考前抱佛脚 ACCA F8 AA Audit and Assurance AA简答题练习.docx
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考前抱佛脚 ACCA F8 AA Audit and Assurance AA简答题练习.docx
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考前抱佛脚ACCAF8AAAuditandAssuranceAA简答题练习
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考前抱佛脚|ACCAF8AAAuditandAssurance(AA)简答题练习
PS:
答案由考官答案整理。
1.2014DecQ3(a)4mbenefitsAuditcommittee
AppointinganauditcommitteewillbenefitBluebirdinthefollowingways:
–Bluebirddoesnotcurrentlyhaveanynon-executivedirectors,henceonceappointed,theywillbringconsiderableexternalexperiencetotheboardaswellaschallengingthedecisionsofexecutivedirectorsandcontributingto
independentjudgements.
–Thefinancedirectorwillbenefitinthathewillbeabletoraiseconcernsanddiscussaccountingissueswiththeauditcommittee.
–ItwillhelptoimprovethequalityofthefinancialreportingofBluebird;whilstthecompanyalreadyhasafinancedirector,theauditcommitteewillassistbyreviewingthefinancialstatements.
–Theestablishmentofanauditcommitteecanhelptoimprovetheinternalcontrolenvironmentofthecompany.Theauditcommitteeisabletodevotemoretimeandattentiontoareassuchasinternalcontrols.
–Theauditcommitteewillassumeresponsibilityforappointingandliaisingwiththeexternalauditfirm,thusensuringtheindependenceoftheexternalauditorespeciallyincasesofdisputewithmanagement.
2.2014DecQ3(b)6mFactorstoconsiderwhenappointingNED
Advantages:
(i)AntonyGoldfinchalreadyhasexperienceofbeingaNEDforanothercompanyandhehassatonanauditcommittee,hencehewillbefamiliarwithwhattheroleentailsandwillbeabletobringexperienceofbeingaNEDtoBluebird.
Inaddition,AntonyGoldfinchhasindicatedheisagreeabletobeingpaidafixedfeewhichisnotprofitrelated;thisisimportantasanindependentNED’sremunerationshouldbeunrelatedtotheperformanceofthecompany.
(ii)JacobMallardiscurrentlyafinancedirectorandsohepossessesrecentandrelevantfinancialexperiencewhichisrequiredforatleastonememberoftheauditcommittee.
Inaddition,heoperatesintheretailindustryandsowouldbeawareofkeyissuesfacingcompanieslikeBluebirdandsowouldhaveanappropriatemixofexperienceandknowledge
Disadvantages:
(i)AppointingAntonyGoldfinchasaNEDhasdisadvantagesasheworksforabankingcompanyandsowouldnothaverelevantexperienceofcompaniessuchasBluebird;hencehecouldlackthecriticalskillsandrelevantexperienceneededtoprovidemeaningfuladvicetotheexecutivedirectors.
Inaddition,AntonyGoldfinchisalreadyanexecutivedirectorforalargemultinationalcompanyandaNEDforanothercompany;itmightbedifficultforhimtodevotesufficienttimetohisroleatBluebird.
(ii)JacobMallardisthebrotherofthechiefexecutiveandthereforeheisnotanindependentNED.HemightbeinclinedtoagreewiththechiefexecutiveasheishisbrotherratherthanprovidingthelevelofobjectivejudgementrequiredfromaNED.
AlsohewantsacontractasaNEDforaperiodofsevenyears;alldirectorsincludingNEDsmustbesubjecttore-electionatregularintervalsnotexceedingthreeyears.
3.2013JuneQ1(a)5mwhycommunicationisimportance/threematters
InaccordancewithISA260CommunicationwithThoseChargedwithGovernance,itisimportantfortheauditorstoreporttothosechargedwithgovernanceasithelpsinthefollowingways:
(1)Itassiststheauditorandthosechargedwithgovernanceinunderstandingmattersrelatedtotheaudit,andindevelopingaconstructiveworkingrelationship.Thisrelationshipisdevelopedwhilemaintainingtheauditor’s
independenceandobjectivity.
(2)Ithelpstheauditorinobtaining,fromthosechargedwithgovernance,informationrelevanttotheaudit.Forexample,thosechargedwithgovernancemayassisttheauditorinunderstandingtheentityanditsenvironment,inidentifyingappropriatesourcesofauditevidenceandinprovidinginformationaboutspecifictransactionsorevents.
(3)Ithelpsthosechargedwithgovernanceinfulfillingtheirresponsibilitytooverseethefinancialreportingprocess,therebyreducingtherisksofmaterialmisstatementofthefinancialstatements.
4.2012DecQ2(a)3mStateTHREErightsofanauditor
Auditors’rights
–Rightofaccessatalltimestothecompany’sbooks,accountsandvouchers.
–Righttorequirefromanofficerofthecompanysuchinformationorexplanationsastheythinknecessaryfortheperformanceoftheirdutiesasauditors.
–Righttoreceiveallcommunicationsrelatingtowrittenresolutions.
–Righttoattendanygeneralmeetingofthecompany.
5.2012DecQ2(c)3mTHREElimitationsofexternalaudits.
Limitationsofexternalaudits
Sampling–itisnotpracticalforanauditortotest100%oftransactionsandsotheyhavetoapplysamplingmethodologiesinselectingbalances/transactionstotest.Therefore,therecouldbeanerrorinanitemnotselectedfortestingbyth
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