ACCA Paper P7 Advanced Audit and Assurance
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1 ACCA Paper P7 Advanced Audit and Assurance Mock Exam Question Paper Time allowed 3 hours 15 minutes This paper is divided into two sections Section A Section B These questions are BOTH compulsory and must be attempted TWO questions ONLY to be attempted Instructions: Take a few moments to review the notes on the inside of this page titled, 'Get into good exam habits now!' before attempting this exam. DO NOT OPEN THIS PAPER UNTIL YOU ARE READY TO START UNDER EXAMINATION CONDITIONS
2 Get into good exam habits now! Take a moment to focus on the right approach for this exam. Effective time management Watch the clock, allow 1.8 minutes per mark. Work out how long you can spend on each question and do not exceed that time. Take a few moments to think what the requirements are asking for and how you are going to answer them. Effective planning This paper is in exactly the same format as the real exam. You should read through the paper and plan the order in which you will tackle the questions. Always start with the one you feel most confident about and take time to choose the questions you will answer in sections with choice. Read the requirements carefully: focus on mark allocation, question words (see below) and potential overlap between requirements. Identify and make sure you pick up the easy marks available in each question. 2
3 Section A BOTH questions are compulsory and MUST be attempted 1 Ridley's Bank Ridley's Bank is a UK listed high street bank, with over 250 branches in the UK and twenty branches across 15 different countries in Europe. Ridley's Bank has both retail and corporate customers in the UK and although it traditionally served its corporate customers only in Europe, in the last 12 months it has expanded operations and invested heavily in the retail banking market. All customers are served through local branches and its new online banking service. The online banking service was launched in the last 12 months after being planned and developed for the past three years. Although it has been successful overall, it has encountered some security problems. In terms of its retail customers, Ridley's Bank targets young professionals and families. It offers the cheapest home and personal loans on the market and very competitive interest rates on credit cards. The bank is currently reviewing the sustainability of offering these products to the market. Services offered to corporate customers include banking, treasury and financial services products. In order to finance further expansion, Ridley's Bank is considering issuing further shares or raising debentures. The bank's head office is in London and it houses a well-resourced internal audit department. Internal controls are effective overall but the bank's name was recently mentioned in a high profile scandal last year which involved a corporate customer's involvement in money laundering. This is the first year that your firm has carried out the Ridley's Bank audit and you are an audit manager. Required (a) Identify and explain the audit risks involved in the audit of Ridley's Bank and describe the audit procedures required to address those risks satisfactorily. (16 marks) (b) What particular risks of material misstatement are associated with the bank's online facility and what IT controls would you expect to find in operation? (8 marks) The senior partner has just ed you because of your role as compliance contact at the firm. From: To: Subject: Fred Hester A. Manager Ridley's Bank and money laundering I've just been asked what action we feel we should be taking as new auditors of Ridley's in order to manage the risk of money laundering recurring at the bank and affecting shareholders. All we can do is state what the regulations tell us to do but it's a while since I was briefed! Can you please prepare briefing notes for my use in which you: Identify and explain the duties of an auditor in relation to money laundering. Thanks. 3
4 Required (c) Respond to the from the senior partner. (7 marks) Professional marks will be awarded for the presentation, clarity of explanations and logical flow of the answer. (4 marks) (Total = 35 marks) 4
5 2 Murray You are an audit manager in Ross & Co, a firm of Chartered Certified Accountants. The principal activity of one of your audit clients, Murray, is the manufacture and retail sale of women's fashions and menswear throughout the capital cities of Western Europe. Murray is not a listed company. The following financial information has been extracted from Murray's most recent consolidated accounts: 20X8 $'000 Year ended 31 March 20X7 $'000 Revenue 36,367 27,141 Gross profit 22,368 16,624 Profit before tax 5,307 4,405 Intangible assets goodwill trademarks Property, plant & equipment 7,577 4,898 Current assets Total Assets 13,803 21,517 9,737 14,757 Equity 13,226 10,285 Non-current liabilities (provisions) Current liabilities (payables) 8,090 4,385 Total equity & liabilities 21,517 14,757 In May 20X8 Murray purchased 100% of the shareholding of Di Rollo Co. Di Rollo manufactures fashion accessories (for example, jewellery, scarves and bags) in South America that are sold throughout the world by mail order. Murray's management is now planning that clothes manufacture will expand into South America and sold into Di Rollo's mail order market. Additionally, Di Rollo's accessories will be added to the retail stores' product range. Murray is a member of an ethical trade initiative that aims to improve the employment conditions of all workers involved in the manufacture of its products. Last week Di Rollo's chief executive was dismissed following allegations that he contravened Di Rollo's policy relating to the environmentally-friendly disposal of waste products. The former chief executive is now suing Di Rollo for six months' salary in lieu of notice and a currently undisclosed sum for damages. Ross & Co has recently been invited to accept nomination as auditor to Di Rollo. Murray's management has indicated that the audit fee for the enlarged Murray group should not exceed 120% of the fee for the year ended 31 March 20X9. You have been provided with the following information relating to the acquisition of Di Rollo: Carrying Fair value Fair value to amount adjustment the group $'000 $'000 $'000 Di Rollo brand name 600 Plant and equipment Current assets Current liabilities (648) (648) Net assets at date of acquisition (153) Goodwill arising on acquisition 859 Cash consideration 1,725 5
6 Required (a) Using the information provided, explain the matters that should be considered before accepting the engagement to audit the financial statements of Di Rollo Ltd for the year ending 31 March 20X9. (8 marks) (b) Explain what effect the acquisition of Di Rollo Ltd will have on the planning of your audit of the consolidated financial statements of Murray Co for the year ending 31 March 20X9. (10 marks) You have been making preliminary inquiries regarding matters arising from the previous year's audit of Di Rollo. It has been revealed that no action has been taken in response to the management letter prepared by the previous auditors. Di Rollo's management has explained that this was because it was 'poorly prepared' and 'unhelpful'. Required (c) Briefly describe various criteria against which the effectiveness of a report to management on deficiencies in internal control ('management letter') may be assessed. (7 marks) (Total = 25 marks) 6
7 Section B TWO questions ONLY to be attempted 3 Visean You are the manager responsible for the audit of Visean which manufactures health and beauty products and distributes them through a chain of 72 retail pharmacies. The draft accounts for the year ended 30 June 20X8 show operating profit before taxation of $1.83 million (20X7 $1.24 million) and total assets $18.4 million (20X7 $12.7 million). The following issues are outstanding and have been left for your attention: (a) Visean owns nine brand names of fragrances used for ranges of products (eg perfumes, bath oils, soaps, etc) four of which were purchased and five self-created. Purchased brands are recognised as an intangible asset at cost amounting to $589,000 and amortised on a straight-line basis over ten years. The costs of generating self-created brands and maintaining existing ones are recognised as an expense when incurred. Demand for products of one of the purchased fragrances, 'Ulexite', fell significantly in July 20X8 after a marketing campaign in June caused offence to customers. (8 marks) (b) In June 20X8 the directors announced plans to discontinue the range of medical consumables supplied to hospital pharmacies. The factory manufacturing these products closed in July 20X8. A provision of $800,000 has been made as at 30 June 20X8 for the compensation of redundant employees and a further $450,000 for the three years unexpired lease term on the factory premises. (7 marks) (c) Historically the company's statement of cash flows has reported net cash flows from operating activities under the 'indirect method'. However, the statement of cash flows for the year ended 30 June 20X8 reports net cash flows under the 'direct method' and the corresponding figures have been restated. (5 marks) Required For each of the above issues: (i) Comment on the matters that you should consider (ii) State the audit evidence that you should expect to find in undertaking your review of the audit working papers and financial statements of Visean. Note. The mark allocation is shown against each of the three issues. Assume it is 11 December 20X8. (Total = 20 marks) 7
8 4 RH Manufacturing Your firm has been invited to tender for the audit of RH Manufacturing, a private family-owned and run company that is a leading computer parts manufacturer. Its customer base includes a significant number of branded customers across various countries. The company has eighteen factory plants across the world and employs over 3,000 employees. RH Manufacturing wishes to change its auditor because it believes it is being overcharged for its annual audit. Tentative investigations made so far by the commercial partner seem to suggest that price will be the deciding factor when the tender is awarded. The company has become something of a pioneer in its industry, streamlining its production and support functions by extensive outsourcing of its core activities. You have been approached by the commercial partner to consider the likely strategy that your firm should adopt if it is going to stand a chance of being awarded this tender. He has asked you to 'think outside the box' and consider how the client might think and what the firm's tender price should be. Required (a) (b) Discuss the likely reasons for the objections displayed by some companies about the cost of the statutory audit. Your answer should consider the case of RH Manufacturing as well as companies in general. (6 marks) How can existing auditors help their clients to keep audit fees at a level acceptable to the client? (7 marks) 'In the 21st Century, audit firms are just like any other business and have to find work however and wherever they can.' (c) Critically discuss this statement. Your answer should briefly consider the situation of tendering for the audit of RH Manufacturing. (7 marks) (Total = 20 marks) 8
9 5 Topper (a) Critically evaluate the use of a standardised auditor's report, referring to the report included in ISA 700 Forming an Opinion and Reporting on Financial Statements. (6 marks) (b) You are the manager responsible for the audit of three clients. The year end in each case is 30 September 20X2. You are currently reviewing the working paper files produced by the audit teams including the various seniors' recommendations for the auditors' reports. Details are as follows: (1) The Chairman's statement of Mouse, a public company, states that property rent now forms a major part of operating income. From the trading profit note in the financial statements, property rental income represents only 0.4% of total revenue. The audit senior is satisfied that the revenue figure in the financial statements is not misstated. He has noted the discrepancy but states that, since the opinion in the auditor's report does not extend to the Chairman's statement, an unmodified opinion should be expressed. (4 marks) (2) During the year Rocky, a limited liability company, entered into the following transactions. (i) A loan of $2,000 to Mr Wright, a director of Rocky (ii) A loan of $15,000 to Mr Oldfield, a director of Rocky Neither of these has been disclosed as transactions with related parties in the company's financial statements. The audit senior suggests that, as the amounts are small, an unmodified opinion should be expressed. (4 marks) (3) The audit of one of your clients, the global listed Mighty Group, has the following outstanding points: (i) It has decided not to consolidate the subsidiary, Minor, acquired during the year as it claims that the subsidiary was purchased with the intention to exercise only temporary control. (ii) On purchasing another subsidiary, Merry, Mighty Group has recognised negative goodwill under Intangible Non-Current Assets. The audit senior suggests that the points above should lead to some changes to the standardised auditor's report, but is unsure what they should be. (6 marks) Required For each situation, comment on the suitability or otherwise of the seniors' proposals for the auditors' reports and specify the type of modification required, where it is required. Where you disagree, indicate what kind of audit opinion modification (if any) should be given instead. Mark allocations are shown beside each of the seniors' suggestions. (Total = 20 marks) 9
10 Student self assessment Having completed this paper take a few minutes to consider what you did well and what you found difficult. Use this as a basis to focus your future study on effectively improving your performance. Common problems Future emphasis if you answer Yes Timing and planning Did you finish too early? Y/N Focus your planning time on generating more ideas. Use models to help develop width to your thinking. Did you overrun? Y/N Focus on allocating your time better. Practise questions under strict timed conditions. If you get behind leave space and move on. Did you waffle? Y/N Focus your planning time on developing a logical structure to your answer. Layout Was your answer difficult to follow? Y/N Use headings and subheadings. Use numbering sequences when identifying points. Leave space between each point. Did you fail to explain each point? Y/N Show why the point identified answers the question set. Were some of your workings unclear? Y/N Content Give yourself time and space to make the marker's job easy. Did you struggle with: Interpreting the questions? Y/N Learn the meaning of question words (inside front cover). Learn subject jargon (study text glossary). Read questions carefully noting all the parts. Practise as many questions as possible. Understanding the subject? Y/N Review your notes/text. Work through easier examples first. Contact a tutor for help. Remembering the notes/text? Y/N Quiz yourself constantly as you study. You need to develop your memory as well as your understanding of a subject. 10
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