考前冲刺阶段aaa模考解析讲义

Exhibit1:(a)Evaluatethebusinessriskstobeconsideredin nningtheauditofPaleCo.(10marks)(b)Evaluatetheauditriskstobeconsideredin nningtheauditofPaleCo.(20marks)Note:Inrelationtothe ‘stimber ntationasset(referredtoinExhibit4)youareonlyrequiredtoconsiderauditrisksrelatingtochangesinfairvalue.Anyotherrelevantauditrisksrelatingtothetimberntationassetwillbedealtwith y,laterin nningstageofthe(c)Designtheauditprocedurestobeperformedinrelationtothechangeinfairvalueofthetimber ntationassetcausedbytherecentstorms.Yourproceduresshouldincludethoserelatingtotheevaluationoftheexpertappointedbymanagementandtheworktheyhaveperformed.(6marks)(d)UsingExhibit5,ex intheethicalissuesandotheraudit nningimplicationswhichariseinrelationtothephonecallfromthe ‘schieffinanceofficer,MarkYork.(10marks)Thank建议先读requirement，带着问题去case里找答案（先看AR6个+BR5个，c程序，d关注Exhibit不同颜色高光笔把BR和AR标记出来，并在答题区写下heading（这个即是格式分，也让自己的答案看起来更清晰重要性水平，针对一个auditrisk其实算一个是重大的就够了，可以节省时间，不用算太多(有的同学算3个，这太8.审计风险和商业风险分不清，如managementbias是审计风险Scenario1–Initial准备上市，y.e准备上市，y.e30SepItis1July20X5.YouareamanagerintheauditdepartmentofChief&Co,afirmofCharteredCertifiedAccountants.YouareassignedtotheauditofPaleCowhichhasafinancialyearending30SeptemberPaleComanagestimber ntations,itscorebusinessbeingthemanagementoftimber ntationsandtheproductionandsaleofarangeoftimberproducts.ItisnotcurrentlyalistedentityThefollowingexhibits,availableonthelef-handsideofthescreen,provideintormationrelevanttothePartner'semall- whichyouhavereceivedfromHarveyRebus,theauditengagementBackgroundinformation-informationrelevantto Notestrommeeting-summaryofbusinessdevelopmentsdiscussedatarecentmeetingbetweenthechieffnanceoffcer(CFO)andtheauditengagementpartner.Keyperformanceindicators-asummaryoffinancialandnon-financialNotesfromphonecall-asummaryofissuesraisedbytheCFOduringadiscussionwiththeauditengagementpartnerThisinformationshouldbeusedtoanswerthequestionrequirementwithinyourchosenresponseoption(s)Respondtotheinstructionsinthe fromtheauditengagementpartner.Note:ThesplitofthemarkallocationisshowninExhibit1- Professionalmarkswillbeawardedforthepresentationandlogicalflowofthebriefingnotesandtheofthe nationsprovidedExhibit1:From:HarveyRebus,AuditengagementpartnerSubject:Audit nningforPaleCoDate:1July20X5Ihaveprovidedyouwithsomeinformationwhichyoushouldusetohelpyouin nningtheauditofPaleCoforthefinancialyearending30September20X5.Asyouknow,PaleCoisa1.newaudit （一般2分）ofourfirm.Ihopeyouarelookingforwardtoworkingonthisinterestingnew whichisthefirsttimber havesecuredasanaudit .Youshouldalsobeawarethat2.themanagementteamis nningforPaleCotoachieveastockmarketlistingwithinthenexttwoyearsIrequireyoutopreparebriefingnotesformyownuse,inwhichyou:利 任何想做高利润的情况：上市，募资需求（上市，借款），bonus,机构投资者压力大，大股东是创业者想拿高红利或者卖 ，关联方 （显失公允的 ）。 以及数据上升异常（如收入，毛利）， Auditrisk答案-Thisi firstyearinwhichChief&Cohasauditedthe ,whichincreasesdetectionrisk,asourfirmdoesnothaveexperiencewith ,makingitmoredifficulttodetectmaterialInaddition,thereisariskthatopeningbalancesandcomparativeinformationmaynotbecorrect.TheprioryearfigureswerenotauditedbyChief&Co,thereforeweshould ntoaudittheopeningbalancescarefully,inaccordancewithISA510ldts–Oig,toensurethatopeningbalancesandcomparativeinformationare material改写：（2分案例情境：ThisisthefirstyearinwhichChief&Cohasauditeddetectionrisk-asourfirmdoesnothaveexperiencewiththereisariskthatopeningbalancesandcomparativeinformat maynotbecorrectsinceprioryearfigureswerenotauditedbyChief&CoAuditrisk答案-Pressureon isnotalistedentity,buttheexistingandnewshareholderswillbelookingforareturnonth stmentintheformofadividendpayment.Inaddition,intherunuptoapotentialstockmarketflotation,therewillbepressureforthetoshowgoodfinancialperformance. alsohasambitious ns.Pressurereturnabeerperformancecreatesanincentiveformanagementbiaswhichmeansthatmanagementmayuseearningsmanagementtechniques,orothermethodsofcreativeaccounting,tocreateahealthierpictureoffinancialperformancethanisactuallythecase.Thiscreatesaninherentriskofmaterialmisstatementatthefinancialstatementlevel.Thefactthattheprojectedprofitbeforetaxis30%higherthanthepreviousyear’sfigurecouldindicatethatoperatingexpensesareunderstated(营业利润变动还好，但是PBT一下变动很大）.ManagementbiascouldalsohaveledtosomeoftheaccountingtreatmentssuggestedbyMarkYork,whichworktoimprovethe ’sprofitfortheyear.改写：一般managementbias可结合比例分析，如收入或利润的异常上升；或结合Exhibit2:BackgroundPaleCoownsandmanagesseverallargetimber ntationsApproxima y5ofthetreesareharvestedeachyear.The yprocessesthetimberwhichisharvestedfromfelledtreesinitsownsawmills(afacilitywheretreesareprocessedintologsandothertimberproducts).Theprocessedtimber,whichismainlylogsand nksofwood,isthensoldtoarangeofcustomersincludingconstructioncompaniesandfurnituremanufacturers.Approxima y30%ofthetimberisexported.（汇率波动等）YourfirmwasappointedasauditortoPaleCoinMarch20X5followingtheresignationofthepreviousauditor,HareAssociates.Aspartofyourfirm's acceptanceprocedures,communicationwasreceivedfromHareAssociatesindicatingthattheirreasonforresignationwasduetotheretirementofthepartnerresponsiblefortheauditandthattheyhadnoissuestobringtoyourattentionregardingtheaudit.PaleCohasa3.smallinternalauditdepartmentwithtwostaffwhoreporttothe 'sCFO,asthedoesnothaveanauditcommittee.Auditrisk答案- doesnothavetocomplywithcorporate ernancerequirementsasitisnotalisted ver,itisgoodpracticetohaveanestablishedauditcommittee,especiallyforalarge likePaleCowhichisseekingastockmarketflotationintherelativelynearfuture.TheinternalauditteamissmallandlackinginindependenceastheyreportdirectlytotheCFO.Thismeansthatthescopeoftheirworkislikelytobequitelimitedduetoinsufficientresources,andanymendationsmadecouldpotentiallybeignoredbyMarkYork.Thishasimplicationsforcontrolsoverfinancialreporting,whichcouldbedeficient,andincreasescontrolrisk.Thereisahighscopeforerrorsinfinancialreportingprocessesandfordeliberatemanipulationofbalancesandtransactions,astheinternalauditteamdoesnothavesufficientresourcesforthoroughmonitoringandreporting.改写：（2分PaleCohasasmallinternalauditdepartmentwithtwostaffwhoreporttothe ‘sCFO(抄题）,whichmeansthatIAdepartmenthasinsufficientresourcesandlackinginindependenceswhichmayleadtoExhibit3:NotesfromMeetingdate:Attendees:HarveyRebus,auditengagementpartnerMarkYork,chieffinanceofficer(CFO)AccountingMarkYorkconfirmsthatPaleCoappliestherequirementsofIASO41AgricultureasStandingtimber,whichmeanstreeswhicharegrowinginthetimber ntationpriortobeingfelled,arebiologicalassets,measuredatfairvaluelesscoststosell.Thechangeinfairvaluelesscoststosellisincludedinprofitorlossfortheperiodinwhichitarises.Felledtreesareagriculturalproducewhicharemeasuredatfairvaluelesscoststosellatthepointofharvest. yafterfellingtreesareprocessed,sothatthevalueoffelledtreesawaitingprocessingisminimalatanypointintime.ProcessedtimbersuchaslogsaremeasuredinaccordancewithIAS2AtechnicalexpertfromtheauditfirmhasconfirmedthattheaccountingpoliciesoutlinedaboveappearappropriateinthecontextofPaleCo'sactivities.Exhibit3:NotesfromInternationalexpansion（目前都是国内的，这是第一次收购海外的PaleCo‘soperationsarecurrentlyallbasedinitshomejurisdiction.However,theboardhasrecentlyapprovedthe1.acquisitionofseverallargeareasoftropicalrain inFarland,aremotedevelocountry.Theexpansionwillallowthe toprocessnewtypesoftimberforwhichthereissignificantdemandfromluxuryfurnituremanufacturers.Theacquisitionoftheareasoftherain willcost$25millionandthepurchaseisduetotake ceinAugust20X5.Thecostof$25millionisequivalenttothefairvalueoftherain FarlandusesthesamecurrencyasPaleCosotheexpansionisnotcreatinganyforeignexchangeriskexposuretothe Thepurchaseisbeingfundedthroughashareissuetoexistingandnewshareholders（非现金收购）,whoaremainlyfamilymembersofthePalefamily,whoestablishedthe 20yearsago.Ashareissuewastheonlyoptionforfundingtheinternationalexpansionasthe isatthelimitofitsbankborrowingAn4.internationaldevelopmentagencyhasagreedtoprovideagrantofS20milliontoassistPaleCoinitsFarlandexpansion,onconditionthattheexpansionrepresentssustainableandethicalbusinesspractice.Thegrantisprovidedspecificallyfortrainingthelocalwork andbuildingmodationforthework ay.teow30nSneepar2t0oXt5herain ThegrantisduetobereceivedinSeptember20X5andrelevantexpenditurewillcommenceinNovember20X5.MarkYorkis nningtorecognisehalfoftheamountreceivedaseinthisyear'sfinancialstatements,Businessrisk答案-InternationalTheexpansionintoFarlandintroducesabusinessriskinthatthe willbemanagingoperationsinaforeigncountryforthefirsttime.Farlandisremo maybedifficultforPaleCo’smanagementteamto nregularvisitstothenewoperations,soestablishingrobustmanagementoversight ntrolscouldbedifficult.Inaddition,Farlandmayhave regulationscomparedto ’shomejurisdiction,sothereisaheightenedrisk pliance.Eventhetypeof ginthe willbedifferent,andnothaveexperienceintheirharvesting,processing thesaleoftimberproducts.Alloftheseissuescreateariskthattheinternationalexpansionmaynotbesuccessful,andatthesametimewillrepresentadrainonmanagement’stimeandresources.OperationsinthehomecountryofPaleComaysufferasaresult.Foridentifying(或重复题中的facts)onlywithoutmeaningful nation,0.5Forabriefly inedbusinessrisk,1markwillbeIdentifiedandwellex ined–worthfullmarks。尝试落到这些大方向，现流，利润，名声，违法，控制不好，现有经 TheexpansionintoFarlandwillbemanagingoperationsinaforeigncountry.Farlandisremote,soitisdifficultfor tocontrolit.Inaddition,FarlandmayhavedifferentlawsandYouwillbeaskedtoevaluatethoserisks.Atthislevelyouwillnotbecreditedfordefiningbusinessrisk,norwillreceivecreditfordescribingwhata coulddotomitigatethosebusinessrisks.一般：includeriskstoachievingfutureprofitsorcashflowsortobusinesssurvival.尝试落到这些大方向，现流，利润，名声，违法，控制不好，现有经营等（想象自己是，就是赚钱+活下去（财务），Foridentifying(或重复题中的facts)onlywithoutmeaningful nation,0.5 manufacturesbespokemachines swhichmaytakesixmonthstoForabriefly inedbusinessrisk,1markwillbe manufacturesbespokemachines swhichmaytakesixmonthstocomplete.DuringthistimehasfundstiedupinworkinIdentifiedandwell ined–worthfull

什么是 ØImplicationtotheØWhythisistherisk?Howdoesitimpactonthebusinessortheaudit? manufacturesbespokemachinesfor swhichmaytakesixmonthstocomplete.Duringthistimethehasfundstiedupinworkinprogress,whichcouldgiverisetocashflowproblems,especiallyasthedepositmaynotcoveralltheupfrontcosts.ThisservicehasincreasedintheyearputtingfurtherstrainsoncashBR最终落到Revenue,Profit,Cashflows,Reputation，inefficiencyoperation（想象自己是 财务：利润，现流（借款，余额，钱乱花，流动性,overtrading）,持续经营五力模型：产品（单一，质量，滞销），客户（单一，体验差），供应商-（单一，质量 :政策,经济环境，科技：研 保护（breach或已研发的不成功）,行业-竞争(需降价（breach-goingconcern；维持需CF），法律-名声 公司治理：Practice,newsystem(导致lackinginindependence&inefficienciesinbusinessoperations） ARVSBR的implicationAuditrisk答案- y.e30Sepernment ernmentgrantof$20millionhasbeenawardedtoPaleCo,thisamountsto3·6%oftotalassets smaterialtotheprojectedstatementoffinancialposition.MarkYorkhassuggestedthathewillrecognise$10millionoftheamountreceivedinprofitfortheyear–projectedprofitbeforetaxisonly$6·5million,soincreasingtheprofitbythisamountwouldbehighlymaterialtothestatementofprofitorTheauditriskrelatestowhetherthisshouldberecognisedaseinthecurrentaccountingIAS?20 ernmentAssistancerequiresthat ernmentgrants cognisedinprofitorlossonasystematicbasisovertheperiodsinwhichtheentityrecognisesexpensesfortherelatedcostsforwhichthegrantsareintendedtocompensate.MarkYorkis nningtorecognisehalfofthegrantasethisyear,however,thisisnot yjustified.Thegranthasnotbeenawardedtocompensateformanagementtimeinnningteinternationalpansion,sotheappropriateaccountingtreatmentwouldseemtobethattheentireamountofthegrantshouldberecognizedasdeferredeinthisfinancialyear,astheexpenditureforwhichthegrantisspecificallyprovidedhasnotyetbeenincurred.Therefore,thereisariskthatthewillrecognisetheetooearly,leadingtooverstatedprofitandunderstatedAuditrisk答案-ernmentrecouldbeafurtherissueinthatthetermsofthegrantmayrequirecompleteorpartialrepaymentiftheconditionsofthegrantarenotsatisfied,forexample,ifPaleCodoesnotretainitsGoldStandardaccreditationorifthecircumstancesoftheemployees’legalcaseareconsideredtobeindicativeofunethicalbusinesspracticebythe .The evaluatewhetherthetermsarelikelytobemet,and whetheritwouldbeappropriatetorecogniseaprovisionordiscloseacontingentliabilityinthenotestothefinancialstatements.AccordingtoIAS37,tsdt,aprovisionshouldberecognisedwhereapresentobligationasaresultofapastwhichcanbereliablymeasuredandisprobabletoresultinanoutflowofeconomicbenefit.Theriskisthereforethatthishasnotbeenconsideredbymanagement,leadingpossiblytounderstatedliabilitiesorinadequatedisclosureasrequiredbyIAS37.Afurtherissueisinthatthetermsofthegrantmayrequirecompleteorpartialrepaymentiftheconditionsofthegrantarenotsatisfied,forexample,ifPaleCodoesnotretainitsGoldStandardaccreditation.Ifnot,shouldconsiderwhetheritwouldbeappropriatetorecogniseaprovisionordiscloseacontingentliability.Exhibit3:NotesfromGold isproudtohave2.recentlybeenawardedanindustry'GoldStandard’accreditationforitssustainabletimbermanagement.ToachievetheGoldStandard,whichdenotesthehighestpossiblelevelofsustainabletimbermanagementandethicalbusinesspractice,the mustadheretoanumberofstrictstandards.Thisincludesmaintainingthebiodiversityofthetimber ntation,ensuringthatrarespeciesoftreearenotharvested,andthatanimalhabitatswithinthetimber ntationarep .TomaintaintheGoldStandardaccreditation,oneconditionisthatatleast80%oftimbersoldmustbeharvestedaccordingtothestrictstandardssetbyindustryregulators.TheGoldStandardappliestoallofthe 'sactivities,includingtheFarlandexpansion.ContractwithRoyalCo（大客户 'srevenuehasincreasedthisyear,largelyduetoitsigningasignificantcontractwithanewRoyalCo.ThecontractwassignedonthebasisofPaleCoreceivingtheGoldStandardaccreditationforitsLegalAgroupof3.5.employeeshasrecentlycommencedlegalactionagainstthe ,claimingthatbreachesofhealthandsafetyguidelinesregularlytake ce.The hasmadesomeredundancies已经裁了，不用考虑provision)thisyear,whichhasputpressureontheremainingstafftoworkharderinordertomaintainproductivity:theemployeesareallegingthatthishascausedanincreaseinthenumberofaccidentsatwork,someofwhichhaveresultedinfatalities.The 'smanagementandlegaladvisorsbelievethatthelegalclaim,whichamountstoS19million,isunjustifiedandwillnotbesuccessful.MarkYorkdoesnotintendtorecogniseaprovisionfortheclaimormakeanydisclosureinthefinancialstatementsinrelationtothisissueasitisatsuchanearlystageinthelegalproceedings.Businessrisk答案-GoldStandardThereisariskthattheGoldStandardaccreditationmaynotberenewed,withimplicationsforreputation,andmorespecificallyforthenewcontractwithRoyalCo,whichlargelyaccountsforanincreaseof5·5%inthe ’srevenuethisyear.Severalofthekeyperformanceindicators(KPIs)whichneedtobe retaintheGoldStandardseemtobeinjeopardy,forexample,therehasbeenadeclineinthepercentageoftimberwhichisharvestedinlinewithGoldStandardrequirements,andtheprojectedmetricof82%isonlyjustabovetherequiredlevelof80%.Inaddition,theGoldStandardislinkedtoethicalbusinesspractice,andtherearesomeindicationsthatthe ’sbusinessethicsarequestionable–forexample,thelegalcasebeingbroughtby eincentivepaymentmadetoa ernmentofficial.IftheGoldStandardaccreditationislost,RoyalCoandothercustomermaycancelcontracts,resultinginalossofrevenueandcashflow.Foridentifying(或重复题中的facts)onlywithoutmeaningful nation,0.5Forabriefly inedbusinessrisk,1markwillbeIdentifiedandwellex ined–worthfullmarks。尝试落到这些大方向，现流，利润，名声，违法，控制不好，现有经 ThereisariskthattheGoldStandardaccreditationmaynotberenewed,sinceanumberofstrictstandardsmaynotbemet.Forexample,theprojectedmetricof82%isonlyjustabovetherequiredlevelofBusinessrisk答案-LegalThelegalactionagainsttheknowledge,there

byitsownemployeesisasignificantrisk.Iftheissueeswillbereputationalproblems,andtheamountwhichisbeingclaimed,$19million,exceedsthe’scashbalance.Ifthelegalclaimweretogoagainstthe ,itwouldstruggletofindthefundstopaythedamagesgiventhatitisalreadyatthelimitofitsborrowingarrangements.Thesituationcouldalsoindicate,ifdecisionsbeingmadewhichputthelivesofemployeesatriskandresultindayslostduetoandthematterseemstobedismissedasunimportantbythemanagementteamandlegal

ernanceofaccidentsatFor

(或重复题中的facts)onlywithoutmeaningful nation,0.5Forabriefly inedbusinessrisk,1markwillbeIdentifiedandwell ined–worthfullmarks好，现有经营等（想象自己 ，就是赚钱+活下去（财务），经营（效率），合法（名声Thelegalactionagainst byitsownemployeesindicatesmayleadtoproblems.Theamount claimed,$19million,exceeds ’scashbalance,Auditrisk答案-LegalThelegalcasecouldalsogiverisetoariskofunderstatedliabilitiesorinadequatedisclosureiffailsto19millionclaimedbyemployeesortodisclosethematterasacontingentliability.ItwillbeamatterofsignificantjudgementtodecidewhetherthelegalclaimislikelytogoagainstPaleCoornotatthisearlystage,however,thematterismaterialat3·5%oftotalassetsandbeingclosetothreetimesprojectedprofitfortheyearthereforewarrantscarefulconsideration.Duetoitssensitivenature,theauditormayalsoconsidertheissuetobematerialby19/550=3.5%ofTA,materialtoSOFP;19/6.5=2.92ofPBT,19/42.5=44.7%ofTR,materialtoSOPLItwillbeamatterofsignificantjudgementtodecidewhetherthelegalclaimislikelytogoagainstPaleCoornot.Ifitisprobable-provision,ifitispossible-contingentliability.ifthe failstoprovideforthe$19millionclaimedbyemployeesortodisclosethe ntingentliability.UnderstatedliabilitiesorinadequateExhibit3:NotesfromUseofexpert-changeinfairvalueduetorecentInthelastmonth,4.6.severalstormscauseddamagetosomeareasoftimber ntation.Anindependentexperthasbeenappointmentbymanagementtodeterminetheextentofdamagecausedandto fyanyfinancialimplications,includingdeterminationofthechangeinfairvalueofthestandingtreeswhichhavebeendamagedbythestorm.Theexpert'sreportindicatesalargenumberoftreeshavebeencomple ydestroyed,andmanyhavebeenbadlydamaged.Basedontheexpert'sreport,managementhasdeterminedthatareductioninfairvalueof$70.5millionshouldberecognisedinrespectofthetimber ntationassetrecognizedinthestatementoffinancialTheinformationinthetablebelowwillbepublishedaspartoftheAnnualReport,inasectiontitled“Keyresultsfortheyear.whichformspartofmanagement‘scommentaryonthe ’sperformance.Thefinancialinformationisbeforerecognizingthechangeinfairvalueofthetimber ntationcausedbytherecentstorm,andalsobeforeaccountingforthe ernmentgrant.Businessrisk答案-DamagetoassetscausedbyTherecentstormshavecausedsignificantdamageto ’s ntationUnpredictableweathercouldcausefurtherharmoreventotallydestroythe ’stimber ntations.Assumingthattreeswillbere ntedto cethedamgecausedbythestorm,itcantakemanyyearsfortreestogrowtoaharvestable sothe facesasignificantdepletionofitsfuturecashinflowsforyearstocome.Thisriskisvery tomitigate,perhapsthediversificationintotropicalrain isawaytoreducetheriskexposureofthe ’soperationsbeingconcentratedino eographicalarea.Foridentifying(或重复题中的facts)onlywithoutmeaningful nation,0.5Forabriefly inedbusinessrisk,1markwillbeIdentifiedandwellex ined–worthfullmarks。尝试落到这些大方向，现流，利润，名声，违法，控制不好，现有经 Therecentstormshavecausedsignificantdamagetothe ’stimber ntationasset.Thefacesasignificantdepletionofitsfuturecashinf decidetore nttheAuditrisk答案-Reductioninfairvalueof ’stimber set,priortorecognisinganychangeinfairvalue,isprojectedto 0·9%ofth’stotalassetsandisthereforehighly hascorrectlyobtainedanexpert’sopiniononthechangeinfairvalueof ddamagedtreescausedbythestorm.Theexpert’svaluationhashelpedmanagementtodeterminethatareductioninfairvalueof$70·5millionshouldberecognisedinthefinancialstatementswithinprofit.Thisamountismaterialinitsownrightat14·1%ofthetimberntationassetandbeingmorethantentimesprojectedprofit.Whenthelossinvalueognised,itwillturntheprojectedprofitintoasignificantloss.Thereisariskthatmanagementwillnotrecognisethelossinfullduetotheimpactitwillhaveonprofit.Thisisthereforeaverysignificantissuefortheaudit Thereisariskthattheexpert valuationisnotappropriate,forexample,iftheexpertdoesnothaveappropriateexpertisetoperformthisspecialistvaluation,whichwouldleadtoissuesinwhetherthevaluationcanbereliedupon.Inaddition,theexperthasconsideredonlythevalueofthedestroyedanddamagedtreesandnotconsideredanyotherimpactofthestorm,forexample,ifotherassetssuchasroadsandbuildingshavebeenaffectedbythestormandshouldbetestedforimpairment.Therefore,basedontheissuesdiscussedabove,thereisariskthatthelossisnotfullyrecognisedinprofitfortheyear,andthecarryingamountofnon-currentassetsisoverstated.Exhibit4:KeyperformanceRevenuehadincreasedby5.5%,PBThadincreasedby30%whichdidnotlookconsistent.ariskofexpensesbeingTotalassets-$550million(20X4-$545 ntation-$500million(20X4-$490million)-thisamount,relatingtostandingtimber,is6.beforeaccountingforanychangeinvaluecausedbytherecentstormsreferredtoinExhibit3.Inventory-$154million(20X4-$92million)增长很多-7.theincreasedlevelofinventoryisex inedbymanagementasfollows:“Inthelasttwomonths,5.industrialactionatthecountry‘sportsmeantnocontainersofprocessedtimbercouldbeshippedtoourexportcustomers.Themissedexportsalessofaramounttoabout$2.1million.We harvestandprocesstimberduringthistime,leadingtoanincreasedlevelofinventoryTheindustrialactionisongoing.Cash-$4.5million(20X4-$6.8million))-6.cashlevelsaredepletedthisyearduetoinflationarypressuresanddemandsforhigherwagesfromouremployees,whichwehavemet.Businessrisk答案-IndustrialTheindustrialactionatthecountry’sportshasalreadymeantlostsales,and,asex inedabove,thereisariskthatrevenueandcashinflowswillcontinuetobenegativelyimpacted.Exportsalesaccountfor30%oftotalrevenue,approxima $12·75million,makngthisapotentiallyverysignificantissueshouldtheindustrialactionCustomersmaybeginlookelsewherefortheirsupplyoftimber,leadingtocancelledfutureordersandcontracts.Thereisalsoanissuethattheincreasedstorageoftimberwhichisawaitingexporttoforeigncustomerswillincuradditionalstoragecosts.Foridentifying(或重复题中的facts)onlywithoutmeaningful nation,0.5Forabriefly inedbusinessrisk,1markwillbeIdentifiedandwellex ined–worthfullmarks。尝试落到这些大方向，现流，利润，名声，违法，控制不好，现有经 industrialactionatthecountry‘sportsmeantnocontainersofprocessedtimbercouldbeshippedtoourexportcustomerswhichaccount30%ofTR.Thereisanegativeimpactonrevenueandcashinflows.Andincreasedstorageoftimbermayleadtoadditionalstoragecosts(whichwillimpactBusinessrisk答案-Thefinancialinformationprovidedindicatesthatthe ’sliquiditypositionhasdeterioratedovertheyear.The hasonly$4·5millionofc reductionof33·8%comparedtotheendofthelastfina r.Whilethishasbeenex inedasduetoinflationarypressures,managementshouldbe ngmoretomaintainare onablelevelofcashinordertoproperlymanageitsworkingcap l.Inventorylevelshaveincreasedsignificantlyby67·4%andwhileagainthereasonfortheincreasehasbeenex inedbymanagement,iftheinventoryofprocessedtimbercannotbeshippedtocustomersin arfuture,workingcapitalwillcontinuetodeteriorate.mayeunabletomeetobligationsastheyfalldue,especiallyiftheindustrial storestrictthepossibilityofexportsaleswhichaccountfor30%ofthe ’srevenue.改Foridentifying(或重复题中的facts)onlywithoutmeaningfulex nation,0.5markForabrieflyex inedbusinessrisk,1markwillbeawardedIdentifiedandwellex ined–worthfullmarks。尝试落到这些大方向，现流，利润，名声，违法，控制不 hasonly$4·5millionofcash–areductionof33·8%comparedtolastyear..Inventory creasedsignificantlyby67·4%,the ’sliquiditypositionwillbedeterioratedifindustrialactioncontinues.(Itmayleadtocashfl lemfinally)Auditrisk答案-Thelevelofinventoryhasincreasedsignificantly,by67·4%,andthevalueofinventoryat30June20X5represents2·8%ofprojectedtotalassets.Theinventoryisthereforematerialtothefinancialstatements.Thereisariskthatiftheindustrialactioncontinues,andthe cannotfulfilitsexportsalecontracts,thecustomerswillcanceltheirorders.Theinventory aynotbesaleabletoothercustomers,perhapsifthetimberhasbeencuttocustomerspecificationorrequiresmodificationtosecureasaletoadifferentcustomer.AccordingtoIAS2Inventories,inventoryshouldberecognisedatthelowerofcostandnetrealisablev