问题详情

Backgroundinformation
B-Starisathemeparkbasedonapopularseriesofchildren’sbooks.Customerspayafixedfeetoenterthepark,wheretheycanparticipateinavarietyofactivitiessuchasridingroller-coasters,playingonslidesandpurchasingthemedsouvenirsfromgiftshops.
Theparkisopenallyearandhasbeeninoperationforthelastsevenyears.Itislocatedinacountrywhichhasverylittlerainfall–theparkisopen-airsopoorweathersuchasrainresultsinasignificantfallinthenumberofcustomersforthatday(normallyby50%).Duringthelastsevenyearstherehavebeenonaverage30dayseachyearwithrain.
B-Starisnowverysuccessful;customernumbersareincreasingatapproximately15%eachyear.
Ticketsales
Customerspurchaseticketstoenterthethemeparkfromticketofficeslocatedoutsidethepark.Ticketsareonlyvalidonthedayofpurchase.Adultsandchildrenarechargedthesamepriceforadmissiontothepark.Ticketsarepreprintedandstoredineachticketoffice.
Ticketsarepurchasedusingeithercashorcreditcards.
Eachtickethasanumbercomprisingoftwoelements–twodigitsrelatingtotheticketofficefollowedbysixdigitstoidentifytheticket.Thelastsixdigitsareinascendingsequentialorder.
Cashsales
1.Allticketsalesarerecordedonacomputershowingtheamountofeachsaleandthenumberofticketsissued.
Thisinformationistransferredelectronicallytotheaccountsoffice.
2.Cashiscollectedregularlyfromeachticketofficebytwosecurityguards.Thecashisthencountedbytwo
accountsclerksandbankedonadailybasis.
3.Thetotalcashfromeachticketofficeisagreedtothesalesinformationthathasbeentransferredfromeachoffice.
4.Totalcashreceivedisthenrecordedinthecashbook,andthenthegeneralledger.
Creditcardsales
1.Paymentsbycreditcardsareauthorisedonlineasthecustomerspurchasetheirtickets.
2.Computersineachticketofficerecordthesalesinformationwhichistransferredelectronicallytotheaccountsoffice.
3.Creditcardsalesarerecordedforeachcreditcardcompanyinareceivablesledger.
4.Whenpaymentisreceivedfromthecreditcardcompanies,theaccountsclerksagreethetotalsalesvaluestotheamountsreceivedfromthecreditcardcompanies,lessthecommissionpayabletothosecompanies.Thereceivablesledgerisupdatedwiththepaymentsreceived.
YouarenowcommencingtheplanningoftheannualauditofB-Star.Thedateis3June2009andB-Star’syearendis30June2009.
Required:
(a)Listandexplainthepurposeofthemainsectionsofanauditstrategydocumentandforeachsection,provideanexamplerelevanttoB-Star.(8marks)
(b)(i)ForthecashsalessystemofB-Star,identifytherisksthatcouldaffecttheassertionofcompletenessofsalesandcashreceipts;(4marks)
(ii)Discusstheextenttowhichtestsofcontrolsandsubstantiveprocedurescouldbeusedtoconfirmthe
assertionofcompletenessofincomeinB-Star.(6marks)
(c)(i)Listthesubstantiveanalyticalproceduresthatmaybeusedtogiveassuranceonthetotalincomefrom
ticketsalesforonedayinB-Star;
(ii)Listthesubstantiveanalyticalproceduresthatmaybeusedtogiveassuranceonthetotalincomefrom
ticketsalesinB-Starfortheyear.(8marks)
(d)Listtheauditproceduresyoushouldperform.onthecreditcardreceivablesbalance.(4marks)


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