1、ACCA 考试 F8 审计与认证业务（International）真题 2014 年 12 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 TWO of the following should be included in an audit engagement letter? (1) Objective and scope of the audit (2) Results of previous audits (3) Managements responsibilities (4) Need
2、 to maintain professional scepticism（分数：2.00）A.1 and 2B.1 and 3C.2 and 4D.3 and 42.Auditors have a professional duty of confidentiality under ACCAs Code of Ethics and Conduct; voluntary disclosure of information may be necessary in certain situations. For which TWO of the following situations should
3、 an auditor make VOLUNTARY disclosure? (1) If an auditor knows or suspects his client is engaged in money laundering (2) Where disclosure is made to non-governmental bodies (3) Where it is in the public interest to disclose (4) If an auditor suspects his client has committed terrorist offences（分数：2.
4、00）A.1 and 4B.1 and 3C.2 and 4D.2 and 33.ISA 580 Written Representations require auditors to obtain written representations to support other evidence. For which of the following matters would a written representation NOT be suitable as audit evidence?（分数：2.00）A.That all deficiencies in internal cont
5、rol known to management have been communicated to the auditorB.That subsequent events requiring adjustment or disclosure in the financial statements have been dealt with appropriatelyC.That the payroll charge for three months of the year when the accounting records were unavailable is correctly stat
6、edD.That management has fulfilled their responsibility for the preparation and presentation of the financial statements4. Which TWO of the following substantive procedures provide evidence over the EXISTENCE of trade receivables? (1) Agreeing a sample of goods despatched notes to sales invoices and
7、to the sales ledger (2) Undertaking a receivables circularisation (3) Review of post year-end cash receipts, if these relate to year-end receivables follow through to the sales ledger (4) Recalculating the allowance for uncollectible accounts（分数：2.00）A.1 and 3B.2 and 4C.2 and 3D.1 and 45.Which of th
8、e following is NOT a responsibility of the auditor?（分数：1.00）A.To provide an opinion on the truth and fairness of the financial statementsB.To conduct an audit in accordance with International Standards on AuditingC.To express an opinion on the companys going concern status6.Which of the following pr
9、ocedures are TESTS OF CONTROL an auditor should perform in testing the inventory cycle of their client whilst attending the inventory count? (1) Observe whether the clients staff are following the inventory count instructions (2) Review inventory present in the warehouse for evidence of damage or ob
10、solescence (3) Obtain a sample of the last goods received notes and goods despatched notes and follow through to ensure inclusion in the correct accounting period (4) Inspect and review managements inventory count instructions（分数：2.00）A.2 and 3B.1 and 4C.1 and 2D.3 and 47.Which of the following is N
11、OT an advantage of a company outsourcing its internal audit function?（分数：1.00）A.There will always be a reduction in costsB.Provides access to specialist skillsC.Can provide access to an internal audit team immediately8.Which of the following is NOT an audit software technique?（分数：2.00）A.Using comput
12、er programs to extract a sample for a receivables circularisationB.Running a computer program to test the addition of the cash bookC.Using a computer to perform an analytical review comparison of administration expenses against the prior yearD.Entering a sample of dummy sales orders through the comp
13、uter system which takes customers over their credit limit to ensure the system rejects the orders9.Which of the following is a DISADVANTAGE of recording accounting and control systems using internal control questionnaires?（分数：1.00）A.They may contain a large number of irrelevant controlsB.It can be d
14、ifficult to identify missing controlsC.They are time consuming to complete10.Which of the following statements, if any, is/are correct? (1) Internal auditors should report to the finance director as they understand internal controls and are best placed to implement any recommendations in a timely ma
15、nner (2) Companies are not required to establish and maintain an internal audit function（分数：2.00）A.1 onlyB.2 onlyC.Both 1 and 2D.Neither 1 nor 211.Is the following statement true or false? Audit risk is a function of two components, inherent risk and control risk. （分数：1.00）A.TrueB.False12.Which of t
16、he following statements, relating to the auditors reporting responsibilities for going concern, if any,is/are correct? (1) Where management is unwilling to make their assessment of the companys ability to continue as a going concern, the auditor should include an emphasis of matter paragraph in the
17、audit report (2) Where the use of the going concern assumption is inappropriate, the auditor should include a qualified opinion in the audit report （分数：2.00）A.1 onlyB.2 onlyC.Both 1 and 2D.Neither 1 nor 2二、Section B ALL SIX (总题数：6，分数：80.00)1(1).(a) ISA 300 Planning an Audit of Financial Statements p
18、rovides guidance to auditors. Planning an audit involves establishing the overall audit strategy for the engagement and developing an audit plan. Adequate planning benefits the audit of financial statements in several ways. Required: Explain the importance of audit planning. (5 marks)（分数：5.00）_(2).(
19、b) You are the audit senior in charge of the audit of Swandive Co (Swandive), and have been informed by your audit manager that during the year a fraud occurred at the client. A payroll clerk set up fictitious employees and the wages were paid into the clerks own bank account. This clerk has subsequ
20、ently left the company, but the audit manager is concerned that additional frauds have taken place in the wages department. Required: Describe procedures which should be undertaken during the audit of wages as a result of the managers assessment of the increased risk of fraud.(5 marks)（分数：5.00）_13.2
21、 You are the audit supervisor of Seagull he sits on an audit committee of another company as a non-executive director and is agreeable to being paid a fixed fee which is not related to profits. Jacob Mallard is currently a finance director of a small retail company, which does not compete with Blueb
22、ird; he has expressed an interest in a fixed seven year contract and he is the brother of Bluebirds chief executive. Required（分数：10.00）(1).(a) Explain the benefits to Bluebird Enterprises Co of establishing an audit committee.(4 marks)（分数：5.00）_(2).(b) Discuss the advantages and disadvantages of app
23、ointing: (i) Anthony Goldfinch; and (ii) Jacob Mallard as non-executive directors of Bluebird Enterprises Co. Note: The total marks will be split equally between each part. (6 marks)（分数：5.00）_4(1).(a) ISA 700 Forming an Opinion and Reporting on Financial Statements requires auditors to produce an au
24、dit report.This report should contain a number of consistent elements so that users are able to understand what the audit report means. Required: Describe FOUR elements of an unmodified auditors report and for each explain why they are included.(4 marks)（分数：5.00）_(2).(b) B is a website design compan
25、y whose year end was 31 October 2014. The audit is almost complete and the financial statements are due to be signed shortly. Revenue for the year is $112 million and profit before tax is $38 million. A key customer, with a receivables balance at the year end of $283,000, has just notified B that th
26、ey are experiencing cash flow difficulties and so are unable to make any payments for the foreseeable future. The finance director has notified the auditor that he will write this balance off as an irrecoverable debt in the 2015 financial statements. Required: (i) Explain whether or not the 2014 fin
27、ancial statements require amendment; and (ii) Describe audit procedures which should be performed in order to form a conclusion on any required amendment. Note: The total marks will be split equally between each part. (6 marks)（分数：5.00）_5 Hummingbird Scents Co (Hummingbird) manufactures and sells lu
28、xury toiletries; they have been trading for over 20 years and the companys year end is 30 September 2014. Hummingbird sells products to trade customers via its own website; this represents 60% of revenue. Remaining revenue is generated by contracts to supply toiletries to hotels. Below is a descript
29、ion of the sales system. Hotel revenue The hotel revenue is made up of four key customers. Hummingbird has one sales clerk, Brenda, who maintains all aspects of this revenue stream; Brenda receives customer orders, raises sales invoices and processes payments. In raising invoices, the sales system a
30、utomatically inserts the online trade customer prices for products. However, each hotel customer has contracted prices which are lower than the online prices and hence Brenda manually edits the invoices prior to despatch. Online revenue New trade customers are set up in the sales ledger master file
31、upon passing suitable credit checks, and a credit limit is set at this stage by the finance director. Customers place online orders up to their pre-set credit limit; they receive an email confirmation and the sales order interfaces into the despatch system. The order number is linked to the customer
32、 account number. Goods are despatched daily with a goods despatched note which is referenced to the sales order number but are not sequentially numbered. Hummingbird used to despatch goods via a reliable national courier company. However, to reduce costs they have changed to a cheaper local courier
33、and some orders have been delivered to customers late. Trade customers sales invoices are automatically generated by the system on the day the online order is placed. The prices are inserted in accordance with the website rates. Occasionally Hummingbird makes special offers or discounts sales; when
34、this occurs the master file data has to be amended to ensure that the correct prices are used on invoices.This task is usually performed by a senior sales ledger clerk. Revenue and receivables records On a monthly basis statements are sent to the hotel customers; a number of trade customers have bee
35、n requesting monthly statements and Hummingbird is considering this request. The company only reconciles the sales ledger control account at the end of September in order to verify the year-end balance. Required:（分数：20.00）(1).(a) As the external auditor of Hummingbird Co, write a report to managemen
36、t in respect of the sales system described above which: (i) Identifies and explains SEVEN deficiencies in the sales system; and (ii) Provides a recommendation to address each of these deficiencies. A covering letter IS required. Note: Up to two marks will be awarded within this requirement for prese
37、ntation and the remaining marks will be split equally between each part. (16 marks)（分数：10.00）_(2).(b) Describe substantive procedures the auditor should perform to confirm Hummingbird Cos revenue.(4 marks)（分数：10.00）_6 Jackdaw Motor Cars Co (Jackdaw) manufactures a range of motor cars and its year en
38、d is 31 January 2015. You are the audit supervisor of Puffin and (6 marks) (ii) The valuation of work in progress. (4 marks)（分数：6.67）_(3).(c) During the audit, your team has identified an error in the valuation of work in progress, as a number of the assumptions contain out of date information. The
39、directors of Jackdaw have indicated that they do not wish to amend the financial statements. Required: Explain the steps Puffin voluntary disclosure of information may be necessary in certain situations. For which TWO of the following situations should an auditor make VOLUNTARY disclosure? (1) If an
40、 auditor knows or suspects his client is engaged in money laundering (2) Where disclosure is made to non-governmental bodies (3) Where it is in the public interest to disclose (4) If an auditor suspects his client has committed terrorist offences（分数：2.00）A.1 and 4B.1 and 3C.2 and 4D.2 and 3 解析：In th
41、e case of situations 1 and 4, the auditor has an obligation to disclose details of their clients affairs to third parties. Situations 2 and 3 are ones where voluntary disclosure should be made.3.ISA 580 Written Representations require auditors to obtain written representations to support other evide
42、nce. For which of the following matters would a written representation NOT be suitable as audit evidence?（分数：2.00）A.That all deficiencies in internal control known to management have been communicated to the auditorB.That subsequent events requiring adjustment or disclosure in the financial statemen
43、ts have been dealt with appropriatelyC.That the payroll charge for three months of the year when the accounting records were unavailable is correctly stated D.That management has fulfilled their responsibility for the preparation and presentation of the financial statements解析：When the accounting rec
44、ords are unavailable, it is not acceptable to obtain a written representation as this represents an inability to obtain sufficient and appropriate audit evidence and if material would result in a modified audit report. 4. Which TWO of the following substantive procedures provide evidence over the EX
45、ISTENCE of trade receivables? (1) Agreeing a sample of goods despatched notes to sales invoices and to the sales ledger (2) Undertaking a receivables circularisation (3) Review of post year-end cash receipts, if these relate to year-end receivables follow through to the sales ledger (4) Recalculatin
46、g the allowance for uncollectible accounts（分数：2.00）A.1 and 3B.2 and 4C.2 and 3 D.1 and 4解析： Substantive procedure 1 provides evidence over the assertion of completeness as the direction of the test is from source documents to accounting records. Substantive procedure 4 provides evidence over valuati
47、on and allocation rather than existence.5.Which of the following is NOT a responsibility of the auditor?（分数：1.00）A.To provide an opinion on the truth and fairness of the financial statementsB.To conduct an audit in accordance with International Standards on AuditingC.To express an opinion on the companys going concern status 解析：Auditors do not hav
