题目内容
（请给出正确答案）
A、31 July 20X4
B、10 September 20X4
C、30 September 20X4
D、1 November 20X4
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第1题
The audit is nearly complete and you are reviewing the audit working papers. The audit senior has brought several matters to your attention:
(a) Darren Co is working on a major contract relating to the construction of a bridge for Flyover Co. Work started in July 2014, and it is estimated that the contract will be completed in September 2015. The contract price is $20 million, and it is estimated that a profit of $5 million will be made on completion of the contract. The full amount of this profit has been included in the statement of profit or loss for the year ended 31 January 2015. Darren Co’s management believes that this accounting treatment is appropriate given that the contract was signed during the financial year, and no problems have arisen in the work carried out so far. (8 marks)
(b) A significant contract was completed in September 2014 for Newbuild Co. This contract related to the construction of a 20-mile highway in a remote area. In November 2014, several large cracks appeared in the road surface after a period of unusually heavy rain, and the road had to be shut for ten weeks while repair work was carried out. Newbuild Co paid for these repairs, but has taken legal action against Darren Co to recover the costs incurred of $40 million. Disclosure on this matter has been made in the notes to the financial statements. Audit evidence, including a written statement from Darren Co’s lawyers, concludes that there is a possibility, but not a probability, of Darren Co having to settle the amount claimed. (6 marks)
(c) For the first time this year, the financial statements are presented as part of an integrated report. Included in the integrated report are several key performance indicators, one of which states that Darren Co’s profit before tax has increased by 20% from the previous year. (6 marks)
Required:
Discuss the implications of the matters described above on the completion of the audit and on the auditor’s report, recommending any further actions which should be taken by the auditor.
Note: The mark allocation is shown next to each of the matters above.
第2题
You are a manager in the audit department of Beech & Co, responsible for the audits of Fir Co, Spruce Co and Pine Co. Each company has a financial year ended 31 July 2011, and the audits of all companies are nearing completion. The following issues have arisen in relation to the audit of accounting estimates and fair values:
(a) Fir Co
Fir Co is a company involved in energy production. It owns several nuclear power stations, which have a remaining estimated useful life of 20 years. Fir Co intends to decommission the power stations at the end of their useful life and the statement of financial position at 31 July 2011 recognises a material provision in respect of decommissioning costs of $97 million (2010 – $110 million). A brief note to the financial statements discloses the opening and closing value of the provision but no other information is provided.
Required: Comment on the matters that should be considered, and explain the audit evidence you should expect to find in your file review in respect of the decommissioning provision. (8 marks)
(b) Spruce Co
Spruce Co is also involved in energy production. It has a trading division which manages a portfolio of complex financial instruments such as derivatives. The portfolio is material to the financial statements. Due to the specialist nature of these financial instruments, an auditor’s expert was engaged to assist in obtaining sufficient appropriate audit evidence relating to the fair value of the financial instruments. The objectivity, capabilities and competence of the expert were confirmed prior to their engagement.
Required:
Explain the procedures that should be performed in evaluating the adequacy of the auditor’s expert’s work. (5 marks)
(c) Pine Co
Pine Co operates a warehousing and distribution service, and owns 120 properties. During the year ended 31 July 2011, management changed its estimate of the useful life of all properties, extending the life on average by 10 years. The financial statements contain a retrospective adjustment, which increases opening non-current assets and equity by a material amount. Information in respect of the change in estimate has not been disclosed in the notes to the financial statements.
Required:
Identify and explain the potential implications for the auditor’s report of the accounting treatment of the change in accounting estimates. (5 marks)
第3题
Wetherby Co purchased a machine on 1 July 20X7 for $500,000. It is being depreciated on a straight-line basis over its expected life often years. Residual value is estimated at $20,000. On 1 January 20X8, following a change in legislation, Wetherby Co fitted a safety guard to the machine. The safety guard cost $25,000 and has a useful life of five years with no residual value.What amount will be charged to profit or loss for the year ended 31 March 20X8 in respect of depreciation on this machine?
A、$37,500
B、$37,250
C、$36,250
D、$35,000
第4题
Ninety years ago on a sunny morning in Northern France, something happened that changed Britain and Europe for ever. At half past seven on the morning of July 1,1916, whistles (哨子) blew and thousands of British soldiers left their positions to attack their German enemies. By the end of the day, 20,000 of them were dead, and another 30,000 wounded or missing. The Battle of the Somme, (51) it is called, lasted for six months. When it ended, 125,000 British soldiers were dead. They had gained five kilometers of ground.
This was one of a series of great battles during WWI. The attack on the Somme was staged to relieve (52) on the French, who were engaged in a great battle of their own at a place called Verdun. By the time the battle ended, over a million French and German troops had been killed.
About 17 million people were killed in WWI. There have been wars with greater numbers of dead. But there has never been one in (53) most of the dead were concentrated in such a small area. On the Somme battlefield, two men died for every meter of space.
Local farmers working in the land still (54) the bodies of those who died in that battle. The dead of all nations were buried in a series of giant graveyards along the line of the border (55) France and Belgium. Relatives and descendants (子孙) of those who died still visit these graveyards today. What the French call the "tourism of death" (56) an important contribution to the local economy.
It took a second great conflict before Europe was to turn (57) war itself. Twenty-eight years after the Somme battle, a liberating army of British, American and Canadian troops took back (58) from another German invasion. More than 500,000 people were killed. New (59) were built.
Two great conflicts across two generations helped to change the European mind about war. Germany, once the most warlike country in Europe, is now probably more in (60) of peace than any other. One major cause of war in Europe was rivalry (竞争) between France and Germany. The European Union was specifically formed to end that (61) .
According to US commentator William Pfaff, "Europeans are interested in a slow development of civilized and tolerant international relations, (62) on problems while avoiding catastrophes (灾难) along the way. They have themselves only recently (63) from the catastrophes of WWI and WWII, when tens of millions of people were destroyed. They don't want (64) ."
The last British veteran of the Somme battle died in 2005, aged 108. And WWI is passing out of memory and into history. But for anyone who wants to understand how Europeans (65) , it is still important to know a little about the terrible events of July 1, 1916.
A．since
B．because
C．as
D．for
第5题
Ninety years ago on a sunny morning in Northern France, something happened that changed Britain and Europe for ever. At half past seven on the morning of July 1, 1916, whistles(哨子) blew and thousands of British soldiers left their positions to attack their German enemies. By the end of the day, 20,000 of them were dead, and another 30,000 wounded or missing. The Battle of the Somme,【51】 it is called, lasted for six months. When it ended, 125,000 British soldiers were dead. They had gained five kilometers of ground.
This was one of a series of great battles during WWI. The attack on the Somme was staged to relieve【52】 on the French, who were engaged in a great battle of their own at a place called Verdun. By the time the battle ended, over a million French and German troops had been killed.
About 17 million people were killed in WWI. There have been wars with greater numbers of dead. But there has never been one in【53】 most of the dead were concentrated in such a small area. On the Somme battlefield, two men died for every meter of space.
Local farmers working in the land still【54】 the bodies of those who died in that battle. The dead of all nations were buried in a series of giant graveyards along the line of the border
【55】 France and Belgium. Relatives and descendants(子孙) of those who died still visit these graveyards today. What the French call the "tourism of death"【56】 an important contribution to the local economy.
It took a second great conflict before Europe was to turn【57】 war itself. Twenty-eight years after the Somme battle, a liberating army of British, American and Canadian troops took back【58】 from another German invasion. More than 500,000 people were killed. New【59】 were built.
Two great conflicts across two generations helped to change the European mind about war. Germany, once the most warlike country in Europe, is now probably more in【60】 of peace than any other. One major cause of war in Europe was rivalry(竞争) between France and Germany. The European Union was specifically formed to end that【61】.
According to US commentator William Pfaff, "Europeans are interested in a slow development of civilized and tolerant international relations,【62】 on problems while avoiding catastrophes(灾难) along the way. They have themselves only recently【63】 from the catastrophes of WW Ⅰ and WW Ⅱ , when tens of millions of people were destroyed. They don't want【64】."
The last British veteran of the Somme battle died in 2005, aged 108．And WWI is passing out of memory and into history. But for anyone who wants to understand how Europeans【65】, it is still important to know a little about the terrible events of July 1, 1916.
(51)
A．since
B．because
C．as
D．for
第6题
Ninety years ago on a sunny morning in Northern France，something happened that changed Britain and Europe for ever．At half past seven on the morning of July 1，1916，whistles blew and thousands of British soldiers left their positions to attack their German enemies．By the end of the day，20，000 of them were dead，and another 30，000 wounded or missing．The Battle of the Somme，_______ （1）it is called，lasted for six months1，When it ended，125，000 British soldiers were dead．They had gained five kilometers of groand．
This was one of a series of great battles during the WWI．The attack on the Somme was staged to relieve_______ （2）on the French，who were engaged in a great battle of their own at a place called Verdun．By the time the battle ended，over a million French and German troops had been killed．
About 17 million people were killed in WWI. There have been wars with greater nunbers of dead．But there has never been one_______ （3）most of the dead were concentrated in such a small area．On the Somme battlefield，two men died for every metre of space，
Local farmers working in the land still_______ （4）the bodies of those who died in that battle．The dead of all nations were buried in a series of giant graveyards along the line of the border_______ （5）France and Belgiam．Relatives and descendants of those who died still visit these graveyards today．What the French caU the“tourism of death” _______ （6）an important contribution to the local economy.
It took a second great conflict before Europe was to turn_______ （7）war itself. Twenty—eight years after the Somme battle，a liberating army of British． American and Canadian troops took back_______ （8）from another German invasion．More than 500，000 people were killed．New_______ （9）were built．
Two great conflicts across two generations helped to change the European mind about war．Germany，once the most warlike country in Europe，is now probably more in_______ （10）of peace than any other．One major cause of war in Europe was rivalry between France and Germany．The European Union was specifically formed to end that_______（11）．
According to US commentator William Pfaff，“Europeans are interested in a slow development of civilized and tolerant international relations，_______（12）on problems while avoiding catastrophes along me way.They have themselves only recently_______ （13）from the catastrophes of the WWI and WWII，when tens of millions of people were destroyed．They don’t want_______ （14）．”
The last British veteran of the somme battle died in 2005，aged 108．And the WWI is passing out of memory and into history2．But for anyone who wants to understand how Europeans_______ （15），it is still important to know a little about the terrible events of July 1,1916．
第 46 题
A．since
B．because
C．as
D．for
第7题
From: s.pittman@machenry.com
Date: July 25, 20— 4:52:01 AM EDT
Subject: The Great Haze
Dear Mr. Timmons,
Ronald Walker has recommended that I contact you regarding editing work.
We are currently looking for someone to perform. final edits on a simplified version of The Great Haze, by Seth Mirren. It consists of 112 pages including glossary, notes, illustrations, etc. The simplified version is aimed at typical 3rd-5th grade elementary school students; it has also already been partially edited.
The work will involve checking to make sure the vocabulary in the simplified version is not too difficult for the target audience, and that grammar and punctuation are correct. Usually Ronald returns the hard copy with amendments highlighted —this helps us make a final decision about each change. We would aim to mail the work out to you during the first week of August.
Please would you be able to tell me:
if you are interested in doing the work
how long you think it will take
how much you would charge to do it
Please, could you get back to me as soon as possible and let me know if it is possible for you to do the work?
Many thanks and kind regards,
Sarah Pittman
Editor, Elementary School Guides
MacHenry Publishing, Inc.
Why has Sarah Pittman contacted Sam Timmons?
A．He was recommended by a colleague.
B．She worked with him on an earlier project.
C．He previously applied for a job at her company.
D．The person she first contacted could not do the job.
第8题
(i) Revaluation of property, plant and equipment (PPE)
At the beginning of the year, management undertook an extensive review of Elounda Co’s non-current asset valuations and as a result decided to update the carrying value of all PPE. The finance director, Peter Dullman, contacted his brother, Martin, who is a valuer and requested that Martin’s firm undertake the valuation, which took place in August 20X5. (5 marks)
(ii) Inventory valuation
Your firm attended the year-end inventory count for Elounda Co and ascertained that the process for recording work in progress (WIP) and finished goods was acceptable. Both WIP and finished goods are material to the financial statements and the quantity and stage of completion of all ongoing production was recorded accurately during the count.
During the inventory count, the count supervisor noted that a consignment of finished goods, compound E243, with a value of $720,000, was defective in that the chemical mix was incorrect. The finance director believes that compound E243 can still be sold at a discounted sum of $400,000. (6 marks)
(iii) Bank loan
Elounda Co secured a bank loan of $2·6 million on 1 October 20X4. Repayments of $200,000 are due quarterly, with a lump sum of $800,000 due for repayment in January 20X7. The company met all loan payments in 20X5 on time, but was late in paying the April and July 20X6 repayments. (4 marks)
Required:
(a) Describe substantive procedures you should perform. to obtain sufficient, appropriate audit evidence in relation to the above three matters.
Note: The mark allocation is shown against each of the three matters above.
(b) Describe the procedures which the auditor of Elounda Co should perform. in assessing whether or not the company is a going concern. (5 marks)
第9题
Column A Column B
The ratio of men to women in
Club X at the end of July 1/2
A．if the quantity in Column A is greater
B．if the quantity in Column B is greater
C．if the two quantity are equal
D．if the relationship cannot be determined from the information given
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