题目内容
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The island's chief ______ was its beauty.
A．feature
B．character
C．nature
D．temper
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the audit of the financial statements for the year ended 30 November 2007. The draft financial statements show
revenue of $125 million (2006 – $103 million), profit before tax of $5·6 million (2006 – $5·1 million) and total
assets of $95 million (2006 – $90 million). Your firm was appointed as auditor to Island Co for the first time in June
2007.
Island Co designs, constructs and installs machinery for five key customers. Payment is due in three instalments: 50%
is due when the order is confirmed (stage one), 25% on delivery of the machinery (stage two), and 25% on successful
installation in the customer’s coal mine (stage three). Generally it takes six months from the order being finalised until
the final installation.
At 30 November, there is an amount outstanding of $2·85 million from Jacks Mine Co. The amount is a disputed
stage three payment. Jacks Mine Co is refusing to pay until the machinery, which was installed in August 2007, is
running at 100% efficiency.
One customer, Sawyer Co, communicated in November 2007, via its lawyers with Island Co, claiming damages for
injuries suffered by a drilling machine operator whose arm was severely injured when a machine malfunctioned. Kate
Shannon, the chief executive officer of Island Co, has told you that the claim is being ignored as it is generally known
that Sawyer Co has a poor health and safety record, and thus the accident was their fault. Two orders which were
placed by Sawyer Co in October 2007 have been cancelled.
Work in progress is valued at $8·5 million at 30 November 2007. A physical inventory count was held on
17 November 2007. The chief engineer estimated the stage of completion of each machine at that date. One of the
major components included in the coal extracting machinery is now being sourced from overseas. The new supplier,
Locke Co, is located in Spain and invoices Island Co in euros. There is a trade payable of $1·5 million owing to Locke
Co recorded within current liabilities.
All machines are supplied carrying a one year warranty. A warranty provision is recognised on the balance sheet at
$2·5 million (2006 – $2·4 million). Kate Shannon estimates the cost of repairing defective machinery reported by
customers, and this estimate forms the basis of the provision.
Kate Shannon owns 60% of the shares in Island Co. She also owns 55% of Pacific Co, which leases a head office to
Island Co. Kate is considering selling some of her shares in Island Co in late January 2008, and would like the audit
to be finished by that time.
Required:
(a) Using the information provided, identify and explain the principal audit risks, and any other matters to be
considered when planning the final audit for Island Co for the year ended 30 November 2007.
Note: your answer should be presented in the format of briefing notes to be used at a planning meeting.
Requirement (a) includes 2 professional marks. (13 marks)
The chief function of a uniform. is to ______.
A．provide practical benefits to the wearer
B．make the wearer catch the public eye
C．inspire the wearer's confidence in himself
D．provide the wearer with a professional identity
A.Stress factors．
B.Man-hours．
C.Machine tolerances．
D.Customer-appeal.
I’m like a migratory bird that has lost its sense of timing and direction, my wings flapping against season.
So what makes me fly against the tide of snowbirds？ The answer has a lot to do with my reluctance to give up the things that define who I am. Once I hear that the temperature on Long Island has dipped into the range of 40 to 50 degrees, I begin to long for the sight and crackling sound of a wood fire. I also long for the bright display o£ colors — first in the fall trees, and then in the limits around homes and at Rockefeller Center. Floridians decorate too, but can’t create the special feel of a New England winter.
I suppose the biggest reason why I return is to celebrate the holidays with people I haven’t seen in months. What could be better than sitting with family and friends for a Thanksgiving turkey dinner, or watching neighbors’ children excitedly open gifts on Christmas？ Even the first snowfall seems special. I especially enjoy seeing a bright red bird settling on a snow-covered branch (My wife and I spend winters at a retirement community in Ridge, and I’m grateful that I don’t have to shovel.)
While these simple pleasures are not unique to Long Island, they are some of the reasons why I come back. Who says you can’t go home？
(1) 单选题What does the underlined word "snowbird" in Paragraph 1 refer to？
A.A person spending winter in a warmer climate.
B.A bird seen chiefly in winter.
C.A person permanently living in a foreign country.
D.A bird flying to the south in winter.
(2) 单选题What’s the difference between Florida and Long Island？
A.Winters in Long Island are milder.
B.The snowbirds in Long Island are rarer.
C.Weather in Long Island is severer.
D.Long Island is nearer to the ocean.
(3) 单选题What did the author miss most when he was in Florida？
A.The colorful light display.
B.The family gathering.
C.The cold temperature.
D.The winter landscape.
(4) 单选题What’s the author’s purpose in writing the text？
A.To praise the beauty and warmth of his hometown.
B.To describe his dream to be a free bird.
C.To explain the reasons for moving from his hometown.
D.To express his feeling of missing his hometown.
On today's farms, the chief reason why livestock is still raised would probably be______.
A．that farmers' conventions are difficult to be given up
B．that farmers want to gain more profit
C．that farmers have to do so
D．that farmers' work has been replaced by machines
The Chairman and the Chief Executive Officer (CEO) of Kengai Co are discussing whether or not the company should adopt a triple bottom line (TBL) reporting system in order to demonstrate Kengai Co’s level of sustainable development. Kengai Co’s competitors are increasingly adopting TBL reporting and the Chairman feels that it would be beneficial to follow suit. The CEO, on the other hand, feels that pursuing TBL reporting would be expensive and is not necessary.
Required:
(a) Explain what TBL reporting involves and how it would help demonstrate Kengai Co’s sustainable development. Support your explanation by including examples of proxies that can be used to indicate the impact of the factors that would be included in a TBL report. (8 marks)
(b) Discuss how producing a TBL report may help Kengai Co’s management focus on improving the financial position of the company. Illustrate the discussion with examples where appropriate. (10 marks)
For many years, Hawaiian customs were looked down on or【25】. Now there is new pride in the old ways. Children are learning the【26】language and the traditional songs and dances. At the University of Hawaii there is a great deal of interest in the history of the islands and the culture of the【27】.
Visitors to the islands【28】to see the island paradise as it【29】to be. Large numbers of tourists from the Mainland【30】in Hawaii daily. Signs of modem tourism are【31】. Honolulu and its suburbs, a quiet area of about 250,000 thirty years【32】, is now a crowded area of 800,000 residents and【33】.
As you drive around the island of Oahu, you can find some of the beaches are closed【34】the public, and more and more tourist resorts are being built in areas that were unspoiled. Hawaiians【35】about what will happen to the old way of life.
(51)
A．local
B．original
C．folk
D．migratory
(b) Chatam, a limited liability company, is a long-standing client. One of its subsidiaries, Ayora, has made losses
for several years. At your firm’s request, Chatam’s management has made a written representation that goodwill
arising on the acquisition of Ayora is not impaired. Your firm’s auditor’s report on the consolidated financial
statements of Chatam for the year ended 31 March 2005 is unmodified. Your firm’s auditor’s report on the
financial statements of Ayora is similarly unmodified. Chatam’s Chief Executive, Charles Barrington, is due to
retire in 2006 when his share options mature. (6 marks)
Required:
Comment on the ethical and other professional issues raised by each of the above matters and their implications,
if any, for the continuation of each assignment.
NOTE: The mark allocation is shown against each of the three issues.
TQ Company, a listed company, recently went into administration (it had become insolvent and was being managed by a firm of insolvency practitioners). A group of shareholders expressed the belief that it was the chairman, Miss Heike Hoiku, who was primarily to blame. Although the company’s management had made a number of strategic errors that brought about the company failure, the shareholders blamed the chairman for failing to hold senior management to account. In particular, they were angry that Miss Hoiku had not challenged chief executive Rupert Smith who was regarded by some as arrogant and domineering. Some said that Miss Hoiku was scared of Mr Smith.
Some shareholders wrote a letter to Miss Hoiku last year demanding that she hold Mr Smith to account for a number of previous strategic errors. They also asked her to explain why she had not warned of the strategic problems in her chairman’s statement in the annual report earlier in the year. In particular, they asked if she could remove Mr Smith from office for incompetence. Miss Hoiku replied saying that whilst she understood their concerns, it was difficult to remove a serving chief executive from office.
Some of the shareholders believed that Mr Smith may have performed better in his role had his reward package been better designed in the first place. There was previously a remuneration committee at TQ but when two of its four non-executive members left the company, they were not replaced and so the committee effectively collapsed.
Mr Smith was then able to propose his own remuneration package and Miss Hoiku did not feel able to refuse him.
He massively increased the proportion of the package that was basic salary and also awarded himself a new and much more expensive company car. Some shareholders regarded the car as ‘excessively’ expensive. In addition, suspecting that the company’s performance might deteriorate this year, he exercised all of his share options last year and immediately sold all of his shares in TQ Company.
It was noted that Mr Smith spent long periods of time travelling away on company business whilst less experienced directors struggled with implementing strategy at the company headquarters. This meant that operational procedures were often uncoordinated and this was one of the causes of the eventual strategic failure.
(a) Miss Hoiku stated that it was difficult to remove a serving chief executive from office.
Required:
(i) Explain the ways in which a company director can leave the service of a board. (4 marks)
(ii) Discuss Miss Hoiku’s statement that it is difficult to remove a serving chief executive from a board.
(4 marks)
(b) Assess, in the context of the case, the importance of the chairman’s statement to shareholders in TQ
Company’s annual report. (5 marks)
(c) Criticise the structure of the reward package that Mr Smith awarded himself. (4 marks)
(d) Criticise Miss Hoiku’s performance as chairman of TQ Company. (8 marks)
(i) Following an investigation you discover that commissions were paid to a senior official in one country to ensure that the local drug licensing agency concerned facilitated the acceptance of one of your principal revenue earning drugs for use within its national health service.
(ii) You have discovered that an agent of your firm, aware that the licensing agreement might be forthcoming,
purchased several call option contracts on your company’s equity.
(iii) A senior member of the firm’s treasury team has been taking substantial positions in currency futures in order to protect the risk of loss on the translation of dollar assets into the domestic currency. Over the last 12 months significant profits have been made but the trades do not appear to have been properly authorised. You discover that a long position in 50, $250,000 contracts is currently held but over the last four weeks the dollar has depreciated by 10% and all the signs are that it will depreciate considerably more over the next two months.
(iv) One drug company has managed to copy a novel drug that you have just released for the treatment of various forms of skin cancer. You have patent protection in the country concerned but your company has not been able to initiate proceedings through the local courts. Contacts with the trade officials at your embassy in the country concerned suggest that the government has made sure that the proceedings have not been allowed to proceed.
The company’s chief financial officer has asked you to look into these issues and, with respect to (iv), any World Trade
Organisation (WTO) agreements that might be relevant, and to advise her on how the company should proceed in each case.
Required:
Prepare a memorandum advising the Chief Financial Officer on the issues involved and recommending how she should, in each case and in the circumstances, proceed.
How can a single stamp be worth $ 16 800？
Any mistake made in the printing of a stamp raises its value to stamp collectors. A mistake on one inexpensive postage stamp has made the stamp worth a million and a half times its original value. The mistake was made more than a hundred years ago in the British colony (殖民地) of Mauritius, a small island in the Indian Ocean. In 1847 an order for stamps was sent to a London printer—Mauritius was to become the fourth country in the world to issue stamps. Before the order was filled and delivered, a ball was planned at Mauritius ' Government House, and stamps were needed to send out the invitations. A local printer was instructed to copy the design for the stamps. He accidentally marked the words " Post Office" instead of " Post Paid" on the several hundred stamps that he printed.
Today there are only twenty-six of these misprinted stamps left—fourteen One-Penny Orange-Reds and twelve Two-Penny Blues. Because of the Two-Penny Blue's rareness and age, collectors have paid as much as $ 16800 for it.
Mauritius is the name of______.
A．an island kingdom
B．a British colony
C．a province of India
D．a London printer
