速围观！如何理解ACCA考试中的Revaluation？

正确答案：
(c) Temporary staff assignments
Lending staff on a temporary basis to an audit client will create the following ethical threats:
Management involvement – Assuming that the manager or senior is seconded to the finance function of the audit client, it
is likely that the individual would be in some way involved in decision making in relation to the accounting systems,
management accounts or financial statements.
Self-review – On returning to the audit firm, a seconded individual could be a member of the audit team for the client to
which they seconded. This would create a self- review threat whereby they would be unlikely to be critical of their own work
performed or decisions made. Even if the individual were not assigned to the client where they performed a temporary
assignment, the audit team assigned may tend to over rely on areas worked on by a colleague during the period of their
temporary assignment.
Familiarity – if the individual is working at the client at any time during the audit, there will be a familiarity threat, whereby
audit team members will be unlikely to sufficiently challenge, and therefore not exercise enough professional scepticism when
dealing with work performed by the seconded individual.
In addition, due to the over-staffing problem of Becker & Co, the seconded individuals may feel that if they were not on the
secondment, they could be made redundant. This may cause them to act in such as way as not to jeopardise the secondment,
even if the action were not in the best interests of the firm.
The threats discussed above are increased where a senior person likely to make significant decisions is involved with the
temporary assignment, as in this case where audit managers or seniors will be the subjects of the proposed secondment.
In practice, assistance can be provided to clients, especially in emergency situations, but only on the understanding that the
firm’s personnel will not be involved with:
– Making management decisions,
– Approving or signing agreements or similar documents, and
– Having the authority to enter into commitments on behalf of the company.
In addition, the individual seconded to a client should not then be involved in any way with the audit of that client when they
return to the audit firm. This may be a difficult area, as presumably the client would prefer to have an individual seconded
to them who has knowledge and experience of their business, i.e. a member of the audit team, and most likely in this scenario
to be the audit manager. If this were the case the manager would then have to be reassigned to a different client, causing
internal problems for the audit firm. This problem is likely to outweigh any benefits, financial or otherwise, to Becker & Co.
If the temporary staff assignment were to a non-finance department of the client then the threats would be reduced.
If Becker & Co decides to go ahead with the secondment programme, the firm must ensure that the staff are suitably
experienced and qualified to carry out the work given to them by the client. There could be a risk to the reputation of Becker
& Co if the seconded staff are not competent or do not perform. as well as expected by the client.
One advantage of a secondment is that the individual concerned can benefit from exposure to a different type of work and
work environment. This will provide some valuable insights into accounting within a business and the individual may bring
some new skills and ideas back into the audit firm.
However, the staff seconded could be offered a permanent position at the client. This would lead to the loss of key members
of staff, and be detrimental for Becker & Co in the long run.
The other benefit for the audit firm is that a programme of secondments will ease the problem of an over-staffed audit
department, and should have cash flow benefits.
Tutorial note: In answering this question it is relevant to briefly mention corporate governance implications i.e. the client may
not be able to accept the services offered by their auditor for ethical, particularly objectivity, reasons.

正确答案：

Handsets and revenue recognition
The inventory of handsets should be measured at the lower of cost and net realisable value (IAS2, ‘Inventories’, para 9). Johan
should recognise a provision at the point of purchase for the handsets to be sold at a loss. The inventory should be written down
to its net realisable value (NRV) of $149 per handset as they are sold both to prepaid customers and dealers. The NRV is $51
less than cost. Net realisable value is the estimated selling price in the normal course of business less the estimated selling costs.
IAS18, ‘Revenue’, requires the recognition of revenue by reference to the stage of completion of the transaction at the reporting
date. Revenue associated with the provision of services should be recognised as service as rendered. Johan should record the
receipt of $21 per call card as deferred revenue at the point of sale. Revenue of $18 should be recognised over the six month
period from the date of sale. The unused call credit of $3 would be recognised when the card expires as that is the point at which
the obligation of Johan ceases. Revenue is earned from the provision of services and not from the physical sale of the card.
IAS18 does not deal in detail with agency arrangements but says the gross inflows of economic benefits include amounts collected
on behalf of the principal and which do not result in increases in equity for the entity. The amounts collected on behalf of the
principal are not revenue. Revenue is the amount of the ‘commission’. Additionally where there are two or more transactions, they
should be taken together if the commercial effect cannot be understood without reference to the series of transactions as a whole.
As a result of the above, Johan should not recognise revenue when the handset is sold to the dealer, as the dealer is acting as an
agent for the sale of the handset and the service contract. Johan has retained the risk of the loss in value of the handset as they
can be returned by the dealer and the price set for the handset is under the control of Johan. The handset sale and the provision
of the service would have to be assessed as to their separability. However, the handset cannot be sold separately and is
commercially linked to the provision of the service. Johan would, therefore, recognise the net payment of $130 as a customer
acquisition cost which may qualify as an intangible asset under IAS38, and the revenue from the service contract will be recognised
as the service is rendered. The intangible asset would be amortised over the 12 month contract. The cost of the handset from the
manufacturer will be charged as cost of goods sold ($200).

正确答案：
5 DEDZA CO
(a) Tax investigation
■ Kora is a relatively new client. Before accepting the assignment(s) Dedza should have carried out customer due
diligence (CDD). Dedza should therefore have a sufficient knowledge and understanding of Kora to be aware of any
suspicions that the tax authority might have.
■ As the investigation has come as a surprise it is possible that, for example:
– the tax authority’s suspicions are unfounded;
– Dedza has failed to recognise suspicious circumstances.
Tutorial note: In either case, Dedza should seek clarification on the period of suspicion and review relevant procedures.
■ Dedza should review any communication from the predecessor auditor obtained in response to its ‘professional inquiry’
(for any professional reasons why the appointment should not have been accepted).
■ A quality control for new audits is that the audit opinion should be subject to a second partner review before it is issued.
It should be considered now whether or not such a review took place. If it did, then it should be sufficiently well
documented to evidence that the review was thorough and not a mere formality.
■ Criminal property includes the proceeds of tax evasion. If Kora is found to be guilty of under-declaring income that is a
money laundering offence.
■ Dedza’s reputational risk will be increased if implicated because it knew (or ought to have known) about Kora’s activities.
(Dedza may also be liable if found to have been negligent in failing to detect any material misstatement arising in the
2004/05 financial statements as a result.)
■ Kora’s audit working paper files and tax returns should be reviewed for any suspicion of fraud being committed by Kora
or error overlooked by Dedza. Tax advisory work should have been undertaken and/or reviewed by a manager/partner
not involved in the audit work.
■ As tax advisor, Dedza could soon be making disclosures of misstatements to the tax authority on behalf of Kora. Dedza
should encourage Kora to make necessary disclosure voluntarily.
■ Dedza will not be in breach of its duty of confidentiality to Kora if Kora gives Dedza permission to disclose information
to the tax authority (or Dedza is legally required to do so).
■ If Dedza finds reasonable grounds to know or suspect that potential disclosures to the tax authority relate to criminal
conduct, then a suspicious transaction report (STR) should be made to the financial intelligence unit (FIU) also.
Tutorial note: Though not the main issue credit will be awarded for other ethical issues such as the potential selfinterest/
self-review threat arising from the provision of other services.