ACCA—AA真金题
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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 listedretailer. The draft financial statements currently show a profit before tax of $6·5m and revenue of $66m for the financialyear 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.
6 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
7 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
8 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
9 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’sReport.
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
10 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 opition
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