ACCA考试F8审计与认证业务真题2015年6月及答案解析.doc

1、ACCA 考试 F8 审计与认证业务真题 2015 年 6 月及答案解析(总分：100.01，做题时间：180 分钟)一、Section A ALL 12 q(总题数：12，分数：20.00)1.Which of the following audit procedures for obtaining audit evidence is correctly described? （分数：2.00）A.Recalculation involves the auditors independent execution of procedures or controls which were ori

2、ginally performed as part of the entitys internal controlB.Confirmation consists of seeking information of knowledgeable persons, within the company or outside the companyC.Reperformance consists of checking the mathematical accuracy of documents or recordsD.Observation consists of looking at a proc

3、edure or process being performed by others2.Auditors are required to undertake an overall review of the financial statements as the final step before they form their audit opinion. As part of this process they undertake a number of procedures. Which of the following procedures would an auditor NOT u

4、ndertake as part of the overall review of the financial statements?（分数：2.00）A.Reviewing the financial statements to ensure they are consistent with the auditors knowledge of the business and the results of their audit workB.Performing analytical procedures on the financial statements to form an over

5、all conclusion on the financial statementsC.Undertaking a review of subsequent events to identify whether any adjustment or disclosure is required in the financial statementsD.Reviewing the financial statements to ensure compliance with accounting standards and local legislation disclosure3.Which of

6、 the following is NOT an inherent limitation of internal control systems?（分数：1.00）A.Insufficient segregation of dutiesB.Possibility that employees may collude together fraudulentlyC.Possibility of human error in undertaking tasks4. Which of the following statements, relating to International Standar

7、ds on Auditing (ISAs), if any, is/are correct? (1) International Standards on Auditing (ISAs) are issued by the International Accounting Standards Board (IASB)and provide guidance on the performance and conduct of an audit (2) In the event that ISAs differ from local legislation in a specific countr

8、y, auditors must comply with the requirements of the ISAs（分数：2.00）A.1 onlyB.2 onlyC.Both 1 and 2D.Neither 1 nor 25. Which TWO of the following statements regarding the use of analytical procedures during the PLANNING stage of the audit are correct? (1) Analytical procedures are useful when forming a

9、n overall conclusion as to whether the financial statements are consistent with the auditors understanding of the company (2) Analytical procedures can be used to obtain relevant and reliable audit evidence (3) Analytical procedures can assist in identifying the risks of material misstatement (4) An

10、alytical procedures can assist in identifying unusual transactions and events（分数：2.00）A.1 and 2B.2 and 3C.3 and 4D.2 and 46. Which of the following substantive procedures provides evidence over the COMPLETENESS of non-current assets?（分数：1.00）A.Select a sample of assets included in the non-current as

11、set register and physically verify them at the client premisesB.Review the repairs and maintenance expense account to identify any items of a capital natureC.For assets disposed of, agree the sale proceeds to supporting documentation and cash book7.Which of the following is NOT a principle of the UK

12、 Corporate Governance Code?（分数：2.00）A.There should be a rigorous and transparent procedure for the appointment of new directors to the boardB.The board should use the annual general meeting (AGM) to communicate with investorsC.The non-executive chairman should decide on the remuneration of all direc

13、torsD.All directors should receive induction training on joining the board8.Which of the following is a substantive audit procedure for wages and salaries?（分数：1.00）A.Inspect a sample of clock cards for evidence of authorisation by a responsible officialB.Recalculate a sample of payroll deductions su

14、ch as employment taxes to confirm accuracyC.Attempt to access and make changes to the payroll master file using the log on for a junior clerk9.Which of the following statements, relating to the auditors responsibilities regarding subsequent events, if any,is/are correct? (1) Auditors do not have a r

15、esponsibility to perform procedures to identify subsequent events after the date of the auditors report (2) Where a material adjusting subsequent event is identified after the financial statements are issued, but prior to approval by the shareholders, the auditor should include a qualified opinion i

16、n their audit report if management refuses to adjust the financial statements for the event（分数：2.00）A.1 onlyB.2 onlyC.Both 1 and 2D.Neither 1 nor 210. Is the following statement true or false? A significant change in the ownership of an existing audit client is a factor which makes it appropriate fo

17、r the auditor to review the terms of engagement. （分数：1.00）A.TrueB.False11. Which of the following statements relating to internal and external auditors is correct?（分数：2.00）A.Internal auditors are required to be members of a professional bodyB.Internal auditors scope of work should be determined by t

18、hose charged with governanceC.External auditors report to those charged with governanceD.Internal auditors can never be independent of the company12.Which TWO of the following controls of a sales system ensure that all goods despatched are completely and accurately invoiced? (1) Good despatched note

19、s are matched to sales invoices (2) Sales invoices are sequentially numbered (3) Sales invoices are matched to customer orders (4) Regular review of unfulfilled orders（分数：2.00）A.1 and 2B.2 and 4C.2 and 3D.1 and 4二、Section B ALL SIX (总题数：6，分数：80.00)1.You are an audit senior of Beech and（分数：5.00）_(2).

20、(ii) For each threat explain how it might be reduced to an acceptable level. Note: The total marks will be split equally between each part.（分数：5.00）_(1).2.(a) ISA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment describes the five

21、components of an entitys internal control. Required: Identify and briefly explain the FIVE components of an entitys internal control. (5 marks)（分数：5.00）_(2).(b) Bonsai Trading Co (Bonsai) manufactures electrical equipment, and its year end is 30 September 2015. You are the audit supervisor of Poplar

22、 (ii) Recommend ONE procedure the audit team should undertake to try to resolve the issue; and (iii) Describe the impact on the audit report if the issue remains UNRESOLVED. Notes: 1 The total marks will be split equally between each of the two issues. 2 Audit report extracts are NOT required. (10 m

23、arks)（分数：10.00）_14.4.Cherry Blossom Co (Cherry) manufactures custom made furniture and its year end is 30 April. The company purchases its raw materials from a wide range of suppliers. Below is a description of Cherrys purchasing system. When production supervisors require raw materials, they comple

24、te a requisition form and this is submitted to the purchase ordering department. Requisition forms do not require authorisation and no reference is made to the current inventory levels of the materials being requested. Staff in the purchase ordering department use the requisitions to raise sequentia

25、lly numbered purchase orders based on the approved suppliers list, which was last updated 24 months ago. The purchasing director authorises the orders prior to these being sent to the suppliers. When the goods are received, the warehouse department verifies the quantity to the suppliers despatch not

26、e and checks that the quality of the goods received are satisfactory. They complete a sequentially numbered goods received note (GRN) and send a copy of the GRN to the finance department. Purchase invoices are sent directly to the purchase ledger clerk, who stores them in a manual file until the end

27、 of each week. He then inputs them into the purchase ledger using batch controls and gives each invoice a unique number based on the supplier code. The invoices are reviewed and authorised for payment by the finance director,but the actual payment is only made 60 days after the invoice is input into

28、 the system. Required: In respect of the purchasing system of Cherry Blossom Co:(i) Identify and explain FIVE deficiencies; and (ii) Recommend a control to address each of these deficiencies. Note: The total marks will be split equally between each part. (10 marks)（分数：10.00）_5.You are the audit supe

29、rvisor of Maple and (2 marks) (ii) Describe the level of assurance provided by external audits and review engagements. (2 marks)（分数：6.67）_(1).6.(a) (i) Identify and explain FOUR financial statement assertions relevant to classes of transactions and events for the year under audit; and (ii) For each

30、identified assertion, describe a substantive procedure relevant to the audit of REVENUE.(8 marks)（分数：10.00）_(2).(b) Hawthorn Enterprises Co (Hawthorn) manufactures and distributes fashion clothing to retail stores. Its year end was 31 March 2015. You are the audit manager and the year-end audit is d

31、ue to commence shortly. The following three matters have been brought to your attention. (i) Supplier statement reconciliations Hawthorn receives monthly statements from its main suppliers and although these have been retained, none have been reconciled to the payables ledger as at 31 March 2015. Th

32、e engagement partner has asked the audit senior to recommend the procedures to be performed on supplier statements. (3 marks) (ii) Bank reconciliation During last years audit of Hawthorns bank and cash, significant cut off errors were discovered with a number of post year-end cheques being processed

33、 prior to the year end to reduce payables. The finance director has assured the audit engagement partner that this error has not occurred again this year and that the bank reconciliation has been carefully prepared. The audit engagement partner has asked that the bank reconciliation is comprehensive

34、ly audited. (4 marks) (iii) Receivables Hawthorns receivables ledger has increased considerably during the year, and the year-end balance is $23 million compared to $14 million last year. The finance director of Hawthorn has requested that a receivables circularisation is not carried out as a number

35、 of their customers complained last year about the inconvenience involved in responding. The engagement partner has agreed to this request, and tasked you with identifying alternative procedures to confirm the existence and valuation of receivables. (5 marks) Required: Describe substantive procedure

36、s you would perform to obtain sufficient and appropriate audit evidence in relation to the above three matters. Note: The mark allocation is shown against each of the three matters above.（分数：10.00）_ACCA 考试 F8 审计与认证业务真题 2015 年 6 月答案解析(总分：100.01，做题时间：180 分钟)一、Section A ALL 12 q(总题数：12，分数：20.00)1.Which

37、 of the following audit procedures for obtaining audit evidence is correctly described? （分数：2.00）A.Recalculation involves the auditors independent execution of procedures or controls which were originally performed as part of the entitys internal controlB.Confirmation consists of seeking information

38、 of knowledgeable persons, within the company or outside the companyC.Reperformance consists of checking the mathematical accuracy of documents or recordsD.Observation consists of looking at a procedure or process being performed by others 解析：Audit procedure A describes reperformance, B is describin

39、g inquiry rather than confirmation and procedure C is describing recalculation. 2.Auditors are required to undertake an overall review of the financial statements as the final step before they form their audit opinion. As part of this process they undertake a number of procedures. Which of the follo

40、wing procedures would an auditor NOT undertake as part of the overall review of the financial statements?（分数：2.00）A.Reviewing the financial statements to ensure they are consistent with the auditors knowledge of the business and the results of their audit workB.Performing analytical procedures on th

41、e financial statements to form an overall conclusion on the financial statementsC.Undertaking a review of subsequent events to identify whether any adjustment or disclosure is required in the financial statements D.Reviewing the financial statements to ensure compliance with accounting standards and

42、 local legislation disclosure解析： Procedures A, B and D would be undertaken as part of the overall review of the financial statements. However, procedure C is undertaken when reviewing subsequent events occurring between the date of the financial statements and the date of the auditors report.3.Which

43、 of the following is NOT an inherent limitation of internal control systems?（分数：1.00）A.Insufficient segregation of duties B.Possibility that employees may collude together fraudulentlyC.Possibility of human error in undertaking tasks解析：A is incorrect as it is not an inherent limitation of an interna

44、l control system; rather it is an internal control deficiency. 4. Which of the following statements, relating to International Standards on Auditing (ISAs), if any, is/are correct? (1) International Standards on Auditing (ISAs) are issued by the International Accounting Standards Board (IASB)and pro

45、vide guidance on the performance and conduct of an audit (2) In the event that ISAs differ from local legislation in a specific country, auditors must comply with the requirements of the ISAs（分数：2.00）A.1 onlyB.2 onlyC.Both 1 and 2D.Neither 1 nor 2 解析：Statement 1 is incorrect as ISAs are issued by th

46、e International Auditing and Assurance Standards Board rather than the IASB who issue accounting standards. Statement 2 is incorrect as ISAs do not override local legislation. 5. Which TWO of the following statements regarding the use of analytical procedures during the PLANNING stage of the audit a

47、re correct? (1) Analytical procedures are useful when forming an overall conclusion as to whether the financial statements are consistent with the auditors understanding of the company (2) Analytical procedures can be used to obtain relevant and reliable audit evidence (3) Analytical procedures can assist in identifying the risks of material misstatement (4) Analytical procedures can assist in identifying unusual transactions and events（分数：2.00）A.1 and 2