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ACCA_P7

ACCA_P7

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Published by: Joy Nelson-Graham on Aug 23, 2010
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01/14/2012

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ACCA REVISION MOCK
Advanced Audit &Assurance(International)June 2010
Time allowed
Reading and planning: 15 minutesWriting: 3 hoursThis paper is divided into two sections:Section A – BOTH questions are compulsory and MUST be attemptedSection B – TWO questions ONLY to be attempted
Do NOT open this paper until instructed by the supervisor.During reading and planning time only the question paper may beannotated. You must NOT write in your answer booklet untilinstructed by the supervisor.This question paper must not be removed from the examinationhall.
Kaplan Publishing/Kaplan Financial
   P   a   p   e   r   P   7    (   I   N   T    )
 
ACCA P7 (INT) Advanced Audit & AssurancePage 2 of 8 KAPLAN PUBLISHING
© Kaplan Financial Limited, 2010The text in this material and any others made available by any Kaplan Group company does notamount to advice on a particular matter and should not be taken as such. No reliance should beplaced on the content as the basis for any investment or other decision or in connection with anyadvice given to third parties. Please consult your appropriate professional adviser as necessary.Kaplan Publishing Limited and all other Kaplan group companies expressly disclaim all liability toany person in respect of any losses or other claims, whether direct, indirect, incidental,consequential or otherwise arising in relation to the use of such materials.All rights reserved. No part of this examination may be reproduced or transmitted in any form orby any means, electronic or mechanical, including photocopying, recording, or by any informationstorage and retrieval system, without prior permission from Kaplan Publishing.
 
Revision Mock QuestionsKAPLAN PUBLISHING Page 3 of 8
Section A – BOTH questions are compulsory and MUST be attempted1
 
(a)
What are the objectives of:
(i)
Quality control within a firm of chartered certified accountants; and
(ii)
The auditor when performing an audit?
 
(4 marks)
 You are an audit manager at Boggle and Sons, a firm of chartered certifiedaccountants. You are currently planning the year-end audit of Percy’s Super-Strollers,a manufacturer of high quality maps for ramblers. Your firm accepted appointment asauditor in August 2009. You have been provided with the following information inrespect of the year ended 31 December 2009.
Extracts from the Statement of Comprehensive Income
Draft Actual 2009 2008
$000 $000Turnover 23,500 19,700Cost of sales (21,100) (16,400)Gross income 2,400 3,300Administrative expenses (2,500) (2,250)Operating (loss) / income (100) 1,050Losses on disposal on non-current assets (240) (340) 1,050Interest payable (200) (300)Net (loss) / profit (540) 750
Extracts from the Statement of Financial Position
Draft 2009
 
 Actual 2008
 $000 $000 $000 $000
Non-current assets
6,100 6,750
Current assets
Inventory 85 70Receivables 3,650 3,735 3,050 3,120
Current liabilities
Bank loan 500 Overdraft 950 850Trade payables 1,750 1,700Tax payable 300 250Other payables 1,300 150Director’s loan (4,800) 250 (3,200)
Non-current liabilities
Bank loan (2,000) (2,000)Defined benefit pension scheme (1,270) (1,550)
Net assets
1,765 3,120

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