AA 試験問題を無料オンラインアクセス

Julia is a member of a professional accountancy body who works in industry at KiwiCorp plc, a listed company. The company is experiencing difficulty meeting the expectations of the market, and Julia has been told by the board of directors that the company must meet
its optimistic profit targets at the year end. To achieve this target and for good corporate governance practice KiwiCorp is to set an active audit committee.
Which of the following statements about audit committee is NOT correct?

• A.Audit committees are an important aspect of a company's control environment
• B.Listed companies are required to have an audit committee
• C.At least 50% of the members of an audit committee must be non-executive directors
• D.Audit committees are considered to be good practice for all large companies

John has been given the following draft figures for Kulran Ltd for the year ended 30 June 2011 to analyse. Materiality has been set at $35,000 and the finance director has told John in a planning meeting that there have been few changes in the year. Budgets were set at 2010 levels and there have been no major movements in non-current assets.
20112010
$$
Revenue3,497,2843,487,286
Cost of sales1,867,2942,008,967
Salaries467,900420,975
Which of the following is normally designed to detect possible material monetary errors in the above figures of financial statements?

• A.Walk-through test
• B.Analytical procedure
• C.Test of control
• D.Observation of a procedure

A subsidiary president terminated a controller and hired a replacement without the required corporate approvals. Sales, cash flow, and profit statistics were then manipulated by the newcontroller and president via accelerated depreciation and sale of capital assets to obtain larger performance bonuses for the controller and the subsidiary president.
Which of the following approaches might detect this fraudulent activity?

• A.Analysis of overall management control for segregation of duties.
• B.Regular analytical review of operating divisions.
• C.Periodic changes of outside public accountants.
• D.Exit interview for all terminated employees.

The internal auditing department has been assigned to perform an audit of a division. Based on background review, the auditor knows the following about management policies:
Company policy is to rapidly promote divisional managers who show significant success. Thus, successful managers rarely stay at a division for more than three years.
A significant portion of division management's compensation comes in the form of bonuses based on the division's profitability.
The division was identified by senior management as a turnaround opportunity. The division is growing, but is not scheduled for a full audit by the external auditors this year. The division has been growing about 7% per year for the past three years and uses a standard cost system.
During the preliminary review, the auditor notes the following changes in financial data compared to the prior year:
Sales have increased by 10%.
Cost of goods sold has increased by 2%.
Inventory has increased by 15%.
Divisional net income has increased by 8%.
Assume the auditor found that there was a plan to overstate inventory and therefore increase reported profits for the division. If reported correctly, the division would not have shown an increase in net income. The auditor has substantial evidence that the divisional manager was aware of and approved the plan to overstate inventory. There is also some evidence that the manager may have been responsible for the implementation of the plan.
The appropriate audit action would be to

• A.Document the case thoroughly and report the suspicions to the external auditor for further review and external reporting.
• B.Continue to conduct interviews with subordinates until a clear-cut case is made and then report the case to the audit committee.
• C.Inform management and the audit committee of the findings and discuss proper follow-up action and/or further investigation with them.
• D.Inform the divisional manager of the audit suspicions and obtain the manager's explanation of the findings before pursuing the matter further.

When questions arise on the appropriateness of the going concern assumption made by management and the existence of material misstatements which was not adequately disclosed in the financial statements would lead to auditor's-

• A.Qualified opinion
• B.Unmodified opinion
• C.Unmodified opinion (but have to include an emphasis of matter paragraph in the auditor's report)
• D.Disclaimer of opinion