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P2%20-%20Audit%20Practice%20April%2010 - AUDIT PRACTICE...

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NOTES: SECTION A: Answer Question 1, and SECTION B: Answer any two from Questions 2, 3 and 4. (If you provide answers to more questions than required in Section B, you must draw a clearly distinguishable line through the answer not to be marked. Otherwise, only the first two questions to hand will be marked.) Time Allowed 3.5 hours, plus 20 minutes to read the paper. Examination Format This is an open book examination. Hard copy material may be consulted during this examination subject to the limitations advised on the Institute’s website. Reading Format During the reading time you may write notes on the examination paper but you may not commence writing in your answer booklet. Marks Marks for each question are shown. A mark of 50 or more is required to achieve a pass in this paper. Answers Start your answer to each question on a new page. You are reminded that candidates are expected to pay particular attention to their communication skills. Care must be taken regarding the format and literacy of the solutions. The marking system will take into account the content of the candidates’ answers and the extent to which the answers are supported with relevant legislation, case law or examples where appropriate. Answer Booklets List on the cover of each answer booklet, in the space provided the number of each question attempted. Additional instructions are shown on the front cover of each answer booklet. The Institute of Certified Public Accountants in Ireland, 17 Harcourt Street, Dublin 2. AUDIT PRACTICE & ASSURANCE SERVICES PROFESSIONAL 2 EXAMINATION - APRIL 2010
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THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS IN IRELAND AUDIT PRACTICE PROFESSIONAL 2 EXAMINATION - APRIL 2010 Time allowed: 3.5 hours plus 20 minutes to read the paper. Section A: Answer Question 1 and Section B: Answer any two from Questions 2,3 and 4. Section A: Question 1 is compulsory. 1. Case Study BACKGROUND Gilly Manufacturing Ltd. (Gilly) manufactures small to medium-sized home appliances. The company’s products include items like toasters, blenders and rubbish compactors. Gilly’s shares are not publicly traded. You have been assigned to gather information in order to make a recommendation on whether your firm of Certified Public Accountants and Registered Auditors should accept Gilly Manufacturing Ltd. as a client. Gilly wants to hire your firm to issue an opinion on its June 30 2010 financial statements and has expressed interest in obtaining help to get its recently installed Information Technology (IT) system in ‘better shape’. During the initial meeting with Gilly’s management team, the following information was obtained about the industry and the company. The Home Appliances Industry Until the recession hit, the domestic home appliances industry had been growing at a steady pace. Gilly claims that it has continued to grow during the recession because it concentrates on providing reliable products that are reasonably priced and durable.
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