UNIVERSITY OF BOLTON OFF CAMPUS DIVISION THE UNIVERSITY OF BANKING - HCMC VIETNAM BA (HONS) ACCOUNTANCY SEMESTER 1 EXAMINATIONS 2015/16
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1 OCD002 UNIVERSITY OF BOLTON OFF CAMPUS DIVISION THE UNIVERSITY OF BANKING - HCMC VIETNAM BA (HONS) ACCOUNTANCY SEMESTER 1 EXAMINATIONS 2015/16 ADVANCED AUDITING PRACTICE MODULE NO: ACC6006 Date: Friday 30 th October 2015 Time: 3 Hours INSTRUCTIONS TO CANDIDATES: You must answer 4 of the 5 questions on this paper. Answer BOTH questions in Part A and TWO questions from Part B Part A questions carry 30 marks and Part B questions carry 20 marks This is a closed book examination. You must hand in this exam paper with your answer booklet.
2 Page 2 of 7 PART A ANSWER BOTH QUESTIONS Question 1 Murdoch Limited You are an audit partner in Brian Blessed and Co, a medium sized firm of chartered accountants with three offices in the North of England. You have been approached by a casual acquaintance, Ralph Murdoch, who has asked whether you wish to be appointed as the auditor of Murdoch Limited, a publishing group that he owns, for the year ended 31 March You have discovered that there are two companies in the group. Papers and Co publish a range of local newspapers in some 15 towns and cities throughout England. Mags Limited is located in a country which does not require there to be an audit of companies which are not publically owned. The two companies are of similar size, and the group prepares consolidated financial statements. Mr Murdoch plays a major role in the running of both concerns, to the extent that he makes all decisions of any importance. There has been one preliminary meeting. You discovered that the current auditors have been told that they will not be reappointed at the annual general meeting which is to be held shortly. When you asked for more detail Mr Murdoch became impatient, but you gathered that there had been a dispute over the extent to which pension liabilities should be included in the accounts. However Mr Murdoch soon calmed down and added that you would find him generous about fees, provided he wasn t upset. The other directors of Murdoch Limited have recently been briefed by Mr Murdoch, and he tells you that they are so pleased they have asked that: a) You should attend the monthly Board meetings, as the prospective engagement partner; and b) Brian Blessed and Co should also act as internal auditors of the group. QUESTION 1 CONTINUES OVERLEAF
3 Page 3 of 7 Question 1 cont d a) Suggest the reasons for and against Mags Limited having an audit despite there being no legal obligation; b) Discuss the reasons that may prevent you from accepting the appointment as external auditor of Murdoch Limited. What steps would you propose to resolve those issues; c) Evaluate the potential threats to objectivity caused by the provision of the two additional services requested by Murdoch and develop safeguards that could be put in place to mitigate those threats. Total 30 marks Question 2 Charles, Dickens and Company Limited Your firm is the auditor of Charles, Dickens and Co Ltd (Charles Dickens) which publishes books. It operates in three distinct markets; direct sales to the public via the internet, wholesale to chains of retail booksellers and to institutions such as schools. As part of your planning of the audit of the accounts for the year ending 31 December 2015 you have obtained some data about sales and debtors in the first nine months of the year and compared this with last year s results:
4 Page 4 of 7 Question 2 cont d QUESTION 2 CONTINUES OVERLEAF 9 months to 30 September 2015 Draft 12 months to 31 December 2014 Actual Sales Internet Wholesale 1,249 1,735 Institutions Total 2,835 3,458 Debtors Internet Wholesale Institutions Total The company s draft accounts show a net profit of 57,000 (2014: 112,000) and gross assets of 2.5 million. (2014: 2.4 million) a) How would you explain the concept of materiality to a junior member of your audit team? What factors would you take into account in setting overall materiality for planning purposes? (8 marks) b) How would you go about assessing the inherent risks of each of the three markets in which the company operates? How would your conclusions then inform your testing plan? (7 marks) c) What analytical procedures would you perform to help you plan your audit of sales and debtors? Calculate the results of the key procedures, and identify the audit risks they point to; (7 marks) d) Set out two substantive tests you would perform during the final audit of debtors, and two on sales income. (8 marks) Total 30 marks
5 Page 5 of 7 PART B ANSWER TWO QUESTIONS FROM THIS PART Question 3 Graham Green and Sons The Board of Graham Green and Sons Limited, a large but unlisted company based in the UK, has asked you to review the company s corporate governance arrangements. The directors are aware of the recent revision to the Corporate Governance Code and believe that it is timely to consider its impact. You have established that Graham Green is a holding company, and that the trading activity is handled by three subsidiaries. Each operates in a different industry; Brighton Ltd deals in motor accessories throughout the UK; Rock Ltd has chemical plants in several African countries and Pinkie Ltd runs nail bars in Europe. Together they employ 1,250 people. Graham Green itself provides head office functions such as human resources, and deals with most of the financial aspects of the group. Your brief from the Board is to focus in particular on: a) The advantages of introducing an audit committee; b) Whether there should be non-executive directors on the main Board, or the subsidiary Boards; c) How directors remuneration should be set in future. Compile a report for the Board. It should cover the purpose of the Corporate Governance Code and which organisations it applies to (5 marks) as well as points a) to c) above. (5 marks each) Total 20 marks
6 Page 6 of 7 Question 4 Kingsley and Amis You have recently been appointed auditor of Kingsley and Amis Ltd, and are planning your audit for the year ended 31 December You have obtained the following information about the company. The company prepares chilled foods which it sells to supermarkets under its own brand name, Lucky Jim. It also has a one year renewable contract with a major national supermarket chain under which the company prepares pizza to be sold by that supermarket as Our own brand. This contract represents 45% of turnover. Kingsley and Amis are currently negotiating another substantial contract with a new supermarket, but no agreement has yet been reached because of issues over prices and the length of the credit period that is demanded. The original business plan envisaged that the company would acquire an adjacent business unit to enable it to expand production but this has been shelved for the time being. Kingsley and Amis has net assets of 2 million, after taking account of loans of 5 million advanced by the bank. These loans are secured on the freehold property of the company, and come up for renewal in May Day to day working capital is funded by an overdraft facility of 1.5 million which is secured by a floating charge on the company s fixed assets. This facility is due to be renewed once the audited accounts are available in February The managing director has explained to you that the finance director has recently left the company, and has yet to be replaced. His deputy is attempting to cover for him, assisted by temporary staff, but the draft accounts may be delayed. He added that while there is likely to be a loss in 2015, he is confident that there will be a return to profit in a) Which matters give you concern as the auditor of Kingsley and Amis? b) What further work would you undertake to satisfy yourself that the company should be regarded as a going concern? Total 20 marks
7 Page 7 of 7 Question 5 Money laundering The introduction of the Proceeds of Crime Act 2002 and the Money Laundering Regulations 2007 was widely thought to bring added complication to the work of the auditor. However it is also argued that they do not extend the scope of an audit, but require instead that the auditor considers the results of their work to identify matters that should be reported. Suggest how the results of the audit can best be used to meet the requirements of the Money Laundering legislation. Your answer should include: a) What information might lead to suspicions of money laundering? b) The steps that should be taken in the event of suspicions to discharge the auditor s responsibilities Total 20 marks END OF QUESTIONS
UNIVERSITY OF BOLTON OFF CAMPUS DIVISION THE UNIVERSITY OF BANKING - HCMC VIETNAM BA (HONS) ACCOUNTANCY SEMESTER 1 EXAMINATIONS 2015/16
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