In the year to 31 December 20X9 Weston Co pays an interim equity dividend of 3.4c per shar

(a) You are an audit manager in Weston & Co which is an international firm of Chartered Certified Accountants with branches in many countries and which offers a range of audit and assurance services to its clients. Your responsibilities include reviewing ethical matters which arise with audit clients, and dealing with approaches from prospective audit clients.

The management of Jones Co has invited Weston & Co to submit an audit proposal (tender document) for their consideration. Jones Co was established only two years ago, but has grown rapidly, and this will be the first year that an audit is required. In previous years a limited assurance review was performed on its financial statements by an unrelated audit firm. The company specialises in the recruitment of medical personnel and some of its start up funding was raised from a venture capital company. There are plans for the company to open branches overseas to help recruit personnel from foreign countries.

Jones Co has one full-time accountant who uses an off-the-shelf accounting package to record transactions and to prepare financial information. The company has a financial year ending 31 March 2015.

The following comment was made by Bentley Jones, the company’s founder and owner-manager, in relation to the audit proposal and potential audit fee:

‘I am looking for a firm of auditors who will give me a competitive audit fee. I am hoping that the fee will be quite low, as I am willing to pay more for services that I consider more beneficial to the business, such as strategic advice. I would like the audit fee to be linked to Jones Co’s success in expanding overseas as a result of the audit firm’s advice. Hopefully the audit will not be too disruptive and I would like it completed within four months of the year end.’

Required:

(i) Explain the specific matters to be included in the audit proposal (tender document), other than those relating to the audit fee; and (8 marks)

(ii) Assuming that Weston & Co is appointed to provide the audit service to Jones Co, discuss the issues to be considered by the audit firm in determining a fee for the audit including any ethical matters raised. (6 marks)

(b) Ordway Co is a long-standing audit client of your firm and is a listed company. Bobby Wellington has acted as audit engagement partner for seven years and understands that a new audit partner needs to be appointed to take his place. Bobby is hoping to stay in contact with the client and act as the engagement quality control reviewer in forthcoming audits of Ordway Co.

Required:

Explain the ethical threats raised by the long association of senior audit personnel with an audit client and the relevant safeguards to be applied, and discuss whether Bobby Wellington can act as engagement quality control reviewer in the future audits of Ordway Co. (6 marks)

听力原文： I hope you all enjoyed your visit to Capitol Hill. If you look back behind you, you can get an excellent look at the Capitol Building, with its beautiful dome and the Statue of Freedom on top. I forgot to mention that the design for the original building was chosen by George Washington himself back in the 1790s. That building was opened in 1800, but it was burned down by the British during the War of 1812, and it had to be completely rebuilt.

Well, to continue our tour, ladies and gentlemen, we are now traveling west on Madison Drive. Our next stop will be the Washington Monument--five hundred and fifty-five feet high and dedicated to George Washington, our first president. In the meantime, if you will look out of the window on the right, we're just passing the National Gallery, which houses an extensive collection of European and American art from the 13 th to 20th centuries... By the way, this park-like area that we're traveling along is called the Mall. It extends from the Capitol to the Washington Monument... Across the Mall, on the left, is the National Air and Space Museum, with exhibits on aviation history and the space age. If you have time, I highly recommend you to visit the Air and Space Museum for a fascinating look at the history of air and space travel... If you look straight ahead now, folks, you will see the Washington Monument. The Monument, an obelisk that stands five hundred and fifty-five feet high, was finished in 1884. We' 11 be stopping there shortly, and those of you who wish will be able to take photographs from the observation level {ire hundred feet up. There is an elevator to take you there, and it's safe.

All right, everyone, here we are. We'll be staying here approximately twenty minutes. For those of you who do take the elevator up to the top, if you look directly north, you'll be able to get an excellent view of our next stop, the White House--the home of all our presidents since the second president, John Adams... Ok, remember to take all your personal belongings as you get off the bus. We'll meet back here in twenty minutes...

Q. 15. Where will the passengers stop for twenty minutes?

Q. 16.What are the tourists able to do when they get to the Washington Monument?

Q. 17.Which of the following can NOT be learnt from the passage?

Q. 18.What is the tour route?

(35)

A．The White House.

B．Capitol Hill.

C．The Washington Monument.

D．The Mall.

听力原文： When John Weston awoke that morning, he remembered that his mother was going into hospital. He hadn't worked out quite what was wrong with her. He knew, though, that she hadn't been well for some time now, and it had became almost familiar to him to see her eyes narrowed in a sudden attack of pain, and her hand pressing against her heart. Their own doctor, who he has had finally gone to for advice, had sent her to a specialist who knew all about these things. He had told her that just as soon as there was a bed for her, she would have to come into his hospital, where he could look after her himself.

During the weeks since then the pains had come even more frequently, and the narrowed eyes became an al-most permanent part of her expression. Always rather sharp, she began losing her temper over little things so that John's father kept his thoughts to himself more and more. John, as ready as possible to make allowance, tried to think what it would be like to have toothache all the time and how bad tempered that you would be.

When did Mrs. Weston go to see her doctor?

A．As soon as she realized that something was wrong.

B．When John asked what was wrong with her.

C．Only when her husband and son advised her to.

D．A long time after the trouble began.

John Weston

When John Weston awoke that morning, he remembered that his mother was going into hospital．He hadn't worked out quite what was wrong with her．He knew, though, that she hadn't been well for some time now, and it had become almost familiar to him to see her eyes narrowed in a sudden attack of pain, and her hand pressing against her heart．Their own doctor, who she had finally gone to for advice, had sent her to a specialist who knew all about these things．He had told her that just as soon as there was a bed for her, she would have to come into his hospital where he could look after her himself.

During the weeks since then the pains had come over more frequently, and the nar- rowed eyes became an almost permanent part of her expression．Always rather sharp, she began losing her temper over little things so that John's father kept his thoughts to him- self more and more．John, as ready as possible to make allowances, tried to think what it would be like to have toothache all the time and how bad a temper that would make you．

So his mother would go into hospital for a few days．He was going to stay with his Aunt Daisy till she came back, and his father would stay on at home by himself．John's cousin, Mona, was to come in and make the bed and wash the pots and dust round now and again．That was the arrangement, and John didn't care much for it．Apart from missing his mother (but he was glad she was going away because they would make her better),he wasn't very fond of his Aunt Daisy because she was even more bad-tempered than his mother.

第 41 题 Mrs．Weston went to see her doctor__________

A．as soon as she realized that something was wrong

B．only after her husband advised her to

C．a long time after the trouble began

D．when John asked what was wrong with her

Bimbo

Bimbo perhaps is the most popular local brand in bakery in Mexico. Every day, its products including sliced bread. cakes, and snacks are delivered nationwide by trucks. Executives at the Mexico City company estimate that its army of deliverymen makes the equivalent of dozens of trips around the earth each day.

But Bimbo's reach extends well beyond Mexico's borders. On Jan. 22nd, it plunked down $610 million for the Western U. S. division of Canada's George Weston Ltd. The deal gives Bimbo five bakeries and the rights to the Oroweat, Entenmann's, Thomas' English Muffins, and Boboli brands everywhere except in Canada and east of the Mississippi River. The share of Bimbo's sales that comes from the U.S. will rise to 30% from 17% "This is a perfect fit for us." says Grupo Bimbo Chief Financial officer Guillermo Quiroz. It also builds on a $1.1 billion 12-year international expansion drive that has taken Bimbo into 16 countries from Chile to the Czech Republic, elevating it to the rank of No.3 baker worldwide. (8)

With a virtual monopoly at home. Bimbo has little choice but to look abroad for new avenues of growth. Yet even admirers of this Mexican blue chip wonder whether it has what it takes to succeed north of the Rio Grande. With the notable exception of cement maker Cemex, few Mexican companies have managed to turn a profit in the ultracompetitive U. S.

Vitro tried to crack the American glass-container market with its purchase of Anchor Hocking in 1989, but it threw in the towel seven years later. Grupo Carso, a leading conglomerate. is struggling to turn around troubled computer retailer CompUSA Inc., which it bought in 2000. (9) Mrs. Baird's Bakeries, the Texas-based operation it acquired in 1998 for $300 million, is still in the red, and its collection of bakeries in California are just starting to break even. "The company doesn't have a good track record of enhancing shareholder value through overseas acquisitions." says Deutsche Banc Alex. Brown Inc. food analyst Joaquín López-Dóriga. Indeed, while overall sales have climbed as a result of such purchases, profit margins are being squeezed.

So why aren't Bimbo's shareholders howling? (10) Bimbo spent $500 million last year on a share-buyback programme that left just 15% of shares actively traded. The company, which is controlled and run by the Servitje family, didn't even have an investor-relations department until Quiroz came on board three years ago after a career in Mexico's airline and banking businesses. Quiroz says Chief Executive Daniel Servitje Montull is committed to making Bimbo a more open company, paving the way for a possible New York Stock Exchange listing within two or three years.

Bimbo's executives claim they've learned their lessons from past acquisitions. (11) They've also hired consulting firm Bain & Co. to convert the George Weston operation to the Bimbo way of doing business in just 100 days. That's in stark contrast with the slow pace of integration of Mrs. Baird's, where management dragged its feet in introducing Bimbo's manufacturing and purchasing schemes.

With the Weston deal, Bimbo now boasts a roster of well-known American brands and a ready-built distribution network. Entenmann's, for example, is No.1 in its market segment nationwide, but it still has plenty of room to grow in the western half of the country, where it is not as well-known. (12) "The Hispanic market is definitely an opportunity, and they're in a better position to exploit it today than before," says López-Dóriga. But can Bimbo peddle Entenmann's cookies as well as its jelly-filled Gansitos sweets? U. S. shoppers are about to find out.

A．Bimbo has had a spotty record with its prior U. S. investments, too.

B．Bimbo had an estimated profit of $188 million in 2001 on sales of $3.8 billion.

C．This means that Bimbo cannot accomplish its takeover.

D．They're spending $50 million on a companywide information-management system from Oracle Corp.

E．It also gives the company access to a market estimated at 120 million consumers, 20% of whom are Hispanic, allowing the company to expand the reach of its existing bread and tortilla manufacturing facilities in Texas and California.

F．Because there aren't that many of them.

(8)

听力原文： When John Weston awoke that morning, he remembered that his mother was going, into hospital. He hadn't worked out quite what was wrong with her. He knew, though, that she hadn't been well for some time now.Their own doctor, who she had. finally gone to for advice, had sent her to a specialist who knew all about these things, and had told her that just as soon as there is a bed for her, she would have to come into his hospital where he could look after her himself.

During the weeks since then the pains had come even more frequently. And his mother began losing her temper over little things, thus John's father kept his thought to himself more and more. John, always considerate, tried to think what it would be like to have toothache all the time and how bad-tempered that would make you.

So his mother would go into hospital for a few days.John was going to stay with his Aunt Daisy till his mother came back, and his father would stay on at home by himself. That was the arrangement, and John didn't care much for it. Apart from missing his mother, he wasn't very fond of his Aunt Daisy because she was even more bad-tempered than his mother.

(33)

A．As soon as she realized that something was wrong.

B．Only after her husband advised her to.

C．A long time after the trouble began.

D．When John asked what was wrong with her.