2020年ACCA考试教材变动详情

正确答案：

 

正确答案：
(d) Professional accountant’s liability
Liability for reporting on PFI
Independent accountants may be required to report on PFI for many reasons (e.g. to help secure a bank loan). Such forecasts
and projections are inherently unreliable. If the forecast or projection does not materialise, and the client or lenders (or
investors) consequently sustain financial loss, the accountant may face lawsuits claiming financial loss.
Courts in different jurisdictions use various criteria to define the group of persons to whom independent accountants may be
held liable for providing a report on an inaccurate forecast or projection. The most common of these are that an accountant
is liable to persons with whom there is proximity:
(i) only (i.e. the client who engaged the independent accountant);
(ii) or whose relationship with the accountant sufficiently approaches privity;
(iii) and to persons or members of a limited group of persons for whose benefit and guidance the accountant supplied the
information or knew that the recipient of the information intended to supply it;
(iv) and to persons who reasonably can be foreseen to rely on the information.
Measures to reduce liability
As significant assumptions will be essential to a reader’s understanding of a financial forecast, the independent accountant
should ensure that they are adequately disclosed and clearly stated to be the management’s responsibility. Hypothetical
assumptions should be clearly distinguished from best estimates.
The introduction to any forecast (and/or report thereon) should include a caveat that the prospective results may not be
attained. Specific and extensive warnings (‘the actual results … will vary’) and disclaimers (‘we do not express an opinion’)
may be effective in protecting an independent accountant sued for inaccuracies in forecasts or projections that they have
reported on.
Any report to a third party should state:
■ for whom it is prepared, who is entitled to rely on it (if anyone) and for what purpose;
■ that the engagement was undertaken in accordance with the engagement terms;
■ the work performed and the findings.
An independent accountant’s report should avoid inappropriate and open-ended wording, for example, ‘we certify …’ and ‘we
obtained all the explanations we considered necessary’.
Engagement terms to report on PFI should include an appropriate liability cap that is reasonable given the specific
circumstances of the engagement.
The independent accountant may be able to obtain indemnity from a client in respect of claims from third parties. Such ‘hold
harmless’ clauses obligate the client to indemnify the independent accountant from third party claims.

正确答案：
(c) (i) ISQC 1 Quality Control for Firms That Perform. Audits and Reviews of Historical Financial Information and Other
Assurance and Related Services Engagements provides guidance on the overall quality control systems that should be
implemented by an audit firm. ISA 220 Quality Control for Audits of Historical Financial Information specifies the quality
control procedures that should be applied by the engagement team in individual audit assignments.
Procedures include the following:
Client acceptance procedures
There should be full documentation, and conclusion on, ethical and client acceptance issues in each audit assignment.
The engagement partner should consider whether members of the audit team have complied with ethical requirements,
for example, whether all members of the team are independent of the client. Additionally, the engagement partner should
conclude whether all acceptance procedures have been followed, for example, that the audit firm has considered the
integrity of the principal owners and key management of the client. Other procedures on client acceptance should
include:
– Obtaining professional clearance from previous auditors
– Consideration of any conflict of interest
– Money laundering (client identification) procedures.
Engagement team
Procedures should be followed to ensure that the engagement team collectively has the skills, competence and time to
perform. the audit engagement. The engagement partner should assess that the audit team, for example:
– Has the appropriate level of technical knowledge
– Has experience of audit engagements of a similar nature and complexity
– Has the ability to apply professional judgement
– Understands professional standards, and regulatory and legal requirements.
Direction
The engagement team should be directed by the engagement partner. Procedures such as an engagement planning
meeting should be undertaken to ensure that the team understands:
– Their responsibilities
– The objectives of the work they are to perform
– The nature of the client’s business
– Risk related issues
– How to deal with any problems that may arise; and
– The detailed approach to the performance of the audit.
The planning meeting should be led by the partner and should include all people involved with the audit. There should
be a discussion of the key issues identified at the planning stage.
Supervision
Supervision should be continuous during the engagement. Any problems that arise during the audit should be rectified
as soon as possible. Attention should be focused on ensuring that members of the audit team are carrying out their work
in accordance with the planned approach to the engagement. Significant matters should be brought to the attention of
senior members of the audit team. Documentation should be made of key decisions made during the audit engagement.
Review
The review process is one of the key quality control procedures. All work performed must be reviewed by a more senior
member of the audit team. Reviewers should consider for example whether:
– Work has been performed in accordance with professional standards
– The objectives of the procedures performed have been achieved
– Work supports conclusions drawn and is appropriately documented.
The review process itself must be evidenced.
Consultation
Finally the engagement partner should arrange consultation on difficult or contentious matters. This is a procedure
whereby the matter is discussed with a professional outside the engagement team, and sometimes outside the audit
firm. Consultations must be documented to show:
– The issue on which the consultation was sought; and
– The results of the consultation.

正确答案：
Part (c):
The person specification might be used for a number of purposes:
In recruitment, to provide an illustration of the type of candidate sought prior to the selection stage.
In selection, the most obvious and popular use of this document, is to assess whether an individual’s personality, abilities and
experience match the organisation’s requirements.
For promotion, to evaluate whether an individual has the necessary ability and personality to move within the organisation.
In evaluation of performance to assess whether the person has demonstrated the necessary skills to do the job effectively.
In disciplinary procedures through demonstrating that the person specification required to do a particular job for which some one
was appointed are not evident or being applied. For example, where an employee required to be discrete is discovered to have
disclosed confidential information to third parties.