’s draft statement of financial position recognises assets of $28 million at 31 May 2014, of which investment properties represent $10 million.
Other information
As part of management’s strategy to increase market share, a bonus scheme has been put in place across the Group under which senior managers will receive a bonus based on an increase in revenue.
Adams Co imposes an annual management charge of $800,000 on each of its subsidiaries, with the charge for each financial year payable in the subsequent August.
Extracts from draft Group consolidated financial statements
Draft consolidated statement of profit or loss and other comprehensive income
Draft consolidated statement of financial position
Required:
Respond to the email from the audit partner. (31 marks)
Note: The split of the mark allocation is shown within the partner’s email. Professional marks will be awarded for the presentation, logical flow and clarity of explanation of the briefing notes. (4 marks)
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