ACCA考试报名是否现场审核？需要携带哪些材料？

正确答案：
(b) Inventory, Goods sold and Investment property
The inventory and trade payable initially would be recorded at 8 million euros ÷ 1·6, i.e. $5 million. At the year end, the
amount payable is still outstanding and is retranslated at 1 dollar = 1·3 euros, i.e. $6·2 million. An exchange loss of
$(6·2 – 5) million, i.e. $1·2 million would be reported in profit or loss. The inventory would be recorded at $5 million at the
year end unless it is impaired in value.
The sale of goods would be recorded at 4 million euros ÷ 1·6, i.e. $2·5 million as a sale and as a trade receivable. Payment
is received on 31 October 2006 in euros and the actual value of euros received will be 4 million euros ÷ 1·3,
i.e. $3·1 million.
Thus a gain on exchange of $0·6 million will be reported in profit or loss.
The investment property should be recognised on 1 November 2005 at 28 million euros ÷ 1·4, i.e. $20 million. At
31 October 2006, the property should be recognised at 24 million euros ÷ 1·3, i.e. $18·5 million. The decrease in fair value
should be recognised in profit and loss as a loss on investment property. The property is a non-monetary asset and any foreign
currency element is not recognised separately. When a gain or loss on a non-monetary item is recognised in profit or loss,
any exchange component of that gain or loss is also recognised in profit or loss. If any gain or loss is recognised in equity ona non-monetary asset, any exchange gain is also recognised in equity.

正确答案：
(b) Internal control statement
The United States Securities and Exchange Commission (SEC) guidelines are to disclose in the annual report as follows:
A statement of management’s responsibility for establishing and maintaining adequate internal control over financial reporting
for the company. This will always include the nature and extent of involvement by the chairman and chief executive, but may
also specify the other members of the board involved in the internal controls over financial reporting. The purpose is for
shareholders to be clear about who is accountable for the controls.
A statement identifying the framework used by management to evaluate the effectiveness of this internal control. This will
usually involve a description of the key metrics, measurement methods (e.g. rates of compliance, fair value measures, etc)
and tolerances allowed within these. Within a rules-based environment, these are likely to be underpinned by law.
Management’s assessment of the effectiveness of this internal control as at the end of the company’s most recent fiscal year.
This may involve reporting on rates of compliance, failures, costs, resources committed and outputs (if measurable) achieved.
A statement that its auditor has issued an attestation report on management’s assessment. Any qualification to the attestation
should be reported in this statement.
Tutorial note: guidance from other corporate governance codes is also acceptable.

正确答案：
(b) Critical success factors are as follows:
Product quality
The fact that the production staff have no previous experience in a food production environment is likely to prove problematic.
It is vital that a comprehensive training programme is put in place at the earliest opportunity. HSC need to reach and maintain
the highest level of product quality as soon as possible.
Supply quality
The quality of delivery into SFG supermarkets assumes critical significance. Time literally will be of the essence since 90%
of all sandwiches are sold in SFG’s supermarkets before 2 pm each day. Hence supply chain management must be extremely
robust as there is very little scope for error.
Technical quality
Compliance with existing regulations regarding food production including all relevant factory health and safety requirements
is vital in order to establish and maintain the reputation of HSC as a supplier of quality products. The ability to store products
at the correct temperature is critical because sandwiches are produced for human consumption and in extreme circumstance
could cause fatalities.
External credibility
Accreditation by relevant trade associations/regulators will be essential if nationwide acceptance of HSC as a major producer
of sandwiches is to be established.
New product development
Whilst HSC have developed a range of healthy eating sandwiches it must be recognised that consumer tastes change and
that in the face of competition there will always be a need for a continuous focus on new product development.
Margin
Whilst HSC need to recognise all other critical success factors they should always be mindful that the need to obtain the
desired levels of gross and net margin remain of the utmost importance.
Notes: (i) Only five critical success factors were required.
(ii) Alternative relevant discussion and examples would be acceptable.

正确答案：
(b) (i) Enquiries in respect of the external valuer
Enquiries would need to be made for two main reasons, firstly to determine the competence, and secondly the objectivity
of the valuer. ISA 620 Using the Work of an Expert contains guidance in this area.
Competence
Enquiries could include:
– Is the valuer a member of a recognised professional body, for example a nationally or internationally recognised
institute of registered surveyors?
– Does the valuer possess any necessary licence to carry out valuations for companies?
– How long has the valuer been a member of the recognised body, or how long has the valuer been licensed under
that body?
– How much experience does the valuer have in providing valuations of the particular type of investment properties
held by Poppy Co?
– Does the valuer have specific experience of evaluating properties for the purpose of including their fair value within
the financial statements?
– Is there any evidence of the reputation of the valuer, e.g. professional references, recommendations from other
companies for which a valuation service has been provided?
– How much experience, if any, does the valuer have with Poppy Co?
Using the above enquiries, the auditor is trying to form. an opinion as to the relevance and reliability of the valuation
provided. ISA 500 Audit Evidence requires that the auditor gathers evidence that is both sufficient and appropriate. The
auditor needs to ensure that the fair values provided by the valuer for inclusion in the financial statements have been
arrived at using appropriate knowledge and skill which should be evidenced by the valuer being a member of a
professional body, and, if necessary, holding a licence under that body.
It is important that the fair values have been arrived at using methods allowed under IAS 40 Investment Property. If any
other valuation method has been used then the value recognised in the statement of financial position may not be in
accordance with financial reporting standards. Thus it is important to understand whether the valuer has experience
specifically in providing valuations that comply with IAS 40, and how many times the valuer has appraised properties
similar to those owned by Poppy Co.
In gauging the reliability of the fair value, the auditor may wish to consider how Poppy Co decided to appoint this
particular valuer, e.g. on the basis of a recommendation or after receiving references from companies for which
valuations had previously been provided.
It will also be important to consider how familiar the valuer is with Poppy Co’s business and environment, as a way to
assess the reliability and appropriateness of any assumptions used in the valuation technique.
Objectivity
Enquiries could include:
– Does the valuer have any financial interest in Poppy Co, e.g. shares held directly or indirectly in the company?
– Does the valuer have any personal relationship with any director or employee of Poppy Co?
– Is the fee paid for the valuation service reasonable and a fair, market based price?
With these enquiries, the auditor is gaining assurance that the valuer will perform. the valuation from an independent
point of view. If the valuer had a financial interest in Poppy Co, there would be incentive to manipulate the valuation in
a way best suited to the financial statements of the company. Equally if the valuer had a personal relationship with a
senior member of staff at Poppy Co, the valuer may feel pressured to give a favourable opinion on the valuation of the
properties.
The level of fee paid is important. It should be commensurate with the market rate paid for this type of valuation. If the
valuer was paid in excess of what might be considered a normal fee, it could indicate that the valuer was encouraged,
or even bribed, to provide a favourable valuation.