2020年浙江省ACCA考试准考证打印时间考前两周

正确答案：
(c) It has become increasingly common for audit firms to include a disclaimer paragraph within the audit report. However, it is
not a requirement of auditing standards and individual audit firms need to assess the advantages and disadvantages of the
use of a disclaimer paragraph.
The wording is used to state the fact that the auditor’s report is intended solely for the use of the company’s members as a
body, and that no responsibility is accepted or assumed to anyone other than the company and the company’s members as
a body.
The main perceived advantage is that the disclaimer should help to reduce the exposure of the audit firm to liability claims
from anyone other than the company or the company’s body of shareholders. The disclaimer makes it clear that the audit
firm reports only to those who appointed the firm, i.e. the members of the company, and this may make it more difficult for
the audit firm to be sued by a third party.
It is also argued that the use of a disclaimer could help to bridge the ‘expectation gap’ by providing a clearer indication of the
responsibility of the auditor.
In this way the audit firm can manage its risk exposure in an increasingly litigious environment. Recent high profile legal cases
against audit firms, such as the Bannerman case in Scotland, illustrate that an audit firm’s duty of care can extend beyond
the company and its shareholders, and that audit firms should consider how to protect themselves against liability claims.
Tutorial note: It is appropriate here to quote recent cases such as the Bannerman case to illustrate the reason why audit
firms face increased potential exposure to claims from third parties. However, knowledge of specific legal cases is not
required to gain full marks for this requirement.
However, it can be argued that a disclaimer does not necessarily work to protect an audit firm. Each legal case has individual
circumstances, and while a disclaimer might protect the audit firm in one situation, equally it may not offer any protection
where the facts of the case are different.
In addition, it is often argued that if an audit firm conducts an audit using full due care and diligence, there is no need for a
disclaimer, as a high quality audit would be very unlikely to lead to any claims against the audit firm. Consequently, it could
be argued that the use of disclaimers as a means to limit liability could permit low quality audits to be performed, the auditors
being confident that legal cases against them are restricted due to the presence of a disclaimer within the audit report.

正确答案：
(a) The correct treatment is to provide for the best estimate of the costs likely to be incurred under the warranty, as required by
IAS37 Provisions, contingent liabilities and contingent assets.

正确答案：
6 DEVELOPMENTS
General comments
Tutorial note: The following comments, that could be made in respect of any of the three areas of development, will be given
credit only once.
■ Audit scope – the scope of a statutory audit should be as necessary to form. an audit opinion (i.e. unlimited).
■ Audit work undertaken – the nature, timing and extent of audit procedures should be as necessary to implement the overall
audit plan.
(a) Fair value accounting
■ Different definitions of fair value exist (among financial reporting frameworks or for different assets and liabilities within
a particular framework). For example, under IFRS it is ‘the amount for which an asset could be exchanged (or a liability
settled) between knowledgeable, willing parties in an arm’s length transaction’.
■ The term ‘fair value accounting’ is used to describe the measurement and disclosure of assets and/or liabilities at fair
value and the charging to profit and loss (or directly to equity) of any changes in fair value measurements.
■ Fair value accounting concerns measurements and disclosures but not initial recognition of assets and liabilities in
financial statements. It does not then, for example, affect the nature, timing and extent of audit procedures to confirm
the existence and completeness of rights and obligations.
■ Fair value may be determined with varying degrees of subjectivity. For example, there will be little (if any) subjectivity
for assets bought and sold in active and open markets that readily provide reliable information on the prices at which
exchange transactions occur. However, the valuation of assets with unique characteristics (or entity-specific assets) often
requires the projection and discounting of future cash flows.
■ The audit of estimates of fair values based on valuation models/techniques can be approached like other accounting
estimates (in accordance with ISA 540 ‘Audit of Accounting Estimates’). However, although the auditor should be able
to review and test the process used by management to develop the estimate, there may be:
? a much greater need for an independent estimate (and hence greater reliance on the work of experts in accordance
with ISA 620);
? no suitable subsequent events to confirm the estimate made (e.g. for assets that are held for use and not for
trading).
Tutorial note: Consider, for example, how the audit of ‘in-process research and development’ might compare with that
for an allowance for slow-moving inventory.
■ Different financial reporting frameworks require or permit a variety of fair value measures and disclosures in financial
statements. They also vary in the level of guidance provided (to preparers of the financial statements – and hence their
auditors). Under IFRS, certain fair values are based on management intent and ‘reasonable supportable assumptions’.
■ The audit of management intent potentially increases the auditor’s reliance on management representations. The auditor
must obtain such representations from the highest level of management and exercise an appropriate degree of
professional scepticism, being particularly alert to the implications of any conflicting evidence.
■ A significant development in international financial reporting is that it is no longer sufficient to report transactions and
past and future events that may only be possible. IAS 1 ‘Presentation of Financial Statements’ (Revised) requires that
key assumptions (and other key sources of estimation uncertainty) be disclosed. This requirement gives rise to yet
another area on which auditors may qualify their audit opinion, on grounds of disagreement, where such disclosure is
incorrect or inadequate.
■ Perhaps one of the most significant impacts of fair value accounting on audit work is that it necessarily increases it.
Consider for example, that even where the fair value of an asset is as easily vouched as original cost, fair value is
determined at least annually whereas historic cost is unchanged (and not re-vouched to original purchase
documentation).