ACCA考试F1考试试题练习及答案（1）

正确答案：
(a) Quality
Quality has become an increasingly important issue in organisations. For some companies it is an important differentiator,
allowing the organisation to pursue a high price/high quality strategy. For other organisations, such as UPC, the quality
threshold requirements for their products have increased significantly over the last few years. Customers have increased
expectations of product construction, longevity and reliability. Quality is rarely absolute; and it is usually constrained by such
factors as selling price. This particularly applies in UPC’s market where it is likely that the quality of the product is limited by
the relatively low price consumers are willing to pay for it. Quality concerns how a product meets its designed purpose and
satisfies its original requirements. The target selling price is likely to be one of those requirements.
At UPC quality appears to be defined in terms of the physical condition of the products (no breakages, cracks or chips) and
in the accurate positioning of the printed image on the product. These are the reasons given by the UPC management for
setting up the inspection team. However, this perception of quality would have to be confirmed by the customer. It may be
that other issues, such as the density of the printed image, are also important to the customer but have not yet been fed back
to UPC.
Many definitions of quality include references to the customer. They stress meeting the requirements of the customer or user
of the product. UPC might benefit from re-considering who it perceives to be the customer. Their current perception appears
to be that the customer is the gift shop that sells the product. It is not the ultimate person or consumer who buys the product
from the shop and uses it. For this consumer, other issues may be significant such as:
– The ability to wash the item in a dishwasher.
– The long-term safety of the product, for example: the handle does not break off a cup and spill its content on the drinker.
– The long-term clarity of the image on the item after many washes.
Investigating the issue of quality from the perspective of the consumer may identify other problems that need addressing.
Finally, quality has to be considered in the context of responsibility. UPC currently uses a courier company to deliver its
products to the gift shops. This means that freedom from breakage is only partly under UPC’s control. The delivery condition
of products is partly determined by the care with which the courier company handles the package. Hence delivery quality
depends on courier performance as well as on packaging care. In contrast, the quality of the printed image on the item is
completely within the control of UPC.
Quality control
Quality Control (QC) is primarily concerned with checking and reviewing work that has been done. It is an inspection system
for ensuring that pre-determined quality standards are being met. In theory, the responsibility for the control of quality lies
with the person undertaking the process, whether it is the production of goods, delivery of a service or the passing of
information. QC is the part of quality management focused on fulfilling quality requirements.
In many quality control systems, sample products are removed and inspected. Defects in these sampled products may lead
to the whole batch being inspected and defective items destroyed. This is essentially the role of the inspection team at UPC,
where 1 in 20 packed packages are inspected for accuracy of printing and correctness of packing. Incorrect packing in a
sampled package will lead to the inspection (and potential re-packing) of all packages packed by that employee. Failure in
the accuracy of the printed image is likely to lead to the destruction of the whole batch, and the re-setting of the production
imaging machine to address the positional inaccuracy of the image. It has to be stressed that, in this instance, quality control
is a sampling activity and so it is very likely that defective batches will get through to the customer. To criticise the inspection
unit for failing to find defective batches (‘the quality inspection team is just not working’) fails to recognise the sampling nature
of the role.

In the context of UPC there are at least three further factors that inhibit effective quality control.
– The quality control of the positioning of the image takes place too late in the process. It should take place before packing,
not after it. Valuable packing time and materials can be wasted by packing items with defective images which are found
when the package is inspected.
– The reward system for packers is based on the throughput of packages rather than the quality of packing. In the past
many manufacturing organisations have valued productivity more than quality and reflected this in their reward system.
This is the case at UPC where faults in packing are not reflected in the reward system of the packers. In fact, the very
opposite appears to be true. Packers are incentivised to pack quickly, not effectively. Beckford suggests that ‘a major
barrier to quality may be built into the reward system of the organisation’.
– There is evidence that the inspection team has participated in the achievement of the required throughput targets by
passing packages that did not meet the required quality. This is clearly giving the wrong message, but the inspection
team is only reflecting the need for the company to meet certain deadlines.
Quality Assurance
Quality Assurance (QA) is the part of quality management focused on providing confidence that quality requirements will be
fulfilled. It may be defined as a set of procedures designed to ensure that quality standards and processes are adhered to and
that the final product meets or exceeds the required technical and performance requirements. Quality assurance covers
activities such as product design, development, production, installation and servicing. It also sets the pre-determined
standards required for effective quality control. If quality control is primarily concerned with detecting defective products, then
quality assurance is primarily about the prevention of quality problems through planned and systematic activities.
There is little evidence of quality assurance at UPC. However, the company may wish to consider:
– Setting quality targets and delegating responsibility for achieving those targets to the people who are meant to achieve
them. In UPC it would be preferable to give responsibility for product quality to the employees who actually make the
products and to reflect this in their reward structure. One of the roles of QA is to enable quality improvement initiatives.
A possible initiative is to investigate the purchasing of imaging machines (or adopting the current ones) with a facility
to automatically assess the accuracy of the image before printing. If the image falls outside certain tolerances then it
may be feasible for the machine to automatically adjust it before printing. If these machines were installed, it would be
the responsibility of QA to ensure that they were calibrated correctly and to verify that every product had undergone the
necessary check.
– QA also offers quality advice and expertise and trains employees in quality matters. They would set standards for
materials used in packing and establish systems for monitoring raw materials sent by suppliers to ensure that these
standards were met. It may also be possible to improve how items are physically laid out in the package to reduce the
chance of damage. The internal layout of the packages may be constructed in such a way that they only allow products
to be packed in a prescribed pattern. QA would be involved in defining that prescribed pattern and training packers to
use it – as well as subsequently monitoring that the prescribed pattern had been followed.
– The increased importance of quality means that many customers now demand some proof that the supplier is capable
of consistently producing quality products. This proof is part of the ‘confidence’ factor of QA and may be demonstrated
by a third party certification, such as ISO 9000. Certification helps show the customer that the supplier has a
commitment to consistently supplying a quality product. QA will be concerned with gaining and maintaining such
certification and this should assist the company in securing and retaining contracts.
At UPC the current inspection team is focused on QC. The responsibility for this should be moved to the production process
itself or to the people who actually undertake that process. The inspection team could then focus on QA, setting standards
for quality, establishing how those standards should be monitored, and then ensuring that such monitoring is being
performed. In making this transition, the company will move to a culture of attempting to prevent faults rather than relyingsolely on detecting them.

正确答案：
(b) Reward scheme
(i) Matters
■ If the entire year’s revenue ($303m) attracted store points then the cost of the reward scheme in the year is at
most $3·03m. This represents 1% of revenue, which is material to the income statement and very material
(31·9%) to profit before tax (PBT).
■ The proportion of customers who register for loyalty cards and the percentage of revenue (and profit) which they
represent (which may vary from store to store depending on customer profile).
■ In accordance with the assumption of accruals, which underlies the preparation and presentation of financial
statements (The Framework/IAS 1 ‘Presentation of Financial Statements’), the expense and liability should be
recognised as revenue is earned. (It is of the nature of a discount.)
■ Any restrictions on the terms for converting points (e.g. whether they expire if not used within a specified time).
■ To the extent that points have been awarded but not redeemed at 31 March 2005, Volcan will have a liability at
the balance sheet date.
■ Agree the total balance due to customers at the year end under the reward scheme to the sum of the points on
individual customer reward cards.
■ The proportion of reward points awarded which are not expected to be claimed (e.g. the ‘take up’ of points awarded
may be only 80%, say).
■ Whether reward points are valued at selling price or cost. For example, if the average gross profit margin is 20%,
one point is equivalent to 0·8 cents of goods at cost.
(ii) Audit evidence
■ New/updated systems documentation explaining how:
– loyalty cards (and numbers) are issued to customers;
– points earned are recorded at the point of sale; and
– points are later redeemed on subsequent purchases.
■ Walk-through tests (e.g. on registering customer applications and issuing loyalty cards, awarding of points on
special offer items).
■ Tests of controls supporting the extent to which audit reliance is placed on the accounting and internal control
system. In particular, how points are extracted from the electronic tills (cash registers) and summarised into the
weekly/monthly financial data for each store which underlies the financial statements.
■ Analytical procedures on the value of points awarded by store per month with explanations of variations (‘variation
analysis’). For example, similar proportions (not exceeding 1% of revenue) of points in each month might be
expected by store – possibly increasing following any promotion of the ‘loyalty’ scheme.
Tutorial note: Within a close community, for example, a high proportion of customers might be expected to sign
up for the reward scheme. However, in big cities, where a large proportion of the customers might be transitory
(e.g. tourists or other visitors) the proportion may be much lower.
■ Tests of detail on a sample of transactions with customers undertaken at store visits. For example, for a sample of
copy till receipts:
– check the arithmetic accuracy of points awarded (1 per $1 spent + special offers);
– agree points awarded for special offers to that week’s special offers;
– for cash discounts taken confirm the conversion of points is against the opening balance of points awarded
(not against purchases just made).

正确答案：
(b) There are several issues that must be addressed as a matter of urgency:
Extra work must be planned to discover the extent of the breakdown in internal controls that occurred during the year. It is
important to decide whether the errors were isolated, or continued through the accounting period and whether similar errors
have occurred in other areas e.g. cash receipts from existing customers or cash payments. A review of the working papers of
the internal audit team should be carried out as soon as possible. The materiality of the errors should be documented.
Errors discovered in the accounting systems will have serious implications for the planned audit approach of new customer
deposits. Nate & Co must plan to expand audit testing on this area as control risk is high. Cash deposits will represent a
significant class of transaction in CF Co. A more detailed substantive approach than used in prior year audits may be needed
in this material area if limited reliance can be placed on internal controls.
A combination of the time spent investigating the reasons for the errors, their materiality, and a detailed substantive audit on
this area means that the audit is likely to take longer than previously anticipated. This may have cost and recoverability
implications. Extra staff may need to be assigned to the audit team, and the deadline for completion of audit procedures may
need to be extended. This will need to be discussed with CF Co.
Due to the increased audit risk, Nate & Co should consider increasing review procedures throughout the audit. In addition CF
Co is likely to be a highly regulated company as it operates in financial services, increasing possible attention focused on the
audit opinion. These two factors indicate that a second partner review would be recommended.
A separate issue is that of Jin Sayed offering advice to the internal audit team. The first problem raised is that of quality control.
A new and junior member of the audit team should be subject to close direction and supervision which does not appear to
have been the case during this assignment.
Secondly, Jin Sayed should not have offered advice to the internal audit team. On being made aware of the errors, he should
have alerted a senior member of the audit team, who then would have decided the action to be taken. This implies that he
does not understand the limited extent of his responsibilities as a junior member of the audit team. Nate & Co may wish to
review the training provided to new members of staff, as it should be made clear when matters should be reported to a senior,
and when matters can be dealt with by the individual.
Thirdly, Jin Sayed must be questioned to discover what exactly he advised the internal audit team to do. Despite his academic
qualification, he has little practical experience in the financial information systems of CF Co. He may have given inappropriate
advice, and it will be crucial to confirm that no action has been taken by the internal audit team.
The audit partner should consider if Nate & Co are at risk because of the advice that has been provided by Jin Sayed. As he
is a member of the audit team, his advice would be considered by the client as advice offered by Nate & Co, and the partner
should ascertain by discussion with the client whether this advice has been acted upon.
Finally Nate & Co should consider whether as a firm they could provide the review of the financial information technology
system, as requested by CF Co. IFAC’s Code of Ethics, and ACCA’s Code of Ethics and Conduct places restrictions on the
provision of non-audit services. Nate & Co must be clear in what exactly the ‘review’ will involve.
Providing a summary of weaknesses in the system, with appropriate recommendations is considered part of normal audit
procedures. However, given the errors that have arisen in the year, CF Co may require Nate & Co to design and implement
changes to the system. This would constitute a self-review threat and should only be considered if significant safeguards are
put in place, for example, using a separate team to provide the non-audit service and/or having a second partner review of
the work.

正确答案：
(c) Management letter effectiveness criteria
Tutorial note: Candidates at this level must know that a management letter is a letter of weakness (also called post-audit
letter). NO marks will be awarded for consideration of any other letters (e.g. management representation letters, engagement
letters).
■ Timeliness – a management letter should be issued as soon as possible after completion of the audit procedures giving
rise to comment. This is particularly important when audit work is carried out on more than one audit visit and where
it is a matter of urgency that management make improvements to their procedures (e.g. where there is evidence of
serious weakness).
■ Clarity – wording must be clear so that recipients understand the significance of weaknesses that are being drawn to
their attention. It is particularly important that implications are explained clearly in terms that will prompt management
to respond positively (e.g. drawing attention to the risks of financial loss arising).
■ Illustrative – specific illustrative examples (e.g. of where controls have not been evidenced) should aid management in
understanding the nature of the problem(s).
■ Constructive comments/advice – recommendations for improvements must be practicable (i.e. appropriate and costeffective
in the light of the client’s resources) if the client is to take corrective action.
■ Conciseness – unnecessary volume will distract management from new/additional matters that require their attention.
For example, matters adequately dealt with in the internal auditor’s report should not be repeated.
■ Factual accuracy is essential. Inaccuracies will not only aggravate the client and appear unprofessional but could, in rare
circumstances, result in liability. Similarly, the letter should not criticise (or ‘cast aspersions’) on individual staff members
if it is the system that is inadequate.
■ A suitable structure – for example ‘tiered’, where the report contains matters of varying levels of significance. By directing
different classes of matters to the appropriate level or area of responsibility action by management can be taken more
speedily and constructively.
Tutorial note: An alternative structure might be one that sequences those recommendations that improve
profitability/cash flows before those that deal with information systems.
■ Inclusion of staff responses – both to advise senior management of action proposed/being taken by their staff and to give
credit to recommendations for improvements where it is due (e.g. where client’s staff have proposed recommendations).
■ Inclusion of management’s response – an indication of the actions that management intends to take is more likely to
result in action being taken. Discussing findings with management first should also ensure their factual accuracy.
■ Client’s perspective – implications from the client’s viewpoint (e.g. in terms of cost savings) are more likely to be acted
on than those expressed from an audit perspective (e.g. in terms of lowered audit risk).
■ Professional tone – should not be offensive. Comments that fault management’s knowledge, competence, motives or
integrity are likely to provoke defensive reactions. Comments should be positive/constructive by emphasising
solutions/benefits.
Tutorial notes: Other points that candidates may include:
■ Inclusion of matters of future relevance
■ Cost effectiveness – minutes of discussions with management instead of a formal weakness letter
■ Not raising ‘people problems’ in such a formal communication (a confidential discussion is preferable).