(c) Your firm has provided financial advice to the Pholey family for many years and this has sometimes involved yourfirm in carrying out transactions on their behalf. The eldest son, Esau, is to take up a position as a seniorgovernment official to a forei
题目
(c) Your firm has provided financial advice to the Pholey family for many years and this has sometimes involved your
firm in carrying out transactions on their behalf. The eldest son, Esau, is to take up a position as a senior
government official to a foreign country next month. (4 marks)
Required:
Identify and comment on the ethical and other professional issues raised by each of these matters and state what
action, if any, Dedza should now take.
NOTE: The mark allocation is shown against each of the three situations
相似考题
参考答案和解析
(c) Financial advisor
■ Customer due diligence (CDD) and record-keeping measures apply to designated non-financial businesses and
professions (such as Dedza) who prepare for or carry out certain transactions on behalf of their clients.
■ Esau is a ‘politically exposed person’ (‘PEP’) (i.e. an individual who is to be entrusted with prominent public functions
in a foreign country).
■ Dedza’s business relationships with Pholey therefore involve reputational risks similar to those with Esau. In addition
to performing normal due diligence measures Dedza should:
? have risk management systems to have determined that Esau is a PEP;
? obtain senior partner approval for maintaining business relationships with such customers;
? take reasonable measures to establish the source of wealth and source of funds;
? conduct enhanced ongoing monitoring of the business relationship.
■ Dedza can choose to decline to act for Pholey and/or Esau (if asked).
■ If the business relationship is to be continued senior partner approval should be obtained for any transactions carried
out on Pholey’s behalf in future.
Tutorial note: The Pholey family is not described as an audit client therefore no familiarity threat arises in relation to an
audit (the family may not have any involvement in entities requiring an audit).
更多“(c) Your firm has provided financial advice to the Pholey family for many years and this has sometimes involved yourfirm in carrying out transactions on their behalf. The eldest son, Esau, is to take up a position as a seniorgovernment official to a forei”相关问题
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第1题：
You are an audit manager responsible for providing hot reviews on selected audit clients within your firm of Chartered
Certified Accountants. You are currently reviewing the audit working papers for Pulp Co, a long standing audit client,
for the year ended 31 January 2008. The draft statement of financial position (balance sheet) of Pulp Co shows total
assets of $12 million (2007 – $11·5 million).The audit senior has made the following comment in a summary of
issues for your review:
‘Pulp Co’s statement of financial position (balance sheet) shows a receivable classified as a current asset with a value
of $25,000. The only audit evidence we have requested and obtained is a management representation stating the
following:
(1) that the amount is owed to Pulp Co from Jarvis Co,
(2) that Jarvis Co is controlled by Pulp Co’s chairman, Peter Sheffield, and
(3) that the balance is likely to be received six months after Pulp Co’s year end.
The receivable was also outstanding at the last year end when an identical management representation was provided,
and our working papers noted that because the balance was immaterial no further work was considered necessary.
No disclosure has been made in the financial statements regarding the balance. Jarvis Co is not audited by our firm
and we have verified that Pulp Co does not own any shares in Jarvis Co.’
Required:
(b) In relation to the receivable recognised on the statement of financial position (balance sheet) of Pulp Co as
at 31 January 2008:
(i) Comment on the matters you should consider. (5 marks)
正确答案：
(b) (i) Matters to consider
Materiality
The receivable represents only 0·2% (25,000/12 million x 100) of total assets so is immaterial in monetary terms.
However, the details of the transaction could make it material by nature.
The amount is outstanding from a company under the control of Pulp Co’s chairman. Readers of the financial statements
would be interested to know the details of this transaction, which currently is not disclosed. Elements of the transaction
could be subject to bias, specifically the repayment terms, which appear to be beyond normal commercial credit terms.
Paul Sheffield may have used his influence over the two companies to ‘engineer’ the transaction. Disclosure is necessary
due to the nature of the transaction, the monetary value is irrelevant.
A further matter to consider is whether this is a one-off transaction, or indicative of further transactions between the two
companies.
Relevant accounting standard
The definitions in IAS 24 must be carefully considered to establish whether this actually constitutes a related party
transaction. The standard specifically states that two entities are not necessarily related parties just because they have
a director or other member of key management in common. The audit senior states that Jarvis Co is controlled by Peter
Sheffield, who is also the chairman of Pulp Co. It seems that Peter Sheffield is in a position of control/significant influence
over the two companies (though this would have to be clarified through further audit procedures), and thus the two
companies are likely to be perceived as related.
IAS 24 requires full disclosure of the following in respect of related party transactions:
– the nature of the related party relationship,
– the amount of the transaction,
– the amount of any balances outstanding including terms and conditions, details of security offered, and the nature
of consideration to be provided in settlement,
– any allowances for receivables and associated expense.
There is currently a breach of IAS 24 as no disclosure has been made in the notes to the financial statements. If not
amended, the audit opinion on the financial statements should be qualified with an ‘except for’ disagreement. In
addition, if practicable, the auditor’s report should include the information that would have been included in the financial
statements had the requirements of IAS 24 been adhered to.
Valuation and classification of the receivable
A receivable should only be recognised if it will give rise to future economic benefit, i.e. a future cash inflow. It appears
that the receivable is long outstanding – if the amount is unlikely to be recovered then it should be written off as a bad
debt and the associated expense recognised. It is possible that assets and profits are overstated.
Although a representation has been received indicating that the amount will be paid to Pulp Co, the auditor should be
sceptical of this claim given that the same representation was given last year, and the amount was not subsequently
recovered. The $25,000 could be recoverable in the long term, in which case the receivable should be reclassified as
a non-current asset. The amount advanced to Jarvis Co could effectively be an investment rather than a short term
receivable. Correct classification on the statement of financial position (balance sheet) is crucial for the financial
statements to properly show the liquidity position of the company at the year end.
Tutorial note: Digressions into management imposing a limitation in scope by withholding evidence are irrelevant in this
case, as the scenario states that the only evidence that the auditors have asked for is a management representation.
There is no indication in the scenario that the auditors have asked for, and been refused any evidence. -
第2题：
I wonder how many years ago _______.
A.did you father retire
B.your father retired
C.has your father retired
D.your father has retired
参考答案：B
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第3题：
I’m afraid his son has ___ an accident.A.involved
B.involved in
C.got involved
D.got involved in
正确答案：D
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第4题：
Your firm has been recommended to us by DINOSOUR TOY CO,LTD()we have done business for many fears.A、which
B、with whom
C、whom
D、with which
参考答案：B
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第5题：
How many drypowder extinguishers has your ship exactly been______．
A.produced
B.provided with
C.supplied by
D.met with
正确答案：B
你船准确的拥有多少干粉灭火器。 -
第6题：
A new scheme for getting children to and from school is being started by the education authorities in part of Eastern England． This could end the worries of many parents fearful for their children's safety on the roads．
Until now the Country Council has only been prepared to provide bus services for children living more than three miles from their school, or sometimes less if special reasons existed． Now it has been decided that if a group of parents ask for help in organizing transport they will be prepared to go ahead, provided the arrangement will not lose money and that children taking part will be attending their nearest school．
The new scheme is to be tried out this term for children living at Milton who attend Impington school． The children live just within the three-mile limit and the Council has said in the past it will not undertake to provide free transport to the school． But now they have agreed to organize a bus service from Milton to Impington and back, a plan which has the support of the school's headmaster．
Between 50 and 60 parents have said they would like their children to take part in． Final calculations have still to be carried out, but a council official has said the cost of parents should be less than $6．50 a tenn．
They have been able to arrange the service at a low cost because there is already an agreement with the bus company for a bus to take children who live further away to Impington． The same bus would now just make an extra journey to pick up the Milton children． The official said they would get in touch with other groups of parents who in the past had asked if transport could be provided for their children, to see if they would like to take part in the new scheme．
?Agreement to pay for the new bus service has been obtained from__________．A.the school's headmaster
B.the education department
C.the bus company
D.the parents答案：D解析：根据第四段可知，为新巴士计划付费的是家长，故选D。 -
第7题：
共用题干
Energy Cycle
Do you find getting up in the morning so difficult that it's painful?This might be called laziness, but Dr. Kleitman has a new explanation.He has proved that everyone has a daily energy cycle.
During the hours when you labor through your work you may say that you are"hot".That's true.The time of day when you feel most energetic is when your cycle of body temperature is at this peak.For some people the peak comes during the morning. For others it comes in the afternoon or evening. No one has discovered why this is so,but it leads to such familiar words as:"Get up, John!You'll be late for work again!"The possible explanation to the trouble is he is at his tempera-ture-and-energy peak in the evening. Much family quarrelling ends when husbands and wives realize what these energy cycles mean,and which cycle each member of the family has.
You can't change your energy cycle,but you can learn to make your life fit it better. Habit can help,Dr. Kleitman believes.Maybe you're sleepy in the evening but feel you must stay up late anyway.Counteract your cycle to some extent by habitually staying up later than you want to.If your energy is low in the morning but you have an important job to do early in the day,rise before your usual hour. This won't change your cycle,but you'll get up steam and work better at your low point.
Get off to a slow start,which saves your energy.Get up with a leisurely yawn and stretch.Sit on the edge of the bed a minute before putting your feet on the floor. Avoid the troublesome search for clean clothes by laying them out the night before.Whenever possible,do routine work in the afternoon and save tasks requiring more energy for your sharper hours.According to the passage,many family quarrels are resulted from awareness of different energy cycles.
A:Right
B:Wrong
C:Not mentioned答案：B解析：虽然文章第一段提到早上起不来床会被称为懒，但是本文强调的是Kleitman博士所提出的新观点，就是这可能是由于每个人不同的能量周期决定的。因此不是所有早上起不来的人都是懒，所以这句话是错误的。
根据文章第二段和第三段我们知道能量峰值在晚上的人早上精神会不好，能量峰值在早上的人则相反，因此本句是正确的。
文章第二段最后一句讲到如果夫妻双方都能意识到能量周期的不同，那么“much family quarrelling ends”，即少了许多争吵，也就是说很多争吵是因为没有意识到能量周期的问题，因此本句表述是错误的。
第二段三句讲“The time of day when you feel most energetic is when your cycle of body temperature is at this peak"，即精力最充沛的时候体温最高，但这并不意味着精力和体温是一码事，例如人生病的时候会发烧但精神会很差。本句的表述是错误的。
文章第二段告诉我们“No one has discovered why this is so”，即没人知道为什么每个人的能量周期不同，因此我们也不知道是不是有遗传因素，所以选择选项C。
第三段第一句告诉我们虽然可以让自己的生活适应能量周期，但是“you can't change your energy cycle"，因此本句表述是错误的，应当选择选项B。
文章第三段最后两句建议早上处于低潮的人们要比平时起得早，这样才能工作得更好。因此本句的陈述是正确的。 -
第8题：
Your firm has been recommended to us by AMK company, （） we have done business for many years.
Awith whom
Bwith who
Cwhom
Dwho
A
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第9题：
Your firm has been recommended to us by AMK company, （） we have done business for many years.
- A、with whom
- B、with who
- C、whom
- D、who
正确答案:A -
第10题：
单选题Your vessel has anchored in a channel known to have strong tidal currents. To check your position you take a round of bearings，one of which is a range in line. One hour later the bearing on the lights in range opens up. This indicates the ship is（）.Aswinging
Bdredging her anchor
Ctaking bearings of the lights
Dtaking distances of the lights
正确答案： A解析： 暂无解析 -
第11题：
单选题I wonder how many years ago _____.Adid your father retire
Byour father retired
Chas your father retired
Dyour father has retired
正确答案： B解析：
宾语从句中用陈述语序。排除A、C。时间状语（how many years ago）提示要用过去时，故为B。 -
第12题：
单选题Your vessel is listening 4°to port and has a short rolling period. There is loose firefighting water in the hull. The ship is trimmed down by th end with one foot of freeboard at the bow. Which action should you take first?（）APress up the slack No.1 starboard double bottom tank
BPump out the forepeak tank
CEliminate the water in the tween decks aft
DJettision stores out of the paint locker in the focsle
正确答案： A解析： 暂无解析 -
第13题：
The finance director of Blod Co, Uma Thorton, has requested that your firm type the financial statements in the form
to be presented to shareholders at the forthcoming company general meeting. Uma has also commented that the
previous auditors did not use a liability disclaimer in their audit report, and would like more information about the use
of liability disclaimer paragraphs.
Required:
(b) Discuss the ethical issues raised by the request for your firm to type the financial statements of Blod Co.
(3 marks)
正确答案：
(b) It is not uncommon for audit firms to word process and typeset the financial statements of their clients, especially where the
client is a relatively small entity, which may lack the resources and skills to perform. this task. It is not prohibited by ethical
standards.
However, there could be a perceived threat to independence, with risk magnified in the case of Blod Co, which is a listed
company. The auditors could be perceived to be involved with the preparation of the financial statements of a listed client
company, which is prohibited by ethical standards. IFAC’s Code of Ethics for Professional Accountants states that for a listed
client, the audit firm should not be involved with the preparation of financial statements, which would create a self-review
threat so severe that safeguards could not reduce the threat to an acceptable level. Although the typing of financial statements
itself is not prohibited by ethical guidance, the risk is that providing such a service could be perceived to be an element of
the preparation of the financial statements.
It is possible that during the process of typing the financial statements, decisions and judgments would be made. This could
be perceived as making management decisions in relation to the financial statements, a clear breach of independence.
Therefore to eliminate any risk exposure, the prudent decision would be not to type the financial statements, ensuring that
Blod Co appreciates the ethical problems that this would cause.
Tutorial note: This is an area not specifically covered by ethical guides, where different audit firms may have different views
on whether it is acceptable to provide a typing service for the financial statements of their clients. Credit will be awarded for
sensible discussion of the issues raised bearing in mind other options for the audit firm, for example, it could be argued that
it is acceptable to offer the typing service provided that it is performed by people independent of the audit team, and that
the matter has been discussed with the audit committee/those charged with governance -
第14题：
EXTENDED FAMILY In an extended family, all the people share one household. Apart from parents and children, there may be other family members grandparents, aunts, uncles, cousins, etc. That is to say, a large family may have more than two generations, and often there are more than two adults from different generations of a family. The family members live together for many reasons. They may help to bring up children or to take care of an ill relative. They may also help with saving money. Sometimes children are brought up by their grandparents, for their parents have died or can never take care of them. Many grandparents look after the children,particularly when both parents are busy working. This large family is called extended family. It can be found all over the world. The number of these families has increased by 40 percent in the past ten years. Most of such families live happily together.
1. In an extended family, people live in different houses.()
2. An extend family includes at least three generations.()
3.In an extended family, children are looked after by their grandparents because their parents are traveling around.()
4. Extended families can be found all over the world.()
5. Children can live happily with their parents and grandparents.()
参考答案：1：F; 2：T; 3：F; 4：T; 5：T
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第15题：
We take the liberty () to you with a view to building up business relations with your firm.
A、writing
B、to be writing
C、to writing
D、to write
参考答案：D
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第16题：
How many life buoys has your ship been exactly________.
A.produced by
B.met with
C.offered of
D.provided with
正确答案：D
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第17题：
A new scheme for getting children to and from school is being started by the education authorities in part of Eastern England． This could end the worries of many parents fearful for their children's safety on the roads．
Until now the Country Council has only been prepared to provide bus services for children living more than three miles from their school, or sometimes less if special reasons existed． Now it has been decided that if a group of parents ask for help in organizing transport they will be prepared to go ahead, provided the arrangement will not lose money and that children taking part will be attending their nearest school．
The new scheme is to be tried out this term for children living at Milton who attend Impington school． The children live just within the three-mile limit and the Council has said in the past it will not undertake to provide free transport to the school． But now they have agreed to organize a bus service from Milton to Impington and back, a plan which has the support of the school's headmaster．
Between 50 and 60 parents have said they would like their children to take part in． Final calculations have still to be carried out, but a council official has said the cost of parents should be less than $6．50 a tenn．
They have been able to arrange the service at a low cost because there is already an agreement with the bus company for a bus to take children who live further away to Impington． The same bus would now just make an extra journey to pick up the Milton children． The official said they would get in touch with other groups of parents who in the past had asked if transport could be provided for their children, to see if they would like to take part in the new scheme．
Taking part in the Council's trial schemes are children who__________．A.living in Milton and go to Impington school
B.living in Impington and go to Milton school
C.living in Milton and go to Milton school
D.living in Impington and go to Impington school答案：A解析：根据第三段“The new scheme is to be tried out this term for children living at Milton who attend Impington school”可知新的体系是为了那些居住在密而顿并且在平因顿上学的孩子制定的，故选A。 -
第18题：
According to the article, why is the merger of Poynter Technologies and Carce Company mentioned in the book? （ ）A.To point out the legal issues raised by new technologies
B.To show how the world's largest computer technology firm was created
C.To indicate that large companies have advantages in the marketplace
D.To illustrate the impact technology has on transactions答案：D解析：由原文第二段相关内容：“…Ms．Narazaki explains the effect technology has on the valuation of a company．on communication…”可以得出正确答案。A、B、C在原文中均未提到。 -
第19题：
共用题干
Energy Cycle
Do you find getting up in the morning so difficult that it's painful?This might be called laziness,but Dr. Kleitman has a new explanation. He has proved that everyone has a daily energy cycle.
During the hours when you labor through your work you may say that you're“hot”.That's true .The time of day when you feel most energetic is when your cycle of body temperature is at its peak .For some people the peak comes during the morning. For others it comes in the afternoon or evening.No one has discovered why this is so,but it leads to such familiar monologues as:“Get up,John!You'll be late for work again!”The possible explanation to the trouble is that John is at his temperature-and-energy peak in the evening. Much family quarrelling ends when husbands and wives realize what these energy cycles mean,and which cycle each member of the family has.
You can't change your energy cycle,but you can learn to make your life fit to it better. Habit can help,Dr. Kleitman believes. Maybe you're sleepy in the evening but you must stay up late anyway .Counteract your cycle to some extent by habitually staying up later than you want to. If your energy is low in the morning but you have an important job to do early in the day,rise before your usual hour. This won't change your cycle,but you'll get up steam and work better at your low point.
Get off to a slow start which saves your energy .Get up with a leisurely yawn and stretch.Sit on the edge of the bed a minute before putting your feet on the floor. Avoid the trouble of searching for clean clothes by laying them out the night before .Whenever possible,do routine work in the afternoon and save tasks requiring more energy or concentration for your sharper hours.Which of the following may lead to family quarrels according to the passage?
A: Unawareness of energy cycles.
B:Familiar monologues.
C: A change in a family member's energy cycle.
D: Attempts to work more efficiently during the cycle of other family members.答案：A解析：根据第一段可以看出，早晨起不来与个人每天的能量周期有关。根据文章第二段中约翰自言自语以及紧接着的解释“Get up , John ! You'll be late for work again ! ” The explanation… temperature-and-energy peak in the evening．可推断出答案。
答案的线索在第二段最后一句话“Much family quarrelling ends when husbands and wives realize what these energy cycles mean,and which cycle each member of the family has.”也就是说，如果丈夫和妻子能明白不同的能量周期是怎么回事，家里每个人有什么样的能量周期，很多家庭争吵就不会发生。所以正确答案是A。
“如果一个人想在早上能量低潮时更有效地工作，那么他该怎么办？”根据这两句话“If your energy is low in the morning but you have…but you'll get up steam and work better at your low point.”可以断定正确答案应该是C。
“建议你早上起床时打个呵欠，伸伸懒腰，因为它们会＿______”首先应理解文章最后一段的第一句话“get off to a slow start which saves your energy”，还要理解该句后面的三句话，它们是保存能量的具体方法。“Get up with a leisurely yawn and stretch”当然是为了保存能量。所以正确答案是A。
选项B说Dr. Kleitman解释了为什么人们在一天里的不同时刻会有不同的能量高峰。而文章第二段指出没有人发现为什么会有不同的能量周期“For some people the peak comes during morning…No one has discovered why this is so.”两者不符，所以正确答案是B。 -
第20题：
He has smoked for so many years that he can（）give it up
Adirectly
Bmostly
Cexactly
Dhardly
D
略 -
第21题：
单选题Your firm has been recommended to us by AMK company, （） we have done business for many years.Awith whom
Bwith who
Cwhom
Dwho
正确答案： C解析： 暂无解析 -
第22题：
问答题Although the American economy has transformed itself over the years, certain issues have persisted since the early days of the republic. One is the continuing debate over the proper role for government in what is basically a marketplace economy. An economy based on free enterprise is generally characterized by private ownership and initiative, with a relative absence of government involvement. However, government intervention has been found necessary from time to time to ensure that economic opportunities are fair and accessible to the people, to prevent flagrant abuses, to dampen inflation and to stimulate growth.Ever since colonial times, the government has been involved, to some extent, in economic decision-making. The federal government, for example, has made huge investments in infrastructure, and it has provided social welfare programs that the private sector was unable or unwilling to provide. In a myriad of ways and over many decades, the government has supported and promoted the development of agriculture.正确答案：
虽然美国经济在过去几年中已实现了转型,但某些问题自美国建国之初以来一直持续至今,依然悬而未决。其中之一便是围绕着政府在一个基本上属于市场性质的经济中的恰当角色所展开的持久争论。以自由企业为基础的经济体制,其普遍特征便是私有制和个人创新精神,政府介入应相对微弱。然而,人们发现,政府进行时不时的干预也是必要的,它能确保经济机会人人均等,能为全部民众所获得,并防范肆无忌惮的权力滥用,平抑通货膨胀,刺激经济增长。
自殖民地时期以来,美国政府或多或少地参与到经济决策中来。例如,联邦政府曾在基础设施方面进行过巨额投资,它也提供了私营业主们没有能力或不愿意提供的社会福利项目。在过去数十年中,政府也以无数的方式支持并促进农业发展。解析： 暂无解析 -
第23题：
单选题In plotting a running fix，how many fixed objects are needed to take your lines of position from? （）AThree
BTwo
COne
DNone
正确答案： A解析： 暂无解析