ACCA：Auditing and company legislation09年ACCA_CAT考试

文章作者 100test 发表时间 2009:08:07 17:47:21
来源 100Test.Com百考试题网

　　Most audit work involves companies incorporated under national legislation. Over time the purpose of audit has developed.
　　In the 19th century, auditors were expected to prevent or detect fraud and error.
　　In the early 20th century attention shifted to the certifying of accuracy in financial statements.
　　End of 20th century sees a return to the prevention/detection role as the expectations gap is addressed.
　　Company law often does not address the problem of setting auditing standards – this task is delegated to the profession.
　　N.B.
　　The ‘expectations gap’ is the term used to describe the gap between what the auditor actually does and what users of financial statements believe he does or should do. The auditor believes his job is to gather sufficient appropriate audit evidence to form his audit opinion. users often believe that detection of fraud is a key audit objective. Closing this gap is one of the profession’s most pressing priorities.
　　（A- Q3/J2006） Corporate Governance
　　3. You are the audit manager of Tela &.Co, a medium sized firm of accountants. Your firm has just been asked for internationally recognized codes on corporate governance and Jumper &. Co has a number of clients where the codes are not being followed. One example of this, from SGCC, a listed company, is shown below. As your country already has appropriate corporate governance codes in place, Jumper &. Co have asked for your advice regarding the changes necessary in SGCC to achieve appropriate compliance with corporate governance codes.
　　Extract from financial statements regarding corporate governance
　　Mr Sheppard is the Chief Executive Officer and board chairman of GCC. He appoints and maintains a board of five executive and two non-executive directors. While the board sets performance targets for the senior managers in the company, no formal targets ofr review of board policies is carried out. Board salaries are therefore set and paid by Mr Sheppard based on his assessment of all the board members, including himself, and not their actual performance. Internal controls in the company are monitored by the senior accountant, although detailed review is assumed to be carried out by the external auditors. SGCC does not have an internal audit department.
　　Annual financial statements are produced, providing detailed information on past performance.
　　Required:
　　Write a memo to Jumper &. Co which:
　　（a） Explains why SGCC does not meet international codes of corporate governance
　　（b） Explains why not meeting the international codes may cause a problem for SGCC, and
　　（c） Recommends any changes necessary to implement those codes in the company. （20marks）
　　Memo
　　3　Fsrom: A Manager, Tela &. Co
　　To :Jumper &. Co
　　Subject: Corporate Governance in the SGCC Company
　　Date: 13 June 2006
　　As requested,I write to explain where your client SGCC does not appear to be following appropriate corporate governance codes and to recommend changes to ensure that the principles of good corporate governance are being followed.
　　Chief Executive Officer （CEO） and Chairman
　　Mr Sheppard is both CEO and chairman of SGCC. Corporate governance indicates that the person responsible for running the company （the CEO） and the person responsible for controlling the board （the chairman） should be different people. This is to ensure that no one individual has unrestricted powers of decision.来源：www.100test.com
　　I recommend that Mr Sheppard is either the CEO or the chairman and that a second individual is appointed to the other post to ensure that Mr Sheppard does not have too much power in SGCC.