Past Exam Paper - 15s1.pdf - SEAT NUMBER ROOM FAMILY NAME...

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SEAT NUMBER: ……….… ROOM: .…………. FAMILY NAME………… ..... ……………………. This question paper must be returned. Candidates are not OTHER NAMES…………….………………… .... permitted to remove any part of it from the examination room. STUDENT NUMBER………….………..………… SESSION 1 EXAMINATIONS 2015 Unit Code/Name: ACCG835 INTERNATIONAL ACCOUNTING Time Allowed: Three (3) hours plus ten (10) minutes reading time. Total Number of Questions: SEVEN (7) The total number of marks on the paper is 100. Instructions: This is a closed book examination. You are not permitted to bring any books, notes or other material into the examination room. Answer all parts of all questions. Questions must be answered on the examination paper. Do not retain any sheet from the pink examination paper. Materials Allowed: Dictionaries are not permitted. Non-programmable calculators (no text retrieval capacity) permitted. (Office use only do not write here) Question 1 20 Question 2 20 Question 3 10 Question 4 15 Question 5 15 Question 6 10 Question 7 10 TOTAL 100
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2 Question 1 [20 Marks] PART A (15 marks) a) You hold a C.A. and work as an auditor at a local firm of chartered accountants. One of the firm s clients is Myra Holiday Resort, a company owning and operating hotel resort in Sydney. You are currently heading the audit team s conduct of the company s 2015 financial report. You perform analytical procedures on major expenses and discover that the repairs and maintenance expense is double the amount incurred in the 2014 financial year. Pursuing the matter you discover that the repairs and maintenance expense includes substantial amounts spent by Michael Richards, the major shareholder and also company s managing director on renovating his private residence. Required: Determine what decision you will make regarding whether or not to report the misappropriation by applying ethical theories of teleology and deontology. (5 marks) ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________
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3 b) You hold a CPA and work as an audit manager for MQ Chartered Accountants (MQCA). You are in the planning stage of the annual audit of Aerocraft Manufacturers Pty Ltd (AMPL), an Australian based company. During a planning meeting with the engagement partner he draws your attention to the terms of MQCA’s contract with AMPL which shows that the current year audit is the last year that MQCA will be acting as auditors of AMPL. To be reengaged as auditors of AMPL, MQCA will be required to tender for the audit. Your firm has enjoyed a cordial relationship with the CEO of AMPL and over the 5 year engagement period no major disagreements have arisen between the engagement partner and the CEO.
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