1、2018 年 12 月 ACCA 考试 P7 高级审计与认证业务真题及答案解析(总分：100.00，做题时间：195 分钟)一、案例分析题(总题数：0，分数：0.00)Section A(总题数：1，分数：50.00)1.You are a manager in the audit department of Huntsman this offers children two hours coaching per week in a range of sports including swimming and tennis. This coaching is provided free as
2、part of their parents membership, and it has proved to be very successful the finance director estimates that it has led to 3,000 new members since it was launched.In June 20X8, the company opened a new coastal sport and leisure centre which, as well as offering the usual facilities, also has a scub
3、a diving centre and offers other water sports facilities. An investment of $12 million was also made in new gym equipment across all centres, to ensure that the company offers the most modern facilities to its customers.An advertising campaign has been launched, to promote the company brand generall
4、y, and to make customers aware of the investments in the facilities which have been made. As part of this campaign, the company paid $1 million to a famous athlete to endorse the company for a period of two years. The athlete will appear at the opening of the new coastal sports centre and has agreed
5、 to feature in poster advertisements for the next two years.Redback Sports Co is also involved with a government initiative to help unemployed people have access to sport facilities. The company received a grant of $2 million in September 20X8, under the terms of which it allows unemployed people th
6、ree hours of free access to its facilities per month. By the end of November, 33,900 free hours of facility use have been provided under this scheme. The government intends the initiative to run for three years, to promote long-term health of participants.A new data management system has been introd
7、uced, which integrates membership information with accounting software. This allows more efficient management of the customer database which is used extensively for marketing purposes, as well as providing more timely information on financial performance to management. Data from the previous system
8、was transferred to the new system in July 20X8, and the two systems ran in parallel for two months while training was given to staff and the new system was monitored. One feature of the new system is that it records and reports on the free hours of access provided to unemployed people, which the com
9、pany has to report on a monthly basis to the government.Exhibit 3 Extracts from management accounts of Redback Sports CoNotes1. Revenue is forecast to increase significantly this year. This is largely due to the success of the advertising campaign featuring the celebrity athlete and the Healthy Kids
10、 programme (referred to in Exhibit 2).2. The grant received of $2 million, the details of which are explained in Exhibit 2, has been recognised in full as income for the year.3. The companys operating expenses includes the following items:20X9 20X8$000 $000Staff costs 15,300 14,300Marketing 8,500 8,
11、500Maintenance and repairs of facilities 5,500 5,3004. Capital expenditure was mostly financed through borrowings. On 1 March 20X8, a ten-year $30 million loan was received from the companys bank. The loan does not bear interest and is repayable at par value of $34 million. As well as the bank loan,
12、 a loan of $1 million was advanced to the company from its managing director, Bob Glider, on 1 July 20X8. The terms of this loan include 3% interest paid to Bob annually in arrears, and the capital will be repaid in seven years time in 20Y5.5. Two new sport and leisure centres were opened this year.
13、 As well as the coastal sport and leisure centre (referred to in Exhibit 2), a new centre was opened in an affluent urban area in the capital city.6. The management information system shows that members visit a sport and leisure centre on average three times per week.Exhibit 4 Notes of a telephone c
14、onversation between Stella Cross and Mick Emu, managing director of Emu Gyms CoNotes taken by Stella Cross:Mick Emu phoned me this morning to discuss developments at Emu Gyms Co and to enquire whether our firm could carry out either an audit of the companys financial statements, or a limited assuran
15、ce review of them. This would be the first time that the financial statements have been subject to audit or limited assurance review.Business backgroundThe company was founded by Mick in 20X5, and since that time our firm has provided a payroll service for the companys staff, which now number 35 emp
16、loyees working in the companys four gyms, all located in urban areas. We have also provided Mick with advice on his personal tax position and financial planning in respect of his retirement, as he wants to sell the company in a few years time. Mick runs the company with his son, Steve, who is a qual
17、ified personal trainer, and with his daughter, Siobhan, who is the marketing director. The company employs one accountant who prepares the management and financial accounts and who deals with customer memberships.The company has grown quite rapidly in the last year, with revenue of $8 million for th
18、e financial year to 30 September 20X8, and with total assets of approximately $55 million. The comparative figures for 20X7 were revenue of $65 million and total assets of $48 million.Loan applicationMick thinks that it will be difficult to attract more members for his gyms in existing locations, an
19、d would like the company to expand by constructing a new gym. He has discussed a loan of $4 million with the companys bank to fund the necessary capital expenditure. The bank manager has asked for the companys financial statements for the year to 30 September 20X8 and comparative information, and ha
20、s also requested a cash flow and profit forecast for the next three years in order to make a lending decision within the next two months.Mick has asked whether a representative of the firm can attend a meeting with Mick and the companys bank manager, to support the loan application and answer questi
21、ons from the bank manager, assuming that we are engaged to perform either an audit or a limited assurance review on the financial statements.Suspected fraudMick mentioned that one of the reasons he would like an audit or limited assurance review of the financial statements is because he has noticed
22、some unusual trends in the companys financial information. This has led him to suspect that several employees are carrying out a fraud. Each gym has a small shop selling gym wear and a caf, where customers can buy light meals, drinks and snacks. Mick has noticed that the cash receipts from sales in
23、the shops and cafs have reduced significantly in the last year, however, there has been no reduction in purchases from suppliers. As a consequence, the gross margin for these sales as reported in the management accounts has fallen from 32% to 26%. This indicated to him that staff members could be gi
24、ving away items for free to customers, or they could be taking inventories from the shops and cafs for their personal use or to sell.The shops and cafs keep a relatively small amount of inventory which is replenished on a regular basis. Until this year, sales in the shops represented approximately 5
25、 and caf sales represented approximately 8% of the companys revenue. The figures for this year are 3% and 6% respectively.Mick wonders whether the potential fraud would have been uncovered earlier, had the financial statements been subject to audit or limited assurance review in previous years.（分数
26、50.00）_Section B(总题数：2，分数：50.00)Daley Co is a family owned, unlisted company which imports motor cars. The company buys cars from a variety of car manufacturers for sale to car dealerships and vehicle leasing companies within its own domestic market. Daley Co has been a client of your firm for the
27、last three years and you are the newly appointed audit manager on the audit for the year ended 31 August 20X8. The audit for the current reporting period is nearing completion and you are reviewing the working papers of the going concern section of the audit file.Extracts from the draft financial st
28、atements and other relevant information are given below.Statement of financial positionStatement of profit or loss for the yearYou have also ascertained the following information during your review:1. Daley Co has undergone a period of rapid expansion in recent years and is intending to buy new ware
29、housing facilities in January 20X9 at a cost of $43 million.2. In order to finance the new warehousing facilities, the company is in the process of negotiating new finance from its bankers. The loan application is for an amount of $5 million and is to be repaid over a period of four years.3. The pro
30、vision of $35 million in this years statement of financial position relates to legal actions from five of Daley Cos largest customers. The actions relate to the claim that the company has sold cars which did not comply with domestic regulations.4. A major new competitor has moved in to Daley Cos mar
31、ket in October 20X8.5. The going concern working papers include a cash flow forecast for the 12 months ending 31 August 20X9. The cash flow forecast assumes that Daley Cos revenue will increase by 25% next year and that following the reorganisation of its credit control facility, its customers will
32、pay on average after 60 days. The forecast also assumes that the bank will provide the new finance in January 20X9 and that the company will have a positive cash balance of $17 million by 31 August 20X9.6. The financial statements have been prepared on a going concern basis and make no reference to
33、any significant uncertainties in relation to going concern.Required:（分数：25）(1).(a) Using analytical review where appropriate, evaluate the matters which may cast doubt on Daley Cos ability to continue as a going concern.（分数：10）_(2).(b) Explain the audit evidence in respect of the cash flow forecast
34、which you would expect to find in your review of the audit working papers on going concern.You have established through discussions with Daley Cos directors that they do not wish to disclose uncertainties over the going concern status of the company in the notes to the financial statements.（分数：9）_(3
35、).(c) Explain the possible reasons why the directors may wish to exclude these disclosures and evaluate the possible implications for the auditors report.（分数：6）_You are an audit manager in Thomasson and(ii) Evaluate whether there are any indicators of money laundering activities by either Clean Co o
36、r its staff.（分数：10）_(2).Comment on the ethical and professional issues arising from your review of the audit working papers and recommend any actions which should now be taken by Thomasson this offers children two hours coaching per week in a range of sports including swimming and tennis. This coach
37、ing is provided free as part of their parents membership, and it has proved to be very successful the finance director estimates that it has led to 3,000 new members since it was launched.In June 20X8, the company opened a new coastal sport and leisure centre which, as well as offering the usual fac
38、ilities, also has a scuba diving centre and offers other water sports facilities. An investment of $12 million was also made in new gym equipment across all centres, to ensure that the company offers the most modern facilities to its customers.An advertising campaign has been launched, to promote th
39、e company brand generally, and to make customers aware of the investments in the facilities which have been made. As part of this campaign, the company paid $1 million to a famous athlete to endorse the company for a period of two years. The athlete will appear at the opening of the new coastal spor
40、ts centre and has agreed to feature in poster advertisements for the next two years.Redback Sports Co is also involved with a government initiative to help unemployed people have access to sport facilities. The company received a grant of $2 million in September 20X8, under the terms of which it all
41、ows unemployed people three hours of free access to its facilities per month. By the end of November, 33,900 free hours of facility use have been provided under this scheme. The government intends the initiative to run for three years, to promote long-term health of participants.A new data managemen
42、t system has been introduced, which integrates membership information with accounting software. This allows more efficient management of the customer database which is used extensively for marketing purposes, as well as providing more timely information on financial performance to management. Data f
43、rom the previous system was transferred to the new system in July 20X8, and the two systems ran in parallel for two months while training was given to staff and the new system was monitored. One feature of the new system is that it records and reports on the free hours of access provided to unemploy
44、ed people, which the company has to report on a monthly basis to the government.Exhibit 3 Extracts from management accounts of Redback Sports CoNotes1. Revenue is forecast to increase significantly this year. This is largely due to the success of the advertising campaign featuring the celebrity athl
45、ete and the Healthy Kids programme (referred to in Exhibit 2).2. The grant received of $2 million, the details of which are explained in Exhibit 2, has been recognised in full as income for the year.3. The companys operating expenses includes the following items:20X9 20X8$000 $000Staff costs 15,300
46、14,300Marketing 8,500 8,500Maintenance and repairs of facilities 5,500 5,3004. Capital expenditure was mostly financed through borrowings. On 1 March 20X8, a ten-year $30 million loan was received from the companys bank. The loan does not bear interest and is repayable at par value of $34 million. As well as the bank loan, a loan of $1 million was advanced to the company from its managing director, Bob Glider, on 1 July 20X8. The terms of this loan include 3% interest paid to Bob annually in arrears, and the capital will be repaid in seven years time in 20Y5.5. Two
