SECTION A CASE QUESTIONS (Total 50 marks)
|
|
- Joy Boone
- 5 years ago
- Views:
Transcription
1 SECTION A CASE QUESTIONS (Total 50 marks) Answer ALL of the following compulsory questions. Marks will be awarded for logical argumentation and appropriate presentation of the answers. CASE Cherry Holdings Limited and its subsidiaries (collectively referred to as Cherry Group or the Group ) are engaged in garment manufacturing. Its headquarters are located in Hong Kong. All the goods of the Group are manufactured in the factories of Cherry China Limited located in mainland China and are sold to customers in Europe, Japan and the United States, through Cherry Hong Kong Limited and Cherry Macau Limited. The organisational chart of the Group as at 31 December 2013 is as follows: Cherry Holdings Limited (incorporated in Bermuda) 100% 100% Cherry Hong Kong Limited (incorporated in Hong Kong) Cherry Macau Limited (incorporated in Macau) 100% Cherry China Limited (incorporated in China) Module C (December 2014 Session) Page 1 of 11
2 The financial information of the Group for the year ended 31 December 2013 (audited) and for the six months ended 30 June 2014, extracted from the unaudited management accounts, is summarised as follows: All in HK$ 000 Six months ended Year ended 30 June December 2013 (unaudited) (audited) Revenue 1,845,790 3,070,165 Cost of sales (1,660,423) (2,679,371) Gross profit 185, ,794 Operating expenses (128,952) (240,361) Profit before tax 56, ,433 Income tax expense (3,385) (10,530) Profit for the period/year 53, ,903 ========= ========= As at 30 June 2014 As at 31 December 2013 Property, plant and equipment 404, ,156 Inventories 420, ,456 Trade receivables 888, ,159 Deposits and prepayments 200, ,457 Cash and bank balances 206, , Total assets 2,120,446 2,148,375 ========= ========= Trade payables 150, ,957 Accruals 63,241 56,478 Tax payable 9,283 5,898 Share capital 1,000 1,000 Retained profits 1,896,265 1,936, Total liabilities and shareholders equity 2,120,446 2,148,375 ========= ========= You are the audit manager in charge of the audit of Cherry Group. From your review of the unaudited management accounts for the six months ended 30 June 2014, you noted that trade receivables are the most significant asset item in the consolidated statement of financial position of the Group. According to the credit policy of the Group, the normal credit term for sales of goods is 60 days. You plan to use computer-assisted audit techniques ( CAATs ) to audit the trade receivables. Module C (December 2014 Session) Page 2 of 11
3 In September 2014, the Chief Financial Officer ( CFO ) of Cherry Holdings Limited and the Group informed you that they had acquired a group of garment manufacturing companies with operations in Vietnam and Sri Lanka. Based on the financial information provided, these companies are financially significant to the audit of the Group s financial statements for the year ending 31 December You thus plan to request the component auditors in Vietnam and Sri Lanka to perform work on these components. In October 2014, the newly acquired Vietnam company, now renamed Cherry Vietnam Garment Co Limited ( Vietnam Co ), informed Cherry Group s CFO that a competitor in Vietnam, the X&M Group ( X&M ) had filed to the local court a claim against Vietnam Co for infringement of clothing design and stealing clients from X&M by means of improper conduct. The claim for compensation, damages and losses had a magnitude equivalent to ten times Cherry Group s cost of acquisition of Vietnam Co. A winding up petition against the Vietnam Co was presented in the Vietnam court by X&M. The legal representative of Cherry Group in Hong Kong also confirmed that Cherry Holdings Limited and Cherry Hong Kong Limited have been named as defendants in the court actions in Vietnam. The Vietnam lawyers of X&M have also indicated to Cherry Group that they intend to apply to the Hong Kong courts to wind up the Hong Kong company in order to meet the financial claims. Question 1 (14 marks approximately 26 minutes) (i) With the aid of the relevant financial data analysis, assess and explain the level of risk of material misstatements related to the existence and valuation assertions of the trade receivables. (ii) Based on your risk assessment in Question 1(i), what do you think the possible causes leading to such material misstatements? Note: Your answers to Question 1(ii) may not be derived all from the case information. (6 marks) Propose four substantive audit procedures that you would perform to verify the existence of the large outstanding trade receivables balance of Cherry Group. (4 marks) (c) (i) What are CAATs? (ii) Suggest how the auditor would use CAATs in the substantive testing of Cherry Group s trade receivables. (4 marks) Module C (December 2014 Session) Page 3 of 11
4 Question 2 (13 marks approximately 23 minutes) Both HKSA 220 (Clarified) Quality Control for an Audit of Financial Statements and HKSA 600 (Clarified) Special Considerations Audits of Group Financial Statements (Including the Work of Component Auditors) state that it is the responsibility of the group engagement team to assess the component auditors professional competence. As the auditor of Cherry Group, propose your procedures to address the following: How would you obtain an understanding of the component auditor? (7 marks) (c) How would you assess the component auditor s understanding and compliance with the ethical requirements? (3 marks) How would you assess the component auditor s professional competence? (3 marks) Module C (December 2014 Session) Page 4 of 11
5 Question 3 (10 marks approximately 18 minutes) Cherry Group s auditor had the following initial assessment or information after a discussion with the CFO on the claims by X&M: The claims have basic grounds to be heard but the accusation focused mainly on the period before the acquisition of Vietnam Co by Cherry Group. The acquisition of the companies in Vietnam and Sri Lanka was completed and the indirect shareholding of these companies was achieved by a combined use of off-shore tax haven investment holding companies and newly incorporated Hong Kong investment holding shelf companies. Vietnam Co s estimated % to total revenue, profit before tax and net asset value of the Group are 20%, 8% and 5% respectively, for the year ending 31 December The legal representative of Cherry Group believed that it might take a few years to have the claims resolved and it was not clear as to the extent of legal actions to be instigated in Hong Kong until further information is provided by X&M or its legal representative. Cherry Group s Management believed the general principle that a limited company is treated as a separate legal entity offers initial comfort preventing the claims against Vietnam Co from reaching Cherry Holdings Limited or Cherry Hong Kong Limited. With reference to the relevant auditing standard(s), explain and discuss the going concern assumption of Cherry Group, related to the legal claims against Vietnam Co, Cherry Holdings Limited and Cherry Hong Kong Limited. (3 marks) Explore the impact on the Auditor s Report of Cherry Group for the year ending 31 December (7 marks) (Note: assume the auditor will provide a clean audit opinion other than the above issues.) Module C (December 2014 Session) Page 5 of 11
6 Question 4 (13 marks approximately 23 minutes) Following the acquisition of Vietnam Co, the Management of Cherry Group plans to enhance the corporate governance of the Group by setting up an audit committee. The CFO has approached you for further guidance. Based on your understanding, advise the CFO the following: What are the roles and responsibilities of an audit committee on financial statements and statutory audit? (6 marks) What are the considerations that the audit committee should encompass when they are assessing the following: the appropriateness of accounting policies adopted by the Group; the oversight of the management s judgement and estimates for preparing the financial statements; the adequacy and usefulness of financial disclosures in the financial statements; and any other matters. (7 marks) * * * * * * * * Module C (December 2014 Session) Page 6 of 11
7 End of Section A
8 SECTION B ESSAY / SHORT QUESTIONS (Total 50 marks) Answer ALL of the following compulsory questions. Marks will be awarded for logical argumentation and appropriate presentation of the answers. Question 5 (10 marks approximately 18 minutes) Situation (i) The Chief Financial Officer ( CFO ) of one of your audit clients offers you two VIP tickets to the Lady Lolita Concert. Each ticket costs HK$8,000 and you will have the chance to shake hands and take photos with Lady Lolita. Situation (ii) The financial controller of another of your audit clients invites you and your team to a dinner. Situation (iii) The Chairman of a client company commits to offer your audit firm an additional 40% bonus on top of the audit fee if his company is able to get listed successfully. Situation (iv) The tax team of your firm maintains a very close relationship with one of your non-listed audit clients. They give advice to your non-listed audit client on different tax issues from tax planning to tax compliance. They also perform the review of the tax provision computation prepared by this client to support the audit team s work requirement. Discuss any ethical and professional issues as an external auditor in each of the above situations and suggest the possible safeguards, if any. (10 marks) Module C (December 2014 Session) Page 8 of 11
9 Question 6 (13 marks approximately 23 minutes) In a recent global internal audit summit conference, one of the speakers, who is the Chief Internal Auditor of a global Fortune 500 company, said An internal control system can only provide reasonable assurance but not absolute assurance. Fraud can always exist even when a company has a perfect internal control system. Do you agree with this statement? Explain your view. (4 marks) Situation (i) You are the auditor of the trading branch of a multinational company which has only five employees working in its Hong Kong office. The multinational company sets a good tone at the top. All books and records of the branch are prepared and maintained by one accounting staff member using the spreadsheet software, Microsoft Excel. The annual turnover and profit of the Hong Kong branch for the year are approximately HK$20,000,000 and HK$300,000 respectively. Situation (ii) You are engaged to audit a principal subsidiary of a listed company. The prior year s audited results indicated that all key controls in place at the subsidiary were operating effectively. During the interim audit, the management confirmed that there had been no change of processes and key personnel who operate the key processes. The annual turnover of the subsidiary is approximately HK$500,000,000. Situation (iii) The same facts as in situation (ii), except that during the interim audit, the management confirmed that there were changes in the purchase processes during the year. In addition, the potential understatement of accounts payable is considered as a significant risk by the engagement team. Suggest and explain your audit approach for each of the above situations. Would you recommend a test of details, a test of controls, or a combination of both in your suggested audit approach? (9 marks) Module C (December 2014 Session) Page 9 of 11
10 Question 7 (9 marks approximately 16 minutes) What are the three key characteristics of fraud? (3 marks) A low profile Hong Kong listed company has over 70% of its issued shares held by the Chief Executive Officer ( CEO ) and an executive director ( ED ). Both the CEO and the ED are from very wealthy backgrounds. They are heavily involved in the daily operations of the listed company. All sales and purchase transactions have to be approved by the CEO and the ED. The CEO and the ED review the financial results with the respective department heads on a weekly basis. The company s board of directors emphasizes ethical behaviour. The board usually sets an achievable budget. Meeting the financial budget is also not the only criterion in assessing employees performance. The company has maintained a healthy and stable performance in the past five years and a relatively high dividend pay-out ratio compared with similar companies in the industry. Assume you are the audit engagement manager assessing the risk of fraud at this listed company. Discuss and explain your risk assessment based on the three key characteristics of fraud. (6 marks) Question 8 (10 marks approximately 18 minutes) Explain the difference between an auditor s expert and a management s expert. (2 marks) Your client has a shopping arcade in Beijing that is classified as an investment property in accordance with HKAS 40 Investment Property, and carried at fair value. The management has a policy to re-value the shopping arcade at each financial year end date. The valuation is performed by the management s internal property consultant. Discuss and explain your proposed audit approach to ascertain the valuation assertion of the investment property. The management s internal property consultant is considered to be the management s expert. (8 marks) Module C (December 2014 Session) Page 10 of 11
11 Question 9 (8 marks approximately 15 minutes) Big Bulb Limited ( Big Bulb ) is a trading company in Hong Kong and has a subsidiary in China. Its ultimate holding company is in the United Kingdom ( UK ). Its principal activity is the trading of LED lighting components. It purchases substantially from its subsidiary in China. The subsidiary manufactures the LED components and sells them to the ultimate holding company in the UK through Big Bulb or directly to third parties. Your firm has just been appointed as the new auditor of Big Bulb. Assume you are the audit manager auditing Big Bulb. You have read last year s audited financial statements of Big Bulb and identified that there are numerous related party transactions disclosed in the notes to the financial statements. What audit planning procedures would you propose in assessing the risk of material misstatements with the regard to the company s related party transactions? Note: You are in the planning stage of the Big Bulb audit. No marks will be given to answers related to audit procedures carried out during the audit execution stage. (8 marks) * * * END OF EXAMINATION PAPER * * * Module C (December 2014 Session) Page 11 of 11
SECTION A CASE QUESTIONS (Total 50 marks)
SECTION A CASE QUESTIONS (Total 50 marks) Answer ALL of the following compulsory questions. Marks will be awarded for logical argumentation and appropriate presentation of the answers. CASE Company background
More informationHong Kong Printing Company Limited is a company incorporated under the Hong Kong Companies Ordinance and listed on the Hong Kong Stock Exchange.
SECTION A CASE QUESTIONS (Total 50 marks) Answer ALL of the following compulsory questions. Marks will be awarded for logical argumentation and appropriate presentation of the answers. CASE Hong Kong Printing
More informationExamination Technique Seminar on Section B (Essay/Short Question) for Module C on Business Assurance. Speaker Mr. Anthony Lam
Examination Technique Seminar on Section B (Essay/Short Question) for Module C on Business Assurance Speaker Mr. Anthony Lam 28 May 2013 QP Module C Seminar Exam Technique Seminar on Section B (Essay /
More informationThe independence and quality control issues to be considered in the audit planning stage and the proposed relevant responsive actions are as follows:
SECTION A CASE QUESTIONS (Total: 75 marks) Answer 1(a) The independence and quality control issues to be considered in the audit planning stage and the proposed relevant responsive actions are as follows:
More informationSECTION A CASE QUESTIONS (Total: 50 marks)
SECTION A CASE QUESTIONS (Total: 50 marks) Answer 1(a) The risk of material misstatements relating to the accuracy assertion of interest income is high. The interest income increased significantly for
More informationCASE. Background of the company
CASE Background of the company Panda Holding Company ( Holdco ) was incorporated in the Cayman Islands and has been listed on the Main Board of the Hong Kong Stock Exchange since 1995. Holdco has a 31
More informationIndependent Auditor s Report
Independent Auditor s Report To the Shareholders of Sa Sa International Holdings Limited (incorporated in Cayman Islands with limited liability) Opinion What we have audited The consolidated financial
More informationIndependent Auditor s Report
Independent auditor s report to the members of Hang Lung Properties Limited (incorporated in Hong Kong with limited liability) Opinion We have audited the consolidated financial statements of Hang Lung
More informationModule C Business Assurance
DECEMBER 2014 AND JUNE 2015 SUPPLEMENT Qualification Programme Module C Business Assurance Published by BPP Learning Media Ltd. The copyright in this publication is jointly owned by BPP Learning Media
More informationSECTION A CASE QUESTIONS (Total: 75 marks) Answer 1
SECTION A CASE QUESTIONS (Total: 75 marks) Answer 1 Date: To: From: Subject: xx xx xx xxx Chief Financial Officer, Holdco xxx Accounting Manager, Holdco Accounting treatment of the acquisition of Entity
More informationAudit Report under HKSA 700 & August 2008
Audit Report under HKSA 700 & 701 9 August 2008 Nelson Lam 林智遠 MBA MSc BBA ACA ACS CFA CPA(Aust) CPA(US) FCCA FCPA(Practising) MSCA 2006-08 Nelson 1 Overview HKSQCs Hong Kong Standards on Quality Control
More informationYANGTZEKIANG GARMENT MANUFACTURING COMPANY LIMITED (Incorporated in Hong Kong with limited liability)
YANGTZEKIANG GARMENT MANUFACTURING COMPANY LIMITED (Incorporated in Hong Kong with limited liability) INTERIM REPORT FOR THE SIX MONTHS ENDED 30TH SEPTEMBER, 2002 The Board of Directors of Yangtzekiang
More informationCASE. Background and principal activities
CASE Background and principal activities My Beloved Jewellery Holding Company Limited ( MBJ Holding or the Company ) was incorporated in Hong Kong and its subsidiaries (collectively the Group ) are controlled
More informationCONDENSED CONSOLIDATED PROFIT AND LOSS ACCOUNT
Interim Report 2005/2006 The Board of Directors (the Board ) of 139 Holdings Limited (the Company ) announces the unaudited results of the Company and its subsidiaries (the Group ) for the six months ended
More informationREPORT OF THE AUDITORS
REPORT OF THE AUDITORS AUDITORS REPORT TO THE SHAREHOLDERS OF DYNAMIC GLOBAL HOLDINGS LIMITED (Incorporated in Bermuda with Limited Liability) CCIF We have audited the financial statements on pages 23
More informationPaper F8 (HKG) Audit and Assurance (Hong Kong) Wednesday 4 June Fundamentals Level Skills Module
Fundamentals Level Skills Module Audit and Assurance (Hong Kong) Wednesday 4 June 2008 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FIVE questions are compulsory and MUST be attempted.
More informationAUTOMATED SYSTEMS HOLDINGS LIMITED (Incorporated in Bermuda with limited liability) (Stock Code: 771)
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationProfessional Bridging Examination. Paper III PBE Auditing and Information Systems
Professional Bridging Examination Pilot Examination Paper Paper III PBE Auditing and Information Systems Questions & Answers Booklet The suggested answers given in this booklet are purposely made to give
More informationIndependent Auditor s Report
Independent Auditor s Report Li & Fung Limited Annual Report 2017 165 Independent Auditor s Report To the Shareholders of Li & Fung Limited (incorporated in Bermuda with limited liability) Opinion What
More informationINDEPENDENT AUDITOR S REPORT
TO THE MEMBERS OF THE HONG KONG AND CHINA GAS COMPANY LIMITED (incorporated in Hong Kong with limited liability) Opinion What we have audited The consolidated financial statements of The Hong Kong and
More informationINVITATION TO COMMENT ON EXPOSURE DRAFT REVISED HONG KONG STANDARD ON INVESTMENT CIRCULAR REPORTING ENGAGEMENTS (HKSIR)
3 October 2016 To: Members of the Hong Kong Institute of CPAs All other interested parties INVITATION TO COMMENT ON EXPOSURE DRAFT REVISED HONG KONG STANDARD ON INVESTMENT CIRCULAR REPORTING ENGAGEMENTS
More information1. Review of unaudited interim financial statements
NOTES TO THE UNAUDITED INTERIM FINANCIAL STATEMENTS (Expressed in Hong Kong dollars) 1. Review of unaudited interim financial statements These unaudited consolidated interim financial statements have been
More informationCASE. Company background
CASE Company background Handsome Group Limited ( HGL ) is the parent holding company of a conglomerate ( the Group ) listed on the Hong Kong Stock Exchange, with significant investments in various business
More informationKe = g, where do is the current net dividend Po Po is the current share price g is the expected dividend growth rate
SECTION A CASE QUESTIONS (Total: 75 marks) Answer 1(a) Under the dividend growth model, do(1 g) Ke = g, where do is the current net dividend Po Po is the current share price g is the expected dividend
More informationCASE. Buying agent. The suppliers, clients and MPL were all unrelated parties. Final Examination (June 2014 Session) Paper II 1 of 9
CASE Chungking Manufacturing Enterprise Limited ( CKM or the Group ) is a listed company in Hong Kong with a global presence. The Group was established by the Chan family half a century ago. In the past,
More informationThe Group is also expanding successfully overseas and has established many subsidiaries running successful operations in over 30 countries.
CASE Lucky Star Holdings Limited ( Lucky Holdings or the Group when in aggregate with its subsidiaries) is incorporated in Hong Kong and has been listed on the Main Board of the Stock Exchange of Hong
More informationAccountants' Reports on Historical Financial Information. in Investment Circulars
HKSIR 200 Issued December 2016 Effective for engagements where the investment circular is dated on or after 1 July 2017 Early application is permitted Hong Kong Standard on Investment Circular Reporting
More informationAAA INT. Advanced Audit and Assurance International (AAA INT) Strategic Professional Options. Monday 3 December 2018
Strategic Professional Options Advanced Audit and Assurance International (AAA INT) Monday 3 December 2018 AAA INT ACCA Time allowed: 3 hours 15 minutes ALL THREE questions are compulsory and MUST be attempted
More informationThe Capital Requirements (Country-by-Country Reporting) Regulations December 2017
HSBC Holdings plc The Capital Requirements (Country-by-Country Reporting) Regulations 2013 31 December 2017 This report has been prepared for HSBC Holdings plc and its subsidiaries (the HSBC Group ) to
More informationSECTION A CASE QUESTIONS (Total: 50 marks)
SECTION A CASE QUESTIONS (Total: 50 marks) Answer ALL of the following compulsory questions. Marks will be awarded for logical argumentation and appropriate presentation of the answers. CASE A Ltd is a
More informationAudit of Financial Statements Prepared in Accordance with the Small and Medium-sized Entity Financial Reporting Standard
PN 900 (Revised) Issued September 2014; revised August 2016 Effective for a Qualifying Entity's financial statements which cover a period ending on or after 15 December 2016 Practice Note 900 (Revised)
More informationPaper P7 (IRL) Advanced Audit and Assurance (Irish) Monday 1 December Professional Level Options Module
Professional Level Options Module Advanced Audit and Assurance (Irish) Monday 1 December 2014 Time allowed Reading and planning: Writing: 15 minutes 3 hours This paper is divided into two sections: Section
More informationPaper P2 (UK) Corporate Reporting (United Kingdom) Tuesday 10 December Professional Level Essentials Module
Professional Level Essentials Module Corporate Reporting (United Kingdom) Tuesday 10 December 2013 Time allowed Reading and planning: Writing: 15 minutes 3 hours This paper is divided into two sections:
More informationIndependent Auditor s Report
Ernst & Young 22/F, CITIC Tower 1 Tim Mei Avenue Central, Hong Kong To the members of BOC Hong Kong (Holdings) Limited (Incorporated in Hong Kong with limited liability) Opinion We have audited the consolidated
More informationCity of Greater Sudbury Audit Planning Report to the Finance Committee for year ending December 31, February, 2007
City of Greater Sudbury Audit Planning Report to the Finance Committee for year ending December 31, 2006 February, 2007 Contents Purpose of the Report 2 Key Responsibilities 3 Audit Deliverables 4 Our
More informationSECTION A CASE QUESTIONS (Total: 50 marks)
SECTION A CASE QUESTIONS (Total: 50 marks) Answer ALL of the following questions. Marks will be awarded for logical argumentation and appropriate presentation of the answers. CASE Winning Tools Limited
More informationPaper F8 (HKG) Audit and Assurance (Hong Kong) Wednesday 3 June Fundamentals Level Skills Module
Fundamentals Level Skills Module Audit and Assurance (Hong Kong) Wednesday 3 June 2009 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FIVE questions are compulsory and MUST be attempted.
More informationGuidance for Auditors Regarding Preliminary Announcements of Annual Results
PN 730 Issued December 2005 Effective upon issue Practice Note 730 Guidance for Auditors Regarding Preliminary Announcements of Annual Results 2 PRACTICE NOTE 730 GUIDANCE FOR AUDITORS REGARDING PRELIMINARY
More informationHKFRS 3 further defines a business combination as a transaction or other event in which an acquirer obtains control of one or more businesses.
SECTION A CASE QUESTIONS (Total: 75 marks) Answer 1(a) Under HKFRS 3, a business combination requires that the assets acquired and liabilities assumed constitute a business. If the assets acquired are
More informationQuality Assurance. Report 2013
Quality Assurance 2 Content Foreword Oversight of our work 1 Our work and review outcomes Practice review programme 2 Professional standards 12 monitoring programme Our findings Practice review programme
More informationCircular on Reporting to Grantees of the Quality Education Fund
Circular on Reporting to Grantees of the Quality Education Fund This Circular is intended to be used as general guidance for practising members of the Hong Kong Institute of Certified Public Accountants
More informationSECTION A CASE QUESTIONS (Total: 50 marks)
SECTION A CASE QUESTIONS (Total: 50 marks) Answer ALL of the following questions. Marks will be awarded for logical argumentation and appropriate presentation of the answers. CASE Sunny Capital Partners,
More informationHong Kong Financial Reporting Standards Presentation and Disclosure Checklist 2008
Hong Kong Financial Reporting Standards Presentation and Disclosure Checklist 2008 Audit Presentation and Disclosure Checklist 2008 Hong Kong Financial Reporting Standards Presentation and disclosure
More informationThe Auditor s Responsibilities. Audit of Financial Statements
HKSA 240 Issued July 2009; revised July 2010, May 2013, February 2015 Effective for audits of financial statements for periods beginning on or after 15 December 2009 Hong Kong Standard on Auditing 240
More informationINDEPENDENT AUDITOR S REPORT
INDEPENDENT AUDITOR S REPORT TO THE MEMBERS OF TSIM SHA TSUI PROPERTIES LIMITED (incorporated in Hong Kong with limited liability) Opinion We have audited the consolidated financial statements of Tsim
More informationFINANCIAL STATEMENTS REVIEW PROGRAMME REPORT 2014
FINANCIAL STATEMENTS REVIEW PROGRAMME REPORT 2014 July 2015 CONTENTS Page No. EXECUTIVE SUMMARY 2 I. INTRODUCTION 4 II. FINDINGS REGARDING THE LISTING RULES 6 III. FINDINGS REGARDING ACCOUNTING STANDARDS
More informationIndependent auditors report to the members of Savills plc
to the members of Savills plc Report on the financial statements Our opinion In our opinion: Savills plc s Group financial statements and Company financial statements (the financial statements ) give a
More informationYANGTZEKIANG GARMENT MANUFACTURING COMPANY LIMITED
YANGTZEKIANG GARMENT MANUFACTURING COMPANY LIMITED (Incorporated in Hong Kong with limited liability) (Stock Code: 294) INTERIM RESULTS FOR THE SIX MONTHS ENDED 30TH SEPTEMBER, 2004 The Board of Directors
More informationSTATEMENT OF AUDITING STANDARDS 450 OPENING BALANCES AND COMPARATIVES
SAS SAS 450 450 (January (June 01) 05) STATEMENT OF AUDITING STANDARDS 450 OPENING BALANCES AND COMPARATIVES (Effective for audits of financial statements for periods beginning before 15 December 2004)
More informationMINISTRY OF PRIMARY AND SECONDARY EDUCATION
ZIMBABWE MINISTRY OF PRIMARY AND SECONDARY EDUCATION ACCOUNTING SYLLABUS FORMS 5-6 2015 2022 Curriculum Development Unit P.O. Box MP 133 Mount Pleasant Harare All rights reserved 2015 ACKNOWLEDGEMENT The
More informationGROUP INTERIM RESULTS FOR THE SIX MONTHS ENDED 30TH SEPTEMBER, 2016
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this document, make no representation as to its accuracy or completeness
More informationFinancial Highlights 3 Five-Year Financial Summary 4 Report of the Directors 5 Board of Management 8 Management Discussion and Analysis 9 Corporate
2007 Annual Report CONTENTS PAGE Financial Highlights 3 Five-Year Financial Summary 4 Report of the Directors 5 Board of Management 8 Management Discussion and Analysis 9 Corporate Governance 10 Independent
More informationACCA Certified Accounting Technician Examination Paper T8 (SGP) Section A QUESTIONS 1 10 MULTIPLE CHOICE
Answers ACCA Certified Accounting Technician Examination Paper T8 (SGP) Implementing Audit Procedures (Singapore) December 2009 Answers Section A QUESTIONS 1 10 MULTIPLE CHOICE Part Answer See Note Below
More informationIBI Group Holdings Limited (incorporated in the Cayman Islands with limited liability) (Stock code: 1547)
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationGROUP INTERIM RESULTS FOR THE SIX MONTHS ENDED 30TH SEPTEMBER, 2012
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this document, make no representation as to its accuracy or completeness
More informationSECTION A CASE QUESTIONS (Total: 50 marks)
SECTION A CASE QUESTIONS (Total: 50 marks) Answer ALL of the following questions. Marks will be awarded for logical argumentation and appropriate presentation of the answers. CASE Fantastic Hong Kong Limited
More informationANNOUNCEMENT OF 2011 INTERIM RESULTS
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationGROUP INTERIM RESULTS FOR THE SIX MONTHS ENDED 30TH SEPTEMBER, 2017
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this document, make no representation as to its accuracy or completeness
More informationSUGA INTERNATIONAL HOLDINGS LIMITED. (Incorporated in Bermuda with limited liability) INTERIM REPORT 2002
(Incorporated in Bermuda with limited liability) INTERIM RESULTS The Board of Directors (the Directors ) of Suga International Holdings Limited (the Company ) is pleased to announce the unaudited consolidated
More information=21.2% =13.1%
SECTION A CASE QUESTIONS (Total: 75 marks) Question 1(a)(i) Computations GP GP margin = Revenue PBT PBT margin = Revenue 2012 2011 110 520 =21.2% 68 520 =13.1% 80 420 =19.1% 39 420 =9.3% To adjust for
More informationNOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (1) Principal accounting policies and basis of presentation These condensed consolidated interim financial statements are prepared in accordance
More informationINTERNATIONAL STANDARD ON AUDITING 240 THE AUDITOR S RESPONSIBILITY TO CONSIDER FRAUD IN AN AUDIT OF FINANCIAL STATEMENTS CONTENTS
INTERNATIONAL STANDARD ON AUDITING 240 THE AUDITOR S RESPONSIBILITY TO CONSIDER FRAUD (Effective for audits of financial statements for periods beginning on or after December 15, 2004) CONTENTS Paragraph
More informationCONTENT. 2 Financial Highlights 3 Management Discussion and. 27 Condensed Consolidated. 21 Report on Review of Interim. 28 Condensed Consolidated
CONTENT 2 Financial Highlights 3 Management Discussion and Analysis 21 Report on Review of Interim Condensed Consolidated Financial Statements 23 Condensed Consolidated Statement of Profit or Loss 24 Condensed
More informationTECHNICAL RELEASE. re:assurance THE ICAEW ASSURANCE SERVICE ON UNAUDITED FINANCIAL STATEMENTS. Interim Technical Release AAF 03/06
TECHNICAL RELEASE re:assurance THE ICAEW ASSURANCE SERVICE ON UNAUDITED FINANCIAL STATEMENTS Interim Technical Release AAF 03/06 THE ICAEW ASSURANCE SERVICE ON UNAUDITED FINANCIAL STATEMENTS Interim Technical
More informationINTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationQualification Programme Examination Panelists Report. Final Examination (June 2016 Session) Paper I
Qualification Programme Examination Panelists Report Final Examination (June 2016 Session) (The main purpose of the following report is to summarise candidates common weaknesses and make recommendations
More informationOpinion on Receipts, Expenditure, Investment of Moneys and the Acquisition and Disposal of Assets by Statutory Boards
AUDIT GUIDANCE STATEMENT AGS 9 Opinion on Receipts, Expenditure, Investment of Moneys and the Acquisition and Disposal of Assets by Statutory Boards This Audit Guidance Statement was approved by the Council
More informationTheme International Holdings Limited. (Incorporated in Bermuda with limited liability) (Stock Code: 990)
Theme International Holdings Limited (Incorporated in Bermuda with limited liability) (Stock Code: 990) CONTENTS 2 3 6 7 8 9 10 16 20 Chairman s Statement Management Discussion and Analysis Condensed Consolidated
More informationRefresher : Standards on Auditing
Refresher : Standards on Auditing M P Vijay Kumar FCA 1 M P Vijay Kumar FCA INSURANCE!! The views expressed are those of the presenter and, therefore, do not necessarily represent the views of either the
More informationAudited Financial Statements TCL Communication Technology Holdings Limited (Incorporated in the Cayman Islands with limited liability)
Audited Financial Statements TCL Communication Technology Holdings Limited (Incorporated in the Cayman Islands with limited liability) CONTENTS Pages INDEPENDENT AUDITOR S REPORT 1-2 AUDITED FINANCIAL
More informationFINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2018
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationTHE HONG KONG INSTITUTE OF CHARTERED SECRETARIES THE INSTITUTE OF CHARTERED SECRETARIES AND ADMINISTRATORS
THE HONG KONG INSTITUTE OF CHARTERED SECRETARIES THE INSTITUTE OF CHARTERED SECRETARIES AND ADMINISTRATORS International Qualifying Scheme Examination HONG KONG FINANCIAL ACCOUNTING DECEMBER 2006 Time
More informationAudited Financial Statements
Audited Financial Statements BEIJING ENTERPRISES WATER GROUP LIMITED (Incorporated in Bermuda with limited liability) Audited Financial Statements BEIJING ENTERPRISES WATER GROUP LIMITED (Incorporated
More informationQuarterly Results for the three and nine months ended 30 September 2004
Quarterly Results for the three and nine months ended 30 September 2004 The Board of Directors of Tencent Holdings Limited (the Company ) is pleased to announce the unaudited consolidated results of the
More informationQualification Programme Examination Panelists Report. Final Examination (June 2015 Session) Paper I
Qualification Programme Examination Panelists Report Final Examination (June 2015 Session) (The main purpose of the following report is to summarise candidates common weaknesses and make recommendations
More informationQUALITY ASSURANCE REPORT 2017
QUALITY ASSURANCE REPORT 2017 CONTENTS Foreword Oversight of our work 1 Our work and review outcomes Practice review programme 2 Professional standards monitoring programme 13 Our findings Practice review
More informationRESULTS FOR THE YEAR ENDED 31 DECEMBER 2018 HIGHLIGHTS
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this document, make no representation as to its accuracy or completeness
More informationPaper 1: Financial Reporting
Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2015 Final Examination Paper 1: Financial Reporting I. Framework for the Preparation and Presentation of Financial Statements.
More information(Incorporated in Bermuda with limited liability) (Stock Code: 127)
(Incorporated in Bermuda with limited liability) (Stock Code: 127) Interim Report For The Six Months Ended 30th June, 2015 CONTENTS Corporate Information 1 Results Condensed Consolidated Statement of Comprehensive
More informationBasis for Opinion. (incorporated in Hong Kong with limited liability)
INDEPENDENT AUDITOR S REPORT TO THE MEMBERS OF SINO LAND COMPANY LIMITED (incorporated in Hong Kong with limited liability) Opinion We have audited the consolidated financial statements of Sino Land Company
More informationMAN SANG INTERNATIONAL LIMITED (Incorporated in Bermuda with limited liability) (Stock Code: 938)
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationClarity. Integrated. Financials
Financials Our objective is to present comprehensive, useful and reader-friendly financial statements to stakeholders to facilitate their clear understanding of our financial position and performance.
More informationINTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2012
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationSample Financial Statements 2014/15 1 For the Year Ended 31 December May 2015
Sample Financial Statements 2014/15 1 For the Year Ended 31 December 2014 5 May 2015 Sample Manufacturing Company Limited Directors report and financial statements For the year ended 31 December 2014 LAM
More informationANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER 2015
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationAutomated Systems Holdings Limited (Incorporated in Bermuda with Limited Liability) Stock Code: 771
Automated Systems Holdings Limited (Incorporated in Bermuda with Limited Liability) Stock Code: 771 Beijing Shenyang Tianjin Hangzhou Shanghai Zhuhai Guangzhou Shenzhen Macau Hong Kong Taiwan Thailand
More informationPaper P2 (SGP) Corporate Reporting (Singapore) Tuesday 10 December Professional Level Essentials Module
Professional Level Essentials Module Corporate Reporting (Singapore) Tuesday 10 December 2013 Time allowed Reading and planning: Writing: 15 minutes 3 hours This paper is divided into two sections: Section
More informationElaboration on the background to the comparison project and the comparison process
Joint Declaration of the China Auditing Standards Board and the Hong Kong Institute of Certified Public Accountants on the converged China Auditing Standards and Hong Kong Auditing Standards Annex I Elaboration
More informationTencent Holdings Limited. Incorporated in the Cayman Islands with limited liability
Tencent Holdings Limited Incorporated in the Cayman Islands with limited liability Interim Report The Board of Directors (the Board ) of Tencent Holdings Limited (the Company ) is pleased to announce the
More informationSample Financial Statements 2006/07 1 For the Year Ended 31 December July 2007
Sample Financial Statements 2006/07 1 For the Year Ended 31 December 2006 5 July 2007 Directors report and financial statements For the year ended 31 December 2006 1 This set of Sample Financial Statements
More informationPossible valuation range of TCL using the discounted cash flow approach:
SECTION A CASE QUESTIONS (Total: 75 marks) Answer 1(a) Possible valuation range of TCL using the PE ratio approach: Market value = Net profit x PE ratio Market value at a PE of 7x = HK$52 million x 7 =
More information2018 INTERIM RESULTS ANNOUNCEMENT
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationTHE OMBUDSMAN STATEMENT OF ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2004
STATEMENT OF ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2004 AUDITORS REPORT TO THE OMBUDSMAN (established in Hong Kong pursuant to the Ombudsman Ordinance) We have audited the accounts on pages 2 to 9 which
More informationAudit and Risk Management Committee Charter
1. Purpose SEEK Limited ACN 080 075 314 Audit and Risk Management Committee Charter April 2017 The purpose of the Audit and Risk Management Committee ( the Committee ) is to assist the Board of SEEK Limited
More informationQualification Programme Examination Panelists Report. Final Examination (December 2015 Session) Paper II
Qualification Programme Examination Panelists Report Final Examination (December 2015 Session) (The main purpose of the following report is to summarise candidates common weaknesses and make recommendations
More informationAUDIT & RISK COMMITTEE CHARTER
AUDIT & RISK COMMITTEE CHARTER www.afrimat.co.za F2016 1. Constitution 1.1 In line with the requirements of the Companies Act as amended ( Act ) and the King Report on Governance for South Africa 2009
More informationBCB Bancorp, Inc. Audit Committee Charter
BCB Bancorp, Inc. Audit Committee Charter The Committee (the "Committee") is appointed by the Board of Directors (the "Board") of BCB Bancorp, Inc. (the "Company"), with the authority, responsibility and
More informationRESULTS FOR THE YEAR ENDED 31 DECEMBER 2016 HIGHLIGHTS
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this document, make no representation as to its accuracy or completeness
More informationAdvanced Audit & Assurance
Strategic Professional Options Advanced Audit and Assurance (International) Specimen Exam applicable from September 2018 Time allowed 3 hours 15 minutes ALL THREE questions are compulsory and MUST be attempted
More information