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2011CAT考试辅导:审计原理历史考试问题分析

来源:考试吧(Exam8.com) 2011-02-12 17:50:31 要考试,上考试吧! 模拟考场
考试吧整理了2011CAT考试辅导:审计原理历史考试问题分析,帮助考生备考。

  CAT考试辅导:审计原理历史考试问题分析,Day-to-day internal controls are important for all businesses to maximise the efficient use of resources and profitability.

  Your firm has recently been appointed as auditor to Cliff, a private company that runs a chain of small supermarkets selling fresh and frozen food, and canned and dry food. Cliff has very few controls over stock because the company trusts local managers to make good decisions regarding the purchase, sale and control of stock, all of which is done locally. Pricing is generally performed on a cost-plus basis.

  Each supermarket has a stand-alone computer system on which monthly accounts are prepared. These accounts are mailed to head office every quarter. There is no integrated stock control, sale or purchasing system and no regular system for stock counting. Management accounts are produced twice a year.

  Trade at the supermarkets has increased in recent years and the number of supermarkets has increased. However, the quality of staff that has been recruited has fallen. Senior management at Cliff are now prepared to invest in more up-to-date systems.

  Required:

  (a) Describe the problems that you might expect to find at Cliff resulting from poor internal controls. (8 marks)

  (b) Make FOUR recommendations to the senior management of Cliff for the improvement of internal controls, and explain the advantages and disadvantages of each recommendation.           (12 marks)

  (20 marks)

  (a) Problems expected at Cliff: poor internal control

  (i) I would expect the company to experience some level of over-ordering, leading to reduced profitability as a result of stock going past its ‘best before’ date.

  (ii) Stock that is not well-controlled in a supermarket may result in a breach of health and safety regulations which may result in fines or even closure of the supermarkets.

  (iii) I would expect there to be stock-outs leading to the potential loss of business to other supermarkets.

  (iv) I would expect there to be inefficiencies as a result of a lack of central ordering system resulting from quantity discounts not being obtained.

  (v) All of the problems noted above are likely to be exacerbated where local managers or staff are either inexperienced or possibly dishonest – the question states that poorer quality staff have been recruited recently.

  (vi) Supermarket stock is very easily pilfered either by staff or customers even where it is well-controlled. The lack of regular stock counts in particular means that pilferage is very easy to hide.

  (vii) I would expect there to be a lack of understanding in the business as a whole as to the availability of new products, products with high margins or other areas in which profitability might be improved.

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