ACCAF1考试-会计师与企业（基础阶段）章节练习(2020-10-10)

正确答案：
(c) Fiduciary responsibility
Definition of ‘fiduciary responsibility’
A fiduciary responsibility is a duty of trust and care towards one or more constituencies. It describes direction of accountability
in that one party has a fiduciary duty to another. In terms of the case, the question refers to whose interests the directors of
the football club should act in. Traditionally, the fiduciary duty of directors in public companies is to act in the economic
interests of shareholders who invest in the company but are unable to manage the company directly. The case raises a number
of issues concerning broadening the fiduciary duties of the directors of the football club with regard to the building of the new
stadium, to other stakeholder groups.
The case for extending fiduciary responsibility
Although the primary fiduciary duty of directors in large public companies will be to shareholders, directors in businesses such
as the football club described in the case may have good reason to broaden their views on fiduciary responsibility. This would
involve taking into account, and acting in the interests of, the local wildlife centre, the residents, the school, the local
government authority and the fans. The stakeholders in the case are not in agreement on the outcome for the new stadium
and the club will need to privilege some stakeholders over others, which is a common situation whenever a proposal involving
multiple impacts is considered. The specific arguments for broadening the fiduciary duties in this case include the following:
Such an acceptance of claims made on the football club would clearly demonstrate that the club values the community of
which it considers itself a part.
It would help to maintain and manage its local reputation, which is important in progressing the stadium project.
To broaden the fiduciary responsibility in this case would be to an important part of the risk management strategy, especially
with regard to risks that could arise from the actions of local stakeholders.
It could be argued that there is a moral case for all organisations to include other stakeholders’ claims in their strategies as it
enfranchises and captures the views of those affected by an organisation’s policies and actions.

正确答案：
(a) To: Paul Simpson – HR Manager
From:
Human Resource Planning and Global Imaging’s future growth
I will use this report to highlight the main phases in HR (human resource) planning and then deal with the specific HR
activities, which will be needed to support the achievement of the growth strategy.
There are four major stages in creating a human resource plan. Firstly, auditing the current HR resources in Global Imaging,
as a relatively young company one could anticipate it having a relatively young labour force many of whom will be
professionally qualified. Secondly, the planned growth will require a forecast of both the number and type of people who will
be needed to implement the strategy. Thirdly, planning will be needed on how to meet the needs identified in the forecast –
how do we fill the gap in between the human reources we currently have and those needed to fulfil the plan? Finally, there
will be the need to control those resources in terms of measuring performance against the goals set.
The key activities to achieve the growth goals will be:
Recruitment, selection and staffing – here the key issues will be to recruit the necessary additional staff and mix of suitably
qualified workers. The growth of the company will create management succession issues including the two managing
directors, who are looking to exit the business in the foreseeable future. The rate of growth will also make it necessary to
manage significant internal transfers of people in the company as new positions and promotion opportunities are created.
Compensation and benefits – the start up phase of a company’s life is often a stage where a formal reward structure has not
been created. It also may be necessary to meet or exceed the labour market rates in order to attract the necessary talent. As
the firm grows there will be a need to ensure that the firm is competitive in terms of the rewards offered, but there is an
increasing need to ensure equity between newcomers and staff already employed in the firm. These pressures will normally
lead to the creation of a formal compensation structure.
Employee training and development – here there is a need to create an effective management team through management
development and organisational development.

Political
Global stability
Free trade
No wars
Economic
Growth
High disposable incomes
Stable fuel prices
Low inflation
No tax increases
AIRTITE
Social
More travel
Pensioners living longer
– travelling more
More working abroad
More second homes
Technological
Engines more efficent
Larger aircraft
Less pollution
Environmental
No global emission policy
No global warming threat
Legal
Free trade
No emission controls
No wars
Labour employee relations – here there is a need to establish harmonious labour relations and employee motivation and
morale.
Overall, the HR implications of the proposed growth strategy are profound and there is a significant danger that failure to linkstrategy and the consequent HR needs will act as a major constraint on achieving the strategy.
Yours,

正确答案：

(a) Distinguish and identify
Voluntary stakeholders are those that engage with an organisation of their own choice and free will. They are ultimately (in the long term) able to detach and discontinue their stakeholding if they choose. Involuntary stakeholders have their stakeholding imposed and are unable to detach or withdraw of their own volition.

The voluntary stakeholders identifi ed in the case are: Forward Together (the trade union), Hesket Nuclear employees, the Ayland government, the board of HPC, local authorities, No Nuclear Now and other nuclear producers who use the reprocessing facility.

The involuntary stakeholders – those whose stakeholding is placed upon them by virtue of their physical position – are the governments of Beeland and Ceeland, the local community and the seal colony.

[Tutorial note: membership of these categories is contestable if time perspectives are introduced. In the short term, some voluntary stakeholders are involuntary in that their involvement cannot be quickly withdrawn. The case clearly identifi es the involuntary stakeholders.]

Assess the claims
The case identifi es three ‘affected’ stakeholders that are clearly involuntary. Both Beeland and Ceeland say that they are stakeholders because of their geographical position and the seals are unable to move because of local environmental conditions.

Beeland government’s claim is based on its position near to the Hesket plant. With the capital 70 km from the plant, it claims that it is already the ‘victim’ of low level radiation in the sea between the two countries. The case does not give the radius of damage if a major incident were to occur but it does say that there is ‘scientifi c support’ for the view that it could affect the capital of Beeland. Assuming that both of these statements are accurate then the Beeland government would appear to have a legitimate and reasonable claim that they are affected by the Hesket Nuclear plant and could be further affected in the future.

The government of Ceeland claims to be a potential ‘victim’ of nuclear contamination from the HN plant and has sought to have the plant closed as a result. The weakness of its claim rests upon the physical distance away from HN (500 km). If the threats to Ceeland are, as scientists have suggested, ‘unfounded and borne of ignorance’ then clearly Ceeland has a weak claim over Hesket Nuclear. It may have political reasons of its own to make protestations, perhaps to appease opinion in Ceeland or to be populist to manage dissent at home.

The case says that the local seal colony is unable to move away from the HN plant because of the local environmental conditions there and so it is unable to discontinue its stakeholding. It is thus involuntary. Low level emissions could potentially affect the seals and their food sources and any major incident would obviously impact it signifi cantly. Whilst their affectedness is therefore indisputable, the value of the colony’s claim rests in part upon the value placed upon sea life value against human and economic value. This assessment is therefore contestable.

The local community is another involuntary stakeholder albeit with a weaker involuntary element than the above three described. Whilst not structurally involuntary (they are able to move away if they do not like it), many local citizens may have lived near the HN plant for many years before it was built and may therefore have simply had to accept its development regardless of their views. The impacts on local communities can be positive or negative in that HN supports them through the provision of jobs but they would also be the fi rst and most affected if there ever was a major incident at the HN plant.

[Tutorial note: allow for other ‘affected’ stakeholders if coherently argued. It is possible to argue that the taxpayers of Ayland are affected involuntary stakeholders, for example.]

(b) Roles of employee representatives
Trade unions are the most usual example of employee representation in corporate governance. Trade unions represent employees in a work facility such as an offi ce or a plant. Membership is voluntary and the infl uence of the union is usually proportional to its proportion of membership.

Although a trade union is by default assumed to have an adversarial role with management, its ability to ‘deliver’ the compliance of a workforce can help signifi cantly in corporate governance. When an external threat is faced, such as with the reputation losses following the 1970s leak, then the coalition of workforce (via Forward Together) and management meant that it was more diffi cult for external critics to gain support.

A trade union is an actor in the checks and balances of power within a corporate governance structure. Where management abuses occur, it is often the trade union that is the fi rst and most effective reaction against it and this can often work to the advantage of shareholders or other owners, especially when the abuse has the ability to affect productivity.

Trade unions help to maintain and control one of the most valuable assets in an organisation (employees). Where a helpful and mutually constructive relationship is cultivated between union and employer then an optimally effi cient industrial relations climate exists, thus reinforcing the productivity of human resources in the organisation. In defending members’ interests and negotiating terms and conditions, the union helps to ensure that the workforce is content and able to work with maximum effi ciency and effectiveness.

Critically evaluate the contribution of Forward Together from HPC’s perspective

Helpful roles
The case describes Forward Together’s (FT) role as generally supportive of the development of the Hesket Nuclear site. Clearly, with a primary loyalty to its members, FT will always pursue causes that are going to maximise members’ job security. When the primary external stakeholder pressure is for the reduction of the HN site, the union and board are aligned in their objectives for the continuation of the facility.

FT’s statement over Ceeland’s concern was very helpful to the HPC board. FT has a clear interest in diffusing unfounded concern where it exists and its statement that Ceeland’s fears were ‘entirely groundless’ would reinforce the power of any similar such statement made by others. Similarly, FT provided support after the leakage incident in the 1970s. The helpful reinforcement was evident when FT pointed to the impeccable safety record and compliance. This may have meant more as a public relations exercise coming from the trade union rather than the HPC board as FT is independent of the company.

Unhelpful roles
FT’s wage pressure, over time, put a pressure on the company’s costs that had, according to the HPC board, created the need to bring in cheaper foreign workers to fulfi l the maintenance contract. From the board of HPC’s viewpoint, such pressure was ultimately self-defeating for the union and effectively meant that the previous maintenance contractor was priced out. The union had been short-sighted in its year-on-year wage demands.

We are not told whether the board agrees with Kate Allujah that workers from Ayland were ‘more reliable’ in such a risk sensitive industry, but her comment was possibly based on prejudice against foreign workers entering the country. She seemed to be unconcerned with the legal implications of her outrage. Given that the company was legally entitled to employ foreign workers in Ayland, she had no valid legal argument for her position. From an economic perspective, it is also unhelpful, from HPC’s perspective to have the union making high wage demands and then complaining about legitimate measures that the company takes to stay within its government subsidy such as cutting costs, including labour costs.

Conclusion
HPC’s relationship with FT has been positive and mutually benefi cial for the majority of the company’s history. Clearly seeing their destinies to be linked, FT has supported the company against external threats but has, at the same time, used its good relations to make wage demands that ultimately led to the award of a maintenance contract to the foreign workers. This would have broken an important relationship with experienced maintenance personnel and the foreign workers may or may not have had the same level of expertise as the previous workers.

(c) Explain agency relationship
An agency relationship is one of trust between an agent and a principal which obliges the agent to meet the objectives placed upon it by the principal. As one appointed by a principal to manage, oversee or further the principal’s specifi c interests, the primary purpose of agency is to discharge its fi duciary duty to the principal. In this case, there is an agency relationship between the government and the board of HPC.

Examine existing agency relationship
Although HPC is run by a conventional board, the company is wholly owned by the government of Ayland. This means that the company’s strategic objectives are determined by the government and these are likely to be different from purely commercial concerns. The nuclear operation is clearly not economic in terms of profi t and so the government’s objectives for the company must be other than that. The case describes this in terms of broadening its energy portfolio and meeting environmental objectives. The board’s objectives are likely to be predominantly fi nancial, due to the control by subsidy placed upon it, but the principal’s political and environmental concerns may also affect the objectives placed upon the HPC board (such as employment objectives in what is a deprived region of Ayland).

The principal is the government of Ayland and ultimately the board is accountable to the taxpayers of Ayland. This means that the development and even the existence of HN is ultimately under democratic control. The agency relationship means that the board of HPC has subsidy targets and also sees its role as fulfi lling an important role in Ayland’s energy portfolio.

HPC as a ‘conventional’ company owned by private shareholders
If HPC was a private company, its principals would be shareholders with very different objectives. Shareholders would be predominantly concerned with the economic performance of HP and the economies of the nuclear power industry. It would insist that the board pursued only those parts of the business that were profi table. This would necessitate a radical redesign of HPC’s business as we are told that in its present form. it is loss-making.

(d) (i)

Statement
Hesket Power Company’s response to the report produced by NNN

Importance of risk assessment at Hesket Power Company
Hesket Power Company was recently dismayed to have been made aware of a report conducted by an anti-nuclear pressure group purporting to be a risk assessment of selected risks to the Hesket Nuclear plant. The company would like to take this opportunity to inform. the public about the irresponsibility of the pressure group’s activity whilst comprehensively rejecting its arguments.

In all industries it is important to assess risks as accurately as possible but in the nuclear power industry, it is critical. It is because the pressure group misrepresented our risks that we feel it necessary to remind stakeholders about the importance of a correct risk assessment based on valid measurements.

In observing best practice, Hesket Nuclear carries out thorough and continual risk assessments in compliance with our regulatory frameworks. The information going into the process must be as accurate as possible because resources are allocated in part on the basis of our risk assessments. Clearly, a risk assessed as probable and of high impact would attract a signifi cant resource allocation and to have incorrect information could conceivably lead to the misallocation of company resources. This, in turn, would be a failure of our duty to the HPC company and ultimately to our owners, the government of Ayland and its taxpayers. The fact that there has not been a serious incident since the 1970s highlights the efforts that we take with risk assessment.

The ways in which we manage risk also depend upon the assessment. Once a risk, such as the risk of a nuclear leakage, is identifi ed and assessed, the company pursues a strategy for managing that risk, typically to transfer or share the risk, avoid the risk, reduce it or accept it. This has implications for the entire strategy of the organisation, especially where the assessed risks are strategic in nature. Inaccurate assessment might, for example, mean accepting a risk that should have been avoided or vice versa.

Our stakeholders expect us to be a responsible company in all matters but especially in matters of safety and the environment. We owe it to our local community, employees and others to ensure that all risks are fully but accurately understood. In addition to ensuring that we are fully compliant with all regulatory regimes applicable to us, we believe that accurate risk assessment is necessary to our valued reputation as an ethical and responsible employer and neighbour.

Finally, as we have seen in the case of this misguided report by the pressure group, inaccurate assessments can breed fear, distrust and unnecessary panic. HPC was disappointed to hear the report being used by critics when the information it contained was inaccurate and this leads us to the second matter.

(ii) HN’s social and environmental ‘footprint’

HPC is aware of some critics that have asserted that our overall footprint is negative. In responding to this, we feel it necessary to remind readers that the footprint of any organisation includes the sum total of its positive and negative interactions with the environment. Whilst this sometimes involves negative impacts such as carbon emissions and accidental pollution, it also takes into account the positive impacts such as social benefi t, through such things as job creation, and positive environmental impacts. Both ‘sides’ need to be taken into account before an overall evaluation of the social and environmental footprint can be established. To focus on only a small number of measures, as some of our critics have done, is to provide an unfair and biased account of our genuine overall footprint.

Social arguments
It is our belief that Hesket Nuclear makes a substantial positive contribution on both social and environmental measures. In terms of social contribution, HN makes a positive impact for several reasons. Whilst accepting that Hesket Nuclear has its critics, the company would like to remind the public both in Ayland and Beeland that the plant is a very large employer and vital to the economic well-being of the region, a fact recognised by a wide range of local and national stakeholders. Others have noted the importance of the jobs provided at Hesket Nuclear to the social and economic well-being of the region and HPC fully agrees with this analysis.

In addition to the jobs provided in Ayland, Hesket Nuclear also provides reprocessed fuel that is cheaper than virgin fuel. This provides support for nuclear power, and hence clean energy, in several developing countries that are our valued customers. Hesket Nuclear therefore indirectly supports employment and social development in those countries. Were our reprocessed fuel unavailable to them, rates of economic and social development growth may be slowed in those countries. We are therefore determined to continue to supply this vital input into those countries and to continue to support them.

Environmental arguments
In addition, as a non-fossil fuel industry, nuclear is relatively non-polluting and is an essential component of the government of Ayland’s clean energy strategy. Hesket Nuclear is proud to be a part of that strategy and will continue to be a dependable producer of nuclear power and reprocessing services. In so doing we will continue to carefully manage the risks of nuclear power supply whilst providing the jobs and clean energy for which Hesket Nuclear is corporately responsible. A likely alternative to nuclear is the burning of more polluting fossil fuels which would presumably be as unacceptable to our critics as it is to us.

Whilst conceding that all nuclear operations require a high level of safety and regulatory observance, we are pleased to be able to remind our stakeholders, including the governments of Beeland and Ceeland, of our very high performance in this area. As our colleagues in the Forward Together trade union recently said, Hesket Nuclear has had an impeccable safety record since the 1970s and is fully compliant with all relevant safety regulations. We fully intend to maintain this high level of performance.

[Tutorial note: allow latitude in responding to part (ii), especially rewarding answers referring to the specifi c case of nuclear]

正确答案：

(a) Critical appraisal of the draft audit report

Type of opinion

When an auditor issues an opinion expressing that the financial statements ‘do not give a true and fair view’, this represents an adverse opinion. The paragraph explaining the modification should, therefore, be titled ‘Basis of Adverse Opinion’ rather than simply ‘Basis of Modified Opinion’.

An adverse opinion means that the auditor considers the misstatement to be material and pervasive to the financial statements of the Hopper Group. According to ISA 705 Modifications to Opinions in the Independent Auditor’s Report, pervasive matters are those which affect a substantial proportion of the financial statements or fundamentally affect the users’ understanding of the financial statements. It is unlikely that the failure to recognise contingent consideration is pervasive; the main effect would be to understate goodwill and liabilities. This would not be considered a substantial proportion of the financial statements, neither would it be fundamental to understanding the Hopper Group’s performance and position.

However, there is also some uncertainty as to whether the matter is even material. If the matter is determined to be material but not pervasive, then a qualified opinion would be appropriate on the basis of a material misstatement. If the matter is not material, then no modification would be necessary to the audit opinion.

Wording of opinion/report

The auditor’s reference to ‘the acquisition of the new subsidiary’ is too vague; the Hopper Group may have purchased a number of subsidiaries which this phrase could relate to. It is important that the auditor provides adequate description of the event and in these circumstances it would be appropriate to name the subsidiary referred to.

The auditor has not quantified the amount of the contingent element of the consideration. For the users to understand the potential implications of any necessary adjustments, they need to know how much the contingent consideration will be if it becomes payable. It is a requirement of ISA 705 that the auditor quantifies the financial effects of any misstatements, unless it is impracticable to do so.

In addition to the above point, the auditor should provide more description of the financial effects of the misstatement, including full quantification of the effect of the required adjustment to the assets, liabilities, incomes, revenues and equity of the Hopper Group.

The auditor should identify the note to the financial statements relevant to the contingent liability disclosure rather than just stating ‘in the note’. This will improve the understandability and usefulness of the contents of the audit report.

The use of the term ‘we do not feel that the treatment is correct’ is too vague and not professional. While there may be some interpretation necessary when trying to apply financial reporting standards to unique circumstances, the expression used is ambiguous and may be interpreted as some form. of disclaimer by the auditor with regard to the correct accounting treatment. The auditor should clearly explain how the treatment applied in the financial statements has departed from the requirements of the relevant standard.

Tutorial note: As an illustration to the above point, an appropriate wording would be: ‘Management has not recognised the acquisition-date fair value of contingent consideration as part of the consideration transferred in exchange for the acquiree, which constitutes a departure from International Financial Reporting Standards.’

The ambiguity is compounded by the use of the phrase ‘if this is the case, it would be appropriate to adjust the goodwill’. This once again suggests that the correct treatment is uncertain and perhaps open to interpretation.

If the auditor wishes to refer to a specific accounting standard they should refer to its full title. Therefore instead of referring to ‘the relevant standard’ they should refer to International Financial Reporting Standard 3 Business Combinations.

The opinion paragraph requires an appropriate heading. In this case the auditors have issued an adverse opinion and the paragraph should be headed ‘Adverse Opinion’.

As with the basis paragraph, the opinion paragraph lacks authority; suggesting that the required adjustments ‘may’ materially affect the financial statements implies that there is a degree of uncertainty. This is not the case; the amount of the contingent consideration will be disclosed in the relevant purchase agreement, so the auditor should be able to determine whether the required adjustments are material or not. Regardless, the sentence discussing whether the balance is material or not is not required in the audit report as to warrant inclusion in the report the matter must be considered material. The disclosure of the nature and financial effect of the misstatement in the basis paragraph is sufficient.

Finally, the emphasis of matter paragraph should not be included in the audit report. An emphasis of matter paragraph is only used to draw attention to an uncertainty/matter of fundamental importance which is correctly accounted for and disclosed in the financial statements. An emphasis of matter is not required in this case for the following reasons:

– Emphasis of matter is only required to highlight matters which the auditor believes are fundamental to the users’ understanding of the business. An example may be where a contingent liability exists which is so significant it could lead to the closure of the reporting entity. That is not the case with the Hopper Group; the contingent liability does not appear to be fundamental.

– Emphasis of matter is only used for matters where the auditor has obtained sufficient appropriate evidence that the matter is not materially misstated in the financial statements. If the financial statements are materially misstated, in this regard the matter would be fully disclosed by the auditor in the basis of qualified/adverse opinion paragraph and no emphasis of matter is necessary.

(b) Communication from the component auditor

The qualified opinion due to insufficient evidence may be a significant matter for the Hopper Group audit. While the possible adjustments relating to the current year may not be material to the Hopper Group, the inability to obtain sufficient appropriate evidence with regard to a material matter in Seurat Sweeteners Co’s financial statements may indicate a control deficiency which the auditor was not aware of at the planning stage and it could indicate potential problems with regard to the integrity of management, which could also indicate a potential fraud. It could also indicate an unwillingness of management to provide information, which could create problems for future audits, particularly if research and development costs increase in future years. If the group auditor suspects that any of these possibilities are true, they may need to reconsider their risk assessment and whether the audit procedures performed are still appropriate.

If the detail provided in the communication from the component auditor is insufficient, the group auditor should first discuss the matter with the component auditor to see whether any further information can be provided. The group auditor can request further working papers from the component auditor if this is necessary. However, if Seurat Sweeteners has not been able to provide sufficient appropriate evidence, it is unlikely that this will be effective.

If the discussions with the component auditor do not provide satisfactory responses to evaluate the potential impact on the Hopper Group, the group auditor may need to communicate with either the management of Seurat Sweeteners or the Hopper Group to obtain necessary clarification with regard to the matter.

Following these procedures, the group auditor needs to determine whether they have sufficient appropriate evidence to draw reasonable conclusions on the Hopper Group’s financial statements. If they believe the lack of information presents a risk of material misstatement in the group financial statements, they can request that further audit procedures be performed, either by the component auditor or by themselves.

Ultimately the group engagement partner has to evaluate the effect of the inability to obtain sufficient appropriate evidence on the audit opinion of the Hopper Group. The matter relates to research expenses totalling $1·2 million, which represents 0·2% of the profit for the year and 0·03% of the total assets of the Hopper Group. It is therefore not material to the Hopper Group’s financial statements. For this reason no modification to the audit report of the Hopper Group would be required as this does not represent a lack of sufficient appropriate evidence with regard to a matter which is material to the Group financial statements.

Although this may not have an impact on the Hopper Group audit opinion, this may be something the group auditor wishes to bring to the attention of those charged with governance. This would be particularly likely if the group auditor believed that this could indicate some form. of fraud in Seurat Sweeteners Co, a serious deficiency in financial reporting controls or if this could create problems for accepting future audits due to management’s unwillingness to provide access to accounting records.

(c) Quality control procedures prior to issuing the audit report

ISA 220 Quality Control for an Audit of Financial Statements and ISQC 1 Quality Control for Firms that Perform. Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Agreements require that an engagement quality control reviewer shall be appointed for audits of financial statements of listed entities. The audit engagement partner then discusses significant matters arising during the audit engagement with the engagement quality control reviewer.

The engagement quality control reviewer and the engagement partner should discuss the failure to recognise the contingent consideration and its impact on the auditor’s report. The engagement quality control reviewer must review the financial statements and the proposed auditor’s report, in particular focusing on the conclusions reached in formulating the auditor’s report and consideration of whether the proposed auditor’s opinion is appropriate. The audit documentation relating to the acquisition of Seurat Sweeteners Co will be carefully reviewed, and the reviewer is likely to consider whether procedures performed in relation to these balances were appropriate.

Given the listed status of the Hopper Group, any modification to the auditor’s report will be scrutinised, and the firm must be sure of any decision to modify the report, and the type of modification made. Once the engagement quality control reviewer has considered the necessity of a modification, they should consider whether a qualified or an adverse opinion is appropriate in the circumstances. This is an important issue, given that it requires judgement as to whether the matters would be material or pervasive to the financial statements.

The engagement quality control reviewer should ensure that there is adequate documentation regarding the judgements used in forming the final audit opinion, and that all necessary matters have been brought to the attention of those charged with governance.

The auditor’s report must not be signed and dated until the completion of the engagement quality control review.

Tutorial note: In the case of the Hopper Group’s audit, the lack of evidence in respect of research costs is unlikely to be discussed unless the audit engagement partner believes that the matter could be significant, for example, if they suspected the lack of evidence is being used to cover up a financial statements fraud.