Which of the following identifies when the letter of engagement should be sent to a new clients?
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1 .What is the finance charge to LMN’s profit or loss for the year ended 31 December 20X3?
A USD160,000 B USD248,000 C USD260,000 D USD274,000
2 .On 1 March 20X2 PQR purchased a debt instrument from the market for USD105,000, the par value of the instrument was USD100,000. At 31 December 20X2 the fair value of the instrument is USD112,000 and the amortised cost has been calculated to be USD104,000.PQR does not hold this type of asset for contractual cash flows.At what amount should the investment be included in PQR’s statement of financial position as at 31 December 20X2?
A USD100,000 B USD104,000 C USD105,000 D USD112,000
3 .On 1 January 20X2 XYZ issued USD1,000,000 4% convertible loan notes, at a discount of 95.The loan notes are redeemable in five years at a premium of 10%.What are the total finance costs that should be charged to profit or loss over the fiveyear term of the convertible loan notes?
A USD350,000 B USD345,000 C USD250,000 D USD200,000
4 .In accordance with IFRS 9 Financial Instruments, under what circumstances, can an entity classify financial assets that meet the amortised cost criteria as at fair value through profit or loss?
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5 .A company is to publish the following additional statements, all of which are consistent with the statement of comprehensive income and the statement of financial position.(1) Directors’ report(2) Chairman’s report(3) Statement of cash flow(4) Value added statement(5) Five year summary of past resultsOn which of these statements does the auditor issue an individual report?
A 1, 2 & 3 only B 3 only C 4 & 5 only D None
7 .The following are the general stages of an audit.(1) Ascertain the system(2) Record the system(3) Evaluate controls(4) Select and perform tests of transactions and balances(5) Select and perform tests of controls(6) Select and perform restricted tests of transactions and balances(7) Overall reviewImmediately after which stage would the auditor normally perform “walk-through tests”?
A Stage 2 B Stage 3 C Stage 5 D Stage 1
8 .Fraudulent collusion is described by ISAs as a limitation on the effectiveness of internal controls.What specific action should an auditor normally take in respect of the risk of fraudulent collusion?
A No action beyond the normal testing of transactions and balances B Design specific compliance tests to ensure that the controls over authorisation and segregation of duties are effective C Require that management institutes adequate separation of the functions ofauthorisation, execution, custody a...
9 .Which of the following could be established by test data processed by the master file update program of a computerised payroll system?
A Accuracy of the master file amendments input B Validity of amendments input C Completeness of the master file amendments input D Completeness of the master file amendments listing
10 .The following are examples of controls which may occur in a company having acomputerised accounting system.(1) The sales department match a listing of computer-produced invoices to their copies of the manual input documents which originated the production of the invoice.(2) The personnel department review a monthly printout of all changes to payroll standing data. They check this against their manual records.(3) The sales ledger system includes a sequence check on pre-numbered sales input documents received from the sales department.(4) Access to the computer facility is via a locked door and is restricted to selected personnel who are issued with a personal key.Which of the following are controls (1) and (2) examples of?
A programmed controls B user controls C systematic controls D implementation controls
