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2010 2016

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2016 2015 2014 2013 2012 2011 2010

1PEST
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2016 2015 2014 2013 2012 2011 2010

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2016
2015 4673 6 11 5 3 3
2014A 4459 4 11 3 4.5 3.5
2014B 4098 4 11 3 4 4
2013A 4058 4 13 4 4.5 4.5
2013B 5345 7 10 5 3 2
2012A 4717 7 12 4.5 4.5 2 1
2012B 4760 4 11 3 4 3 1
2011 4949 14 5 6 2 1
2010 5659 5 11 4 3.5 2.5 1

13


PEST
1


2

6
3

4
5

6

2015

7


8

King 8 King

9

Kevin
10
King King
Kin
11

14


1


2


3


4


5

6
2014A
7

8 Albert
Based on the information provided in Materials 4, indicate the payback period for Project A and
9
Project B, respectively, and briefly describe the advantages and disadvantages of using the payback period method.
Based on the information provided in Materials 4, calculate the net present value and present value
10 index for Project A and Project B, respectively, and decide whether the net present value method and the
present value index method is more appropriate for the project evaluation in terms of the efficiency of investment, given the
same project period. Please provide a reason to support your answer.
Based on the information provided in Materials 4, iidentify the three driving factors that affect the P/E ratio
iiwith the related financial information provided for 2012, calculate the share values of Albert Company
11 using the P/E ratio modeland the adjusted P/E ratio modelrespectively, and evaluate
whether the transaction price of USD 16 per share was over-priced or under-priced using each model;iiibriefly explain
why Henry Company finally decided to use the adjusted P/E ratio model when evaluating Albert Company.

15


SWOT SWOT
1


2

3 6

4


5

6
Phoenix China 1%
2014B 7


8

Based on the related financial information provided for 2013 in Materials 4,calculate the values of 1% of Phoenix
9 Chinas shares using the P/E ratio modeland the P/B ratio model, respectively. Evaluate
the reasonableness of the purchase price of RMB 500 million and provide reasons to support your answer.
Based on the information provided in Materials 4, calculate the estimated earnings per share (EPS) for 2014 in each of the
three financing plans. Further, calculate the earnings before interest and tax (EBIT) corresponding to the EPS indifferent
10
point () in Plan 1 and Plan 3,and calculate the EBIT corresponding to the EPS indifferent point in Plan 2 and Plan
3.
Based on the information provided in Materials 4, calculate the after-tax financing costs in each of the three financing plans.
11
Further, briefly explain the key external factors that affect the value of financing costs.

16


1 SWOT

2


3


4

1 0
5

Assume you were the Project director of Victoria Securities. Determine the maximum amount of bonds offering
6 ) in Hong Kong ( also consider the capital need of Zhen Hua Company from the bonds offering in mainland China).
Besides, recommend to the management of Zhen Hua Company whether it should issue long-term bonds or short-term bonds
in Hong Kong, and provide a reason to support your recommendation.
Assume you were Jack, Director of International Investment. Briefly explain the ranking principle for capital allocation
2013A when the capital is limited, and calculate the present value index for Project A, Project B, and Project C. With a total
7
investment of l billion Hong Kong dollars (HKD 1 000 000 000) , determine the available combinations of project investment
options. Lastly, suggest to the management the best investment decision and provide a reason to support your decision.
8
Sobright
9

Sobright
10

Briefly describe the five elements of an effective enterprise internal control in accordance with the Basic Standard for
11 Enterprise Internal Control Based on the information provided in Materials 4 ( )
in relation to Sobright Company, identify the major risks that the Company exposes to in its fund management activities.
Based on the information provided in Materials 4(),measure the performance of White Appliances and Black
12 Appliances separately by using Residual Income Method () and Economic Value Added Method (
). Based on the results, evaluate whether the business of White Appliances or Black Appliances performs better.

17


Based on the financial data provided in the materials, use Zhen Hua Company as the comparable entity. Evaluate the value
(per share) of Sobright Company using the three different valuation-models: Price-to-earnings ratio (P/E) model; price-to-
13
book ratio (P/B) model; and price-to-sales ratio (P/S) model, respectively. Besides, indicate the limitations of using P/B
Model.

18


L (1)
1 (2)

(1)
2 (2)(3)

L (1)
3 (2)(3)
(4) L L
L
4

(1)(2) L
5
L
Based on the information provided in Table 5 - 1, (1) advise the most appropriate strategy for the General Machinery business
2013B acquired from H Group: cost leadership strategy (differentiation strategyor focus
strategyPlease prvide reasons to support your answer. (2)Suggest possible ways to create synergies (
6
) in the General Machinery business post acquisition, given that L Group has cost advantage in the General Machinery
business. (3) Describe the type of information that L Group should obtain in order to assess, from financial perspective, the
cost cutting plan for the General Machinery business acquired from H Group.
Based on the financial information of the machinery business (Table 5-1, Table 5-2, Table 5-3 and Table 5-4) and the
description of business arrangements(Table 5-5) provided by H Group in the due diligence data room, (1) identify the three
balance sheet items that had significant (over 20%) fluctuation and calculate the percentage of each fluctuation(2) calculate
the turnover days of trade receivables and inventory for both 2009 and 2010 with their year-end balances and the
7 corresponding sales and cost amounts; (3) draft a list of questions to H Group regarding (i) the significant fluctuations in
balance sheet items and (ii) the inconsistencies between the financial data (Table 5-2Table 5-3 and Table 5-4) and the
description of typical business arrangements (Table 5-5). (:(2) 365
(3)
Mr. B needs to report to the management of L Group.regarding the value analysis () of Company Y. As the assistant
8 of Mr.B, you have been required by Mr.B to prepare a draft of the analysis. Mr.B has asked you to follow the following
steps in drafting the analysis(1) what does WACC) stand for and what are the factors that would

19


increase or decrease WACC(2) calculate the equity value ()of Company Y with the information provided in
Table 6-1showing the step-by-step calculation process(3) compare the calculated equity value and the stock price (value
is over-or under-estimated () to conclude whether the calculated equity assuming that the stock price represents a fair
value)(4) what are the reasons that may cause the over-or under-estimation in equity value.
L L (1)
9
(2)
L 4
L (1) 1
2014 (a)
10
(b) 3 (2)
(3)(4)
L

20


1 SWOT 2006
2011
2

3
""
4

5
Mr. Colin has asked Sky Consulting () to prepare a short summary of key issues identified from the due diligence
6 on Nan Feng Optical () in English. He has requested that the summary should include brief finding, implication
and recommendation for each issue. On behalf of Sky Consulting, please prepare the summary according to Mr. Colin's
request.
90%
7

B B
2012A 8 15% B B

1 2
9

2009
10 1;
2
In early 2011, Mr. Colin heard from a friend that the landlord of the largest store of Hua Guang Optical () was
considering whether to sell the building (where the store was located) to another company for Rmb22 million. The existing
lease contract between Hua Guang Optical and the landlord will expire by the end of 2013. Mr. Colin was not familiar with
the relevant laws in China. Therefore, he wrote an email to Sky Consulting to consult on (i) whether the existing lease
11
contract will be terminated because of the sale of the building by the landlord; (ii) whether Hua Guang Optical should offer
the landlord more than Rmb22 million if Hua Guang Optical wants to buy the building; and (iii) whether the landlord can
sell the building without letting Hua Guang Optical know about that. On behalf of Sky Consulting, please write an email to
reply to Mr. Colin.
12 On behalf of Li (), please write an email to Mr. Colin to (1) explain whether Su () can join the audit engagement

21


team; and (2) explain the general principles in judging whether Gong Xin Accounting Firm () can provide the advisory
service to Nan Feng Optical (), and seek further clarification from Mr. Colin regarding the nature of the advisory
service required.

22


1

2006 2008
2006 2008
2
2006 2008


3
5

4 1500


5
2009
2012B
6
,

7 /


8

Assuming you were a manager of renowned international accounting firm, Garbo & Bergman LLPand you were in charge
9 of the risk assessment engagement for Qihang Company, please identify, given all the information provided,
the risks that Knight Co., Ltd the Companyfaces and briefly explain the reasons.
Given the cash shortage that Knight Co., Ltdthe Companyis facing due to its expansion of investment, what
10 recommendations in cash flow management would you make to the Company to improve efficiency of the Companys cash
management?
11 If you were Jack, how would you, as the audit engagement partner, assess the potential impact of Johns acceptance of the

23


position at Knight Co., Ltd on the independence of ABC Accounting Firm as the auditor of Knight Co., Ltd, and what
measures would you take to address the independence issuesif no significant connection remains between ABC Accounting
Firm and John after his resignation? Knight Co., Ltd is a subsidiary of a group in the PRC and therefore the Code of Ethics
for Chinese Certified Public Accountants is applicable to the audit engagement.

24


1

2


3


4


(1)
5 (2)(3)(4)


6
7
2011 8

9 10 6%
5%
3
10


11

12
On behalf of Greenhill Consultingwrite a short memorandum to the expatriate engineersof
Unicorn Motor to explain briefly to these engineers, the four basic elements of TQM, and the underlying
13
principle of TQM. The memorandum should end with a reiteration of why it is so important to improve the quality of
Unicorn Motor's products and that TQM is the best way to achieve that goal.
14 On behalf of Yang,write an email to Mr. Ferguson, to (I) explain whether Yang can take up the offer of

25


purchasing the car with a 50% staff discount; and whether Director Lee's son can remain in the audit engagement
team.

26


10
1


2


3


4


5

6

7

2010
8


9


10

Liangzheng() is the Quality and Risk Management Partner of Beijing Yangming CPA firm().The engagement
partner Wanghong() has requested Liangzheng to send her a memo that explains whether Lanzhou Datan CPA firm(
) and Shanghai Yangming CPA firm() can respectively provide the valuation and internal control services
11 to Huimin Energy Company() and Xinxing Solar Energy Company(), and how the new Code of Ethics
of The Chinese Institute of Certified Public Accountants impacts on the partner rotation requirements for the Zhaolong
Energy() audit. Suppose you are a CPA in Quality and Risk Management Department of Beijing Yangming CPA
firm, Liangzheng required you to write a draft of the memo in English, which should cover the concepts of when a larger
structure() is a network()network firm() and key audit partner().

27


28


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30
 2016

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1(PEST )

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4



2

3

200 5

16


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30%



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,
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3

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=
4 1 3
6%
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40%
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6

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6
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6%

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40%

18


3.
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4.
2
5.
3 12

4 1
12
15
5
2


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1
6
100 4


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19


20 6

3
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5


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4



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2

1
20

2

20


1




2

2
1
3




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3

21


22