考前沖刺階段aaa模考解析講義

Exhibit1:(a)Evaluatethebusinessriskstobeconsideredin nningtheauditofPaleCo.(10marks)(b)Evaluatetheauditriskstobeconsideredin nningtheauditofPaleCo.(20marks)Note:Inrelationtothe ‘stimber ntationasset(referredtoinExhibit4)youareonlyrequiredtoconsiderauditrisksrelatingtochangesinfairvalue.Anyotherrelevantauditrisksrelatingtothetimberntationassetwillbedealtwith y,laterin nningstageofthe(c)Designtheauditprocedurestobeperformedinrelationtothechangeinfairvalueofthetimber ntationassetcausedbytherecentstorms.Yourproceduresshouldincludethoserelatingtotheevaluationoftheexpertappointedbymanagementandtheworktheyhaveperformed.(6marks)(d)UsingExhibit5,ex intheethicalissuesandotheraudit nningimplicationswhichariseinrelationtothephonecallfromthe ‘schieffinanceofficer,MarkYork.(10marks)Thank建議先讀requirement，帶著問(wèn)題去case里找答案（先看AR6個(gè)+BR5個(gè)，c程序，d關(guān)注Exhibit不同顏色高光筆把BR和AR標(biāo)記出來(lái)，并在答題區(qū)寫下heading（這個(gè)即是格式分，也讓自己的答案看起來(lái)更清晰重要性水平，針對(duì)一個(gè)auditrisk其實(shí)算一個(gè)是重大的就夠了，可以節(jié)省時(shí)間，不用算太多(有的同學(xué)算3個(gè)，這太8.審計(jì)風(fēng)險(xiǎn)和商業(yè)風(fēng)險(xiǎn)分不清，如managementbias是審計(jì)風(fēng)險(xiǎn)Scenario1–Initial準(zhǔn)備上市，y.e準(zhǔn)備上市，y.e30SepItis1July20X5.YouareamanagerintheauditdepartmentofChief&Co,afirmofCharteredCertifiedAccountants.YouareassignedtotheauditofPaleCowhichhasafinancialyearending30SeptemberPaleComanagestimber ntations,itscorebusinessbeingthemanagementoftimber ntationsandtheproductionandsaleofarangeoftimberproducts.ItisnotcurrentlyalistedentityThefollowingexhibits,availableonthelef-handsideofthescreen,provideintormationrelevanttothePartner'semall- whichyouhavereceivedfromHarveyRebus,theauditengagementBackgroundinformation-informationrelevantto Notestrommeeting-summaryofbusinessdevelopmentsdiscussedatarecentmeetingbetweenthechieffnanceoffcer(CFO)andtheauditengagementpartner.Keyperformanceindicators-asummaryoffinancialandnon-financialNotesfromphonecall-asummaryofissuesraisedbytheCFOduringadiscussionwiththeauditengagementpartnerThisinformationshouldbeusedtoanswerthequestionrequirementwithinyourchosenresponseoption(s)Respondtotheinstructionsinthe fromtheauditengagementpartner.Note:ThesplitofthemarkallocationisshowninExhibit1- Professionalmarkswillbeawardedforthepresentationandlogicalflowofthebriefingnotesandtheofthe nationsprovidedExhibit1:From:HarveyRebus,AuditengagementpartnerSubject:Audit nningforPaleCoDate:1July20X5Ihaveprovidedyouwithsomeinformationwhichyoushouldusetohelpyouin nningtheauditofPaleCoforthefinancialyearending30September20X5.Asyouknow,PaleCoisa1.newaudit （一般2分）ofourfirm.Ihopeyouarelookingforwardtoworkingonthisinterestingnew whichisthefirsttimber havesecuredasanaudit .Youshouldalsobeawarethat2.themanagementteamis nningforPaleCotoachieveastockmarketlistingwithinthenexttwoyearsIrequireyoutopreparebriefingnotesformyownuse,inwhichyou:利 任何想做高利潤(rùn)的情況：上市，募資需求（上市，借款），bonus,機(jī)構(gòu)投資者壓力大，大股東是創(chuàng)業(yè)者想拿高紅利或者賣 ，關(guān)聯(lián)方 （顯失公允的 ）。 以及數(shù)據(jù)上升異常（如收入，毛利）， Auditrisk答案-Thisi firstyearinwhichChief&Cohasauditedthe ,whichincreasesdetectionrisk,asourfirmdoesnothaveexperiencewith ,makingitmoredifficulttodetectmaterialInaddition,thereisariskthatopeningbalancesandcomparativeinformationmaynotbecorrect.TheprioryearfigureswerenotauditedbyChief&Co,thereforeweshould ntoaudittheopeningbalancescarefully,inaccordancewithISA510ldts–Oig,toensurethatopeningbalancesandcomparativeinformationare material改寫：（2分案例情境：ThisisthefirstyearinwhichChief&Cohasauditeddetectionrisk-asourfirmdoesnothaveexperiencewiththereisariskthatopeningbalancesandcomparativeinformat maynotbecorrectsinceprioryearfigureswerenotauditedbyChief&CoAuditrisk答案-Pressureon isnotalistedentity,buttheexistingandnewshareholderswillbelookingforareturnonth stmentintheformofadividendpayment.Inaddition,intherunuptoapotentialstockmarketflotation,therewillbepressureforthetoshowgoodfinancialperformance. alsohasambitious ns.Pressurereturnabeerperformancecreatesanincentiveformanagementbiaswhichmeansthatmanagementmayuseearningsmanagementtechniques,orothermethodsofcreativeaccounting,tocreateahealthierpictureoffinancialperformancethanisactuallythecase.Thiscreatesaninherentriskofmaterialmisstatementatthefinancialstatementlevel.Thefactthattheprojectedprofitbeforetaxis30%higherthanthepreviousyear’sfigurecouldindicatethatoperatingexpensesareunderstated(營(yíng)業(yè)利潤(rùn)變動(dòng)還好，但是PBT一下變動(dòng)很大）.ManagementbiascouldalsohaveledtosomeoftheaccountingtreatmentssuggestedbyMarkYork,whichworktoimprovethe ’sprofitfortheyear.改寫：一般managementbias可結(jié)合比例分析，如收入或利潤(rùn)的異常上升；或結(jié)合Exhibit2:BackgroundPaleCoownsandmanagesseverallargetimber ntationsApproxima y5ofthetreesareharvestedeachyear.The yprocessesthetimberwhichisharvestedfromfelledtreesinitsownsawmills(afacilitywheretreesareprocessedintologsandothertimberproducts).Theprocessedtimber,whichismainlylogsand nksofwood,isthensoldtoarangeofcustomersincludingconstructioncompaniesandfurnituremanufacturers.Approxima y30%ofthetimberisexported.（匯率波動(dòng)等）YourfirmwasappointedasauditortoPaleCoinMarch20X5followingtheresignationofthepreviousauditor,HareAssociates.Aspartofyourfirm's acceptanceprocedures,communicationwasreceivedfromHareAssociatesindicatingthattheirreasonforresignationwasduetotheretirementofthepartnerresponsiblefortheauditandthattheyhadnoissuestobringtoyourattentionregardingtheaudit.PaleCohasa3.smallinternalauditdepartmentwithtwostaffwhoreporttothe 'sCFO,asthedoesnothaveanauditcommittee.Auditrisk答案- doesnothavetocomplywithcorporate ernancerequirementsasitisnotalisted ver,itisgoodpracticetohaveanestablishedauditcommittee,especiallyforalarge likePaleCowhichisseekingastockmarketflotationintherelativelynearfuture.TheinternalauditteamissmallandlackinginindependenceastheyreportdirectlytotheCFO.Thismeansthatthescopeoftheirworkislikelytobequitelimitedduetoinsufficientresources,andanymendationsmadecouldpotentiallybeignoredbyMarkYork.Thishasimplicationsforcontrolsoverfinancialreporting,whichcouldbedeficient,andincreasescontrolrisk.Thereisahighscopeforerrorsinfinancialreportingprocessesandfordeliberatemanipulationofbalancesandtransactions,astheinternalauditteamdoesnothavesufficientresourcesforthoroughmonitoringandreporting.改寫：（2分PaleCohasasmallinternalauditdepartmentwithtwostaffwhoreporttothe ‘sCFO(抄題）,whichmeansthatIAdepartmenthasinsufficientresourcesandlackinginindependenceswhichmayleadtoExhibit3:NotesfromMeetingdate:Attendees:HarveyRebus,auditengagementpartnerMarkYork,chieffinanceofficer(CFO)AccountingMarkYorkconfirmsthatPaleCoappliestherequirementsofIASO41AgricultureasStandingtimber,whichmeanstreeswhicharegrowinginthetimber ntationpriortobeingfelled,arebiologicalassets,measuredatfairvaluelesscoststosell.Thechangeinfairvaluelesscoststosellisincludedinprofitorlossfortheperiodinwhichitarises.Felledtreesareagriculturalproducewhicharemeasuredatfairvaluelesscoststosellatthepointofharvest. yafterfellingtreesareprocessed,sothatthevalueoffelledtreesawaitingprocessingisminimalatanypointintime.ProcessedtimbersuchaslogsaremeasuredinaccordancewithIAS2AtechnicalexpertfromtheauditfirmhasconfirmedthattheaccountingpoliciesoutlinedaboveappearappropriateinthecontextofPaleCo'sactivities.Exhibit3:NotesfromInternationalexpansion（目前都是國(guó)內(nèi)的，這是第一次收購(gòu)海外的PaleCo‘soperationsarecurrentlyallbasedinitshomejurisdiction.However,theboardhasrecentlyapprovedthe1.acquisitionofseverallargeareasoftropicalrain inFarland,aremotedevelocountry.Theexpansionwillallowthe toprocessnewtypesoftimberforwhichthereissignificantdemandfromluxuryfurnituremanufacturers.Theacquisitionoftheareasoftherain willcost$25millionandthepurchaseisduetotake ceinAugust20X5.Thecostof$25millionisequivalenttothefairvalueoftherain FarlandusesthesamecurrencyasPaleCosotheexpansionisnotcreatinganyforeignexchangeriskexposuretothe Thepurchaseisbeingfundedthroughashareissuetoexistingandnewshareholders（非現(xiàn)金收購(gòu)）,whoaremainlyfamilymembersofthePalefamily,whoestablishedthe 20yearsago.Ashareissuewastheonlyoptionforfundingtheinternationalexpansionasthe isatthelimitofitsbankborrowingAn4.internationaldevelopmentagencyhasagreedtoprovideagrantofS20milliontoassistPaleCoinitsFarlandexpansion,onconditionthattheexpansionrepresentssustainableandethicalbusinesspractice.Thegrantisprovidedspecificallyfortrainingthelocalwork andbuildingmodationforthework ay.teow30nSneepar2t0oXt5herain ThegrantisduetobereceivedinSeptember20X5andrelevantexpenditurewillcommenceinNovember20X5.MarkYorkis nningtorecognisehalfoftheamountreceivedaseinthisyear'sfinancialstatements,Businessrisk答案-InternationalTheexpansionintoFarlandintroducesabusinessriskinthatthe willbemanagingoperationsinaforeigncountryforthefirsttime.Farlandisremo maybedifficultforPaleCo’smanagementteamto nregularvisitstothenewoperations,soestablishingrobustmanagementoversight ntrolscouldbedifficult.Inaddition,Farlandmayhave regulationscomparedto ’shomejurisdiction,sothereisaheightenedrisk pliance.Eventhetypeof ginthe willbedifferent,andnothaveexperienceintheirharvesting,processing thesaleoftimberproducts.Alloftheseissuescreateariskthattheinternationalexpansionmaynotbesuccessful,andatthesametimewillrepresentadrainonmanagement’stimeandresources.OperationsinthehomecountryofPaleComaysufferasaresult.Foridentifying(或重復(fù)題中的facts)onlywithoutmeaningful nation,0.5Forabriefly inedbusinessrisk,1markwillbeIdentifiedandwellex ined–worthfullmarks。嘗試落到這些大方向，現(xiàn)流，利潤(rùn)，名聲，違法，控制不好，現(xiàn)有經(jīng) TheexpansionintoFarlandwillbemanagingoperationsinaforeigncountry.Farlandisremote,soitisdifficultfor tocontrolit.Inaddition,FarlandmayhavedifferentlawsandYouwillbeaskedtoevaluatethoserisks.Atthislevelyouwillnotbecreditedfordefiningbusinessrisk,norwillreceivecreditfordescribingwhata coulddotomitigatethosebusinessrisks.一般：includeriskstoachievingfutureprofitsorcashflowsortobusinesssurvival.嘗試落到這些大方向，現(xiàn)流，利潤(rùn)，名聲，違法，控制不好，現(xiàn)有經(jīng)營(yíng)等（想象自己是，就是賺錢+活下去（財(cái)務(wù)），F(xiàn)oridentifying(或重復(fù)題中的facts)onlywithoutmeaningful nation,0.5 manufacturesbespokemachines swhichmaytakesixmonthstoForabriefly inedbusinessrisk,1markwillbe manufacturesbespokemachines swhichmaytakesixmonthstocomplete.DuringthistimehasfundstiedupinworkinIdentifiedandwell ined–worthfull

什么是 ?Implicationtothe?Whythisistherisk?Howdoesitimpactonthebusinessortheaudit? manufacturesbespokemachinesfor swhichmaytakesixmonthstocomplete.Duringthistimethehasfundstiedupinworkinprogress,whichcouldgiverisetocashflowproblems,especiallyasthedepositmaynotcoveralltheupfrontcosts.ThisservicehasincreasedintheyearputtingfurtherstrainsoncashBR最終落到Revenue,Profit,Cashflows,Reputation，inefficiencyoperation（想象自己是 財(cái)務(wù)：利潤(rùn)，現(xiàn)流（借款，余額，錢亂花，流動(dòng)性,overtrading）,持續(xù)經(jīng)營(yíng)五力模型：產(chǎn)品（單一，質(zhì)量，滯銷），客戶（單一，體驗(yàn)差），供應(yīng)商-（單一，質(zhì)量 :政策,經(jīng)濟(jì)環(huán)境，科技：研 保護(hù)（breach或已研發(fā)的不成功）,行業(yè)-競(jìng)爭(zhēng)(需降價(jià)（breach-goingconcern；維持需CF），法律-名聲 公司治理：Practice,newsystem(導(dǎo)致lackinginindependence&inefficienciesinbusinessoperations） ARVSBR的implicationAuditrisk答案- y.e30Sepernment ernmentgrantof$20millionhasbeenawardedtoPaleCo,thisamountsto3·6%oftotalassets smaterialtotheprojectedstatementoffinancialposition.MarkYorkhassuggestedthathewillrecognise$10millionoftheamountreceivedinprofitfortheyear–projectedprofitbeforetaxisonly$6·5million,soincreasingtheprofitbythisamountwouldbehighlymaterialtothestatementofprofitorTheauditriskrelatestowhetherthisshouldberecognisedaseinthecurrentaccountingIAS?20 ernmentAssistancerequiresthat ernmentgrants cognisedinprofitorlossonasystematicbasisovertheperiodsinwhichtheentityrecognisesexpensesfortherelatedcostsforwhichthegrantsareintendedtocompensate.MarkYorkis nningtorecognisehalfofthegrantasethisyear,however,thisisnot yjustified.Thegranthasnotbeenawardedtocompensateformanagementtimeinnningteinternationalpansion,sotheappropriateaccountingtreatmentwouldseemtobethattheentireamountofthegrantshouldberecognizedasdeferredeinthisfinancialyear,astheexpenditureforwhichthegrantisspecificallyprovidedhasnotyetbeenincurred.Therefore,thereisariskthatthewillrecognisetheetooearly,leadingtooverstatedprofitandunderstatedAuditrisk答案-ernmentrecouldbeafurtherissueinthatthetermsofthegrantmayrequirecompleteorpartialrepaymentiftheconditionsofthegrantarenotsatisfied,forexample,ifPaleCodoesnotretainitsGoldStandardaccreditationorifthecircumstancesoftheemployees’legalcaseareconsideredtobeindicativeofunethicalbusinesspracticebythe .The evaluatewhetherthetermsarelikelytobemet,and whetheritwouldbeappropriatetorecogniseaprovisionordiscloseacontingentliabilityinthenotestothefinancialstatements.AccordingtoIAS37,tsdt,aprovisionshouldberecognisedwhereapresentobligationasaresultofapastwhichcanbereliablymeasuredandisprobabletoresultinanoutflowofeconomicbenefit.Theriskisthereforethatthishasnotbeenconsideredbymanagement,leadingpossiblytounderstatedliabilitiesorinadequatedisclosureasrequiredbyIAS37.Afurtherissueisinthatthetermsofthegrantmayrequirecompleteorpartialrepaymentiftheconditionsofthegrantarenotsatisfied,forexample,ifPaleCodoesnotretainitsGoldStandardaccreditation.Ifnot,shouldconsiderwhetheritwouldbeappropriatetorecogniseaprovisionordiscloseacontingentliability.Exhibit3:NotesfromGold isproudtohave2.recentlybeenawardedanindustry'GoldStandard’accreditationforitssustainabletimbermanagement.ToachievetheGoldStandard,whichdenotesthehighestpossiblelevelofsustainabletimbermanagementandethicalbusinesspractice,the mustadheretoanumberofstrictstandards.Thisincludesmaintainingthebiodiversityofthetimber ntation,ensuringthatrarespeciesoftreearenotharvested,andthatanimalhabitatswithinthetimber ntationarep .TomaintaintheGoldStandardaccreditation,oneconditionisthatatleast80%oftimbersoldmustbeharvestedaccordingtothestrictstandardssetbyindustryregulators.TheGoldStandardappliestoallofthe 'sactivities,includingtheFarlandexpansion.ContractwithRoyalCo（大客戶 'srevenuehasincreasedthisyear,largelyduetoitsigningasignificantcontractwithanewRoyalCo.ThecontractwassignedonthebasisofPaleCoreceivingtheGoldStandardaccreditationforitsLegalAgroupof3.5.employeeshasrecentlycommencedlegalactionagainstthe ,claimingthatbreachesofhealthandsafetyguidelinesregularlytake ce.The hasmadesomeredundancies已經(jīng)裁了，不用考慮provision)thisyear,whichhasputpressureontheremainingstafftoworkharderinordertomaintainproductivity:theemployeesareallegingthatthishascausedanincreaseinthenumberofaccidentsatwork,someofwhichhaveresultedinfatalities.The 'smanagementandlegaladvisorsbelievethatthelegalclaim,whichamountstoS19million,isunjustifiedandwillnotbesuccessful.MarkYorkdoesnotintendtorecogniseaprovisionfortheclaimormakeanydisclosureinthefinancialstatementsinrelationtothisissueasitisatsuchanearlystageinthelegalproceedings.Businessrisk答案-GoldStandardThereisariskthattheGoldStandardaccreditationmaynotberenewed,withimplicationsforreputation,andmorespecificallyforthenewcontractwithRoyalCo,whichlargelyaccountsforanincreaseof5·5%inthe ’srevenuethisyear.Severalofthekeyperformanceindicators(KPIs)whichneedtobe retaintheGoldStandardseemtobeinjeopardy,forexample,therehasbeenadeclineinthepercentageoftimberwhichisharvestedinlinewithGoldStandardrequirements,andtheprojectedmetricof82%isonlyjustabovetherequiredlevelof80%.Inaddition,theGoldStandardislinkedtoethicalbusinesspractice,andtherearesomeindicationsthatthe ’sbusinessethicsarequestionable–forexample,thelegalcasebeingbroughtby eincentivepaymentmadetoa ernmentofficial.IftheGoldStandardaccreditationislost,RoyalCoandothercustomermaycancelcontracts,resultinginalossofrevenueandcashflow.Foridentifying(或重復(fù)題中的facts)onlywithoutmeaningful nation,0.5Forabriefly inedbusinessrisk,1markwillbeIdentifiedandwellex ined–worthfullmarks。嘗試落到這些大方向，現(xiàn)流，利潤(rùn)，名聲，違法，控制不好，現(xiàn)有經(jīng) ThereisariskthattheGoldStandardaccreditationmaynotberenewed,sinceanumberofstrictstandardsmaynotbemet.Forexample,theprojectedmetricof82%isonlyjustabovetherequiredlevelofBusinessrisk答案-LegalThelegalactionagainsttheknowledge,there

byitsownemployeesisasignificantrisk.Iftheissueeswillbereputationalproblems,andtheamountwhichisbeingclaimed,$19million,exceedsthe’scashbalance.Ifthelegalclaimweretogoagainstthe ,itwouldstruggletofindthefundstopaythedamagesgiventhatitisalreadyatthelimitofitsborrowingarrangements.Thesituationcouldalsoindicate,ifdecisionsbeingmadewhichputthelivesofemployeesatriskandresultindayslostduetoandthematterseemstobedismissedasunimportantbythemanagementteamandlegal

ernanceofaccidentsatFor

(或重復(fù)題中的facts)onlywithoutmeaningful nation,0.5Forabriefly inedbusinessrisk,1markwillbeIdentifiedandwell ined–worthfullmarks好，現(xiàn)有經(jīng)營(yíng)等（想象自己 ，就是賺錢+活下去（財(cái)務(wù)），經(jīng)營(yíng)（效率），合法（名聲Thelegalactionagainst byitsownemployeesindicatesmayleadtoproblems.Theamount claimed,$19million,exceeds ’scashbalance,Auditrisk答案-LegalThelegalcasecouldalsogiverisetoariskofunderstatedliabilitiesorinadequatedisclosureiffailsto19millionclaimedbyemployeesortodisclosethematterasacontingentliability.ItwillbeamatterofsignificantjudgementtodecidewhetherthelegalclaimislikelytogoagainstPaleCoornotatthisearlystage,however,thematterismaterialat3·5%oftotalassetsandbeingclosetothreetimesprojectedprofitfortheyearthereforewarrantscarefulconsideration.Duetoitssensitivenature,theauditormayalsoconsidertheissuetobematerialby19/550=3.5%ofTA,materialtoSOFP;19/6.5=2.92ofPBT,19/42.5=44.7%ofTR,materialtoSOPLItwillbeamatterofsignificantjudgementtodecidewhetherthelegalclaimislikelytogoagainstPaleCoornot.Ifitisprobable-provision,ifitispossible-contingentliability.ifthe failstoprovideforthe$19millionclaimedbyemployeesortodisclosethe ntingentliability.UnderstatedliabilitiesorinadequateExhibit3:NotesfromUseofexpert-changeinfairvalueduetorecentInthelastmonth,4.6.severalstormscauseddamagetosomeareasoftimber ntation.Anindependentexperthasbeenappointmentbymanagementtodeterminetheextentofdamagecausedandto fyanyfinancialimplications,includingdeterminationofthechangeinfairvalueofthestandingtreeswhichhavebeendamagedbythestorm.Theexpert'sreportindicatesalargenumberoftreeshavebeencomple ydestroyed,andmanyhavebeenbadlydamaged.Basedontheexpert'sreport,managementhasdeterminedthatareductioninfairvalueof$70.5millionshouldberecognisedinrespectofthetimber ntationassetrecognizedinthestatementoffinancialTheinformationinthetablebelowwillbepublishedaspartoftheAnnualReport,inasectiontitled“Keyresultsfortheyear.whichformspartofmanagement‘scommentaryonthe ’sperformance.Thefinancialinformationisbeforerecognizingthechangeinfairvalueofthetimber ntationcausedbytherecentstorm,andalsobeforeaccountingforthe ernmentgrant.Businessrisk答案-DamagetoassetscausedbyTherecentstormshavecausedsignificantdamageto ’s ntationUnpredictableweathercouldcausefurtherharmoreventotallydestroythe ’stimber ntations.Assumingthattreeswillbere ntedto cethedamgecausedbythestorm,itcantakemanyyearsfortreestogrowtoaharvestable sothe facesasignificantdepletionofitsfuturecashinflowsforyearstocome.Thisriskisvery tomitigate,perhapsthediversificationintotropicalrain isawaytoreducetheriskexposureofthe ’soperationsbeingconcentratedino eographicalarea.Foridentifying(或重復(fù)題中的facts)onlywithoutmeaningful nation,0.5Forabriefly inedbusinessrisk,1markwillbeIdentifiedandwellex ined–worthfullmarks。嘗試落到這些大方向，現(xiàn)流，利潤(rùn)，名聲，違法，控制不好，現(xiàn)有經(jīng) Therecentstormshavecausedsignificantdamagetothe ’stimber ntationasset.Thefacesasignificantdepletionofitsfuturecashinf decidetore nttheAuditrisk答案-Reductioninfairvalueof ’stimber set,priortorecognisinganychangeinfairvalue,isprojectedto 0·9%ofth’stotalassetsandisthereforehighly hascorrectlyobtainedanexpert’sopiniononthechangeinfairvalueof ddamagedtreescausedbythestorm.Theexpert’svaluationhashelpedmanagementtodeterminethatareductioninfairvalueof$70·5millionshouldberecognisedinthefinancialstatementswithinprofit.Thisamountismaterialinitsownrightat14·1%ofthetimberntationassetandbeingmorethantentimesprojectedprofit.Whenthelossinvalueognised,itwillturntheprojectedprofitintoasignificantloss.Thereisariskthatmanagementwillnotrecognisethelossinfullduetotheimpactitwillhaveonprofit.Thisisthereforeaverysignificantissuefortheaudit Thereisariskthattheexpert valuationisnotappropriate,forexample,iftheexpertdoesnothaveappropriateexpertisetoperformthisspecialistvaluation,whichwouldleadtoissuesinwhetherthevaluationcanbereliedupon.Inaddition,theexperthasconsideredonlythevalueofthedestroyedanddamagedtreesandnotconsideredanyotherimpactofthestorm,forexample,ifotherassetssuchasroadsandbuildingshavebeenaffectedbythestormandshouldbetestedforimpairment.Therefore,basedontheissuesdiscussedabove,thereisariskthatthelossisnotfullyrecognisedinprofitfortheyear,andthecarryingamountofnon-currentassetsisoverstated.Exhibit4:KeyperformanceRevenuehadincreasedby5.5%,PBThadincreasedby30%whichdidnotlookconsistent.ariskofexpensesbeingTotalassets-$550million(20X4-$545 ntation-$500million(20X4-$490million)-thisamount,relatingtostandingtimber,is6.beforeaccountingforanychangeinvaluecausedbytherecentstormsreferredtoinExhibit3.Inventory-$154million(20X4-$92million)增長(zhǎng)很多-7.theincreasedlevelofinventoryisex inedbymanagementasfollows:“Inthelasttwomonths,5.industrialactionatthecountry‘sportsmeantnocontainersofprocessedtimbercouldbeshippedtoourexportcustomers.Themissedexportsalessofaramounttoabout$2.1million.We harvestandprocesstimberduringthistime,leadingtoanincreasedlevelofinventoryTheindustrialactionisongoing.Cash-$4.5million(20X4-$6.8million))-6.cashlevelsaredepletedthisyearduetoinflationarypressuresanddemandsforhigherwagesfromouremployees,whichwehavemet.Businessrisk答案-IndustrialTheindustrialactionatthecountry’sportshasalreadymeantlostsales,and,asex inedabove,thereisariskthatrevenueandcashinflowswillcontinuetobenegativelyimpacted.Exportsalesaccountfor30%oftotalrevenue,approxima $12·75million,makngthisapotentiallyverysignificantissueshouldtheindustrialactionCustomersmaybeginlookelsewherefortheirsupplyoftimber,leadingtocancelledfutureordersandcontracts.Thereisalsoanissuethattheincreasedstorageoftimberwhichisawaitingexporttoforeigncustomerswillincuradditionalstoragecosts.Foridentifying(或重復(fù)題中的facts)onlywithoutmeaningful nation,0.5Forabriefly inedbusinessrisk,1markwillbeIdentifiedandwellex ined–worthfullmarks。嘗試落到這些大方向，現(xiàn)流，利潤(rùn)，名聲，違法，控制不好，現(xiàn)有經(jīng) industrialactionatthecountry‘sportsmeantnocontainersofprocessedtimbercouldbeshippedtoourexportcustomerswhichaccount30%ofTR.Thereisanegativeimpactonrevenueandcashinflows.Andincreasedstorageoftimbermayleadtoadditionalstoragecosts(whichwillimpactBusinessrisk答案-Thefinancialinformationprovidedindicatesthatthe ’sliquiditypositionhasdeterioratedovertheyear.The hasonly$4·5millionofc reductionof33·8%comparedtotheendofthelastfina r.Whilethishasbeenex inedasduetoinflationarypressures,managementshouldbe ngmoretomaintainare onablelevelofcashinordertoproperlymanageitsworkingcap l.Inventorylevelshaveincreasedsignificantlyby67·4%andwhileagainthereasonfortheincreasehasbeenex inedbymanagement,iftheinventoryofprocessedtimbercannotbeshippedtocustomersin arfuture,workingcapitalwillcontinuetodeteriorate.mayeunabletomeetobligationsastheyfalldue,especiallyiftheindustrial storestrictthepossibilityofexportsaleswhichaccountfor30%ofthe ’srevenue.改Foridentifying(或重復(fù)題中的facts)onlywithoutmeaningfulex nation,0.5markForabrieflyex inedbusinessrisk,1markwillbeawardedIdentifiedandwellex ined–worthfullmarks。嘗試落到這些大方向，現(xiàn)流，利潤(rùn)，名聲，違法，控制不 hasonly$4·5millionofcash–areductionof33·8%comparedtolastyear..Inventory creasedsignificantlyby67·4%,the ’sliquiditypositionwillbedeterioratedifindustrialactioncontinues.(Itmayleadtocashfl lemfinally)Auditrisk答案-Thelevelofinventoryhasincreasedsignificantly,by67·4%,andthevalueofinventoryat30June20X5represents2·8%ofprojectedtotalassets.Theinventoryisthereforematerialtothefinancialstatements.Thereisariskthatiftheindustrialactioncontinues,andthe cannotfulfilitsexportsalecontracts,thecustomerswillcanceltheirorders.Theinventory aynotbesaleabletoothercustomers,perhapsifthetimberhasbeencuttocustomerspecificationorrequiresmodificationtosecureasaletoadifferentcustomer.AccordingtoIAS2Inventories,inventoryshouldberecognisedatthelowerofcostandnetrealisablev