有关2020年3月ACCA机考注意事项公布，速来查阅！

正确答案：
(b) Sale of industrial equipment
(i) Matters
■ The industrial equipment was in use for nine years (from April 1996) and would have had a carrying value of
$660,000 at 31 March 2005 (11/20 × $1·2m – assuming nil residual value and a full year’s depreciation charge
in the year of acquisition and none in the year of disposal). Disposal proceeds were therefore only $360,000.
■ The $0·3m loss represents 15% of PBT (for the year to 31 March 2006) and is therefore material. The equipment
was material to the balance sheet at 31 March 2005 representing 2·6% of total assets ($0·66/$25·7 × 100).
■ Separate disclosure, of a material loss on disposal, on the face of the income statement is in accordance with
IAS 16 ‘Property, Plant and Equipment’. However, in accordance with IAS 1 ‘Presentation of Financial Statements’,
it should not be captioned in any way that might suggest that it is not part of normal operating activities (i.e. not
‘extraordinary’, ‘exceptional’, etc).
Tutorial note: However, note that if there is a prior period error to be accounted for (see later), there would be
no impact on the current period income statement requiring consideration of any disclosure.
■ The reason for the sale. For example, whether the equipment was:
– surplus to operating requirements (i.e. not being replaced); or
– being replaced with newer equipment (thereby contributing to the $8·1m increase (33·8 – 25·7) in total
assets).
■ The reason for the loss on sale. For example, whether:
– the sale was at an under-value (e.g. to a related party);
– the equipment had a bad maintenance history (or was otherwise impaired);
– the useful life of the equipment is less than 20 years;
– there is any deferred consideration not yet recorded;
– any non-cash disposal proceeds have been overlooked (e.g. if another asset was acquired in a part-exchange).
■ If the useful life was less than 20 years, tangible non-current assets may be materially overstated in respect of other
items of equipment that are still in use and being depreciated on the same basis.
■ If the sale was to a related party then additional disclosure should be required in a note to the financial statements
for the year to 31 March 2006 (IAS 24 ‘Related Party Disclosures’).
Tutorial note: Since there are no specific pointers to a related party transaction (RPT), this point is not expanded
on.
■ Whether the sale was identified in the prior year audit’s post balance sheet event review. If so:
– the disclosure made in the prior year’s financial statements (IAS 10 ‘Events After the Balance Sheet Date’);
– whether an impairment loss was recognised at 31 March 2005.
■ If not, and the equipment was impaired at 31 March 2005, a prior period error should be accounted for (IAS 8
‘Accounting Policies, Changes in Accounting Estimates and Errors’). An impairment loss of $0·3m would have
been material to prior year profit (12·5%).
Tutorial note: Unless this was a RPT or the impairment arose after 31 March 2005 a prior period adjustment
should be made.
■ Failure to account for a prior period error (if any) would result in modification of the audit opinion ‘except for’ noncompliance
with IAS 8 (in the current year) and IAS 36 (in the prior period).
(ii) Audit evidence
■ Carrying amount ($0·66m as above) agreed to the non-current asset register balances at 31 March 2005 and
recalculation of the loss on disposal.
■ Cost and accumulated depreciation removed from the asset register in the year to 31 March 2006.
■ Receipt of proceeds per cash book agreed to bank statement.
■ Sales invoice transferring title to Deakin.
■ A review of maintenance expenses and records (e.g. to confirm reason for loss on sale).
■ Post balance sheet event review on prior year audit working papers file.
■ Management representation confirming that Deakin is not a related party (provided that there is no evidence to
suggest otherwise).

正确答案：
(b) Criticisms
The audit committee is chaired by an executive director. One of the most important roles of an audit committee is to review
and monitor internal controls. An executive director is not an independent person and so having Mr Chester as chairman
undermines the purpose of the committee as far as its role in governance is concerned.
Mr Chester, the audit committee chairman, considers only financial controls to be important and undermines the purpose of
the committee as far as its role in governance is concerned. There is no recognition of other risks and there is a belief that
management accounting can provide all necessary information. This viewpoint fails to recognise the importance of other
control mechanisms such as technical and operational controls.
Mr Hardanger’s performance was trusted without supporting evidence because of his reputation as a good manager. An audit
committee must be blind to reputation and treat all parts of the business equally. All functions can be subject to monitor and
review without ‘fear or favour’ and the complexity of the production facility makes it an obvious subject of frequent attention.
The audit committee does not enjoy the full support of the non-executive chairman, Mr Allejandra. On the contrary in fact,
he is sceptical about its value. In most situations, the audit committee reports to the chairman and so it is very important
that the chairman protects the audit committee from criticism from executive colleagues, which is unlikely given the situation
at Gluck and Goodman.
There is no internal auditor to report to the committee and hence no flow of information upon which to make control decisions.
Internal auditors are the operational ‘arms’ of an audit committee and without them, the audit committee will have little or no
relevant data upon which to monitor and review control systems in the company.
The ineffectiveness of the internal audit could increase the cost of the external audit. If external auditors view internal controls
as weak they would be likely to require increased attention to audit trails, etc. that would, in turn, increase cost.

正确答案：
(a) To: Ramon Silva
From:
Value innovation in La Familia Amable hotel chain
In strategic terms you are looking to create a competitive advantage over existing hotels based on a cost focus strategy. The
success of this niche marketing strategy will depend on your ability to attract customers from the existing providers but there
does seem a gap to exploit. In many ways you have an advantage in that you are not constrained by previous experience in
the hotel industry and this has enabled you to look to deliver a significantly different value proposition to your customers and
not simply look to marginally improve on what currently is on offer. One particular study on innovation drew attention to five
dimensions of strategy where innovators can significantly outperform. existing companies. This is important, as the industry
does not look particularly attractive with low growth and overcapacity – a recipe for low profitability.
Industry assumptions – here existing companies take the competitive conditions as given whereas innovators are looking to
influence and change those conditions.
Strategic focus – simply benchmarking against the current hotel providers may not create any real advantage, innovators are
seeking to provide a step change in the experience given to the customer.
Customers – the route to success may not be through ever increasing segmentation and customisation but by actually looking
to focus on the shared attributes of the service that customers value – a good night’s sleep for a low price being a prime
example.
Assets and capabilities – rather than looking to leverage existing assets and capabilities the innovator looks to ask what would
we do if we were starting a new business.
Product and service offering – existing competitors may again be constrained in their thinking by the existing boundaries of
the industry and the innovator by identifying new customers and services that take them outside this boundary may offer a
‘total solution’ that transforms the industry. The ‘no frills’, low cost budget airlines are a good example of such thinking.
In the hotel business ‘location, location, location’ is argued to be at the heart of a successful strategy. Clearly this will be your
choice and is affected by the customer groups you are looking to attract. Establishing a brand name and reputation is an
important marketing strategy and this will be facilitated by growing the chain rapidly and giving customers easy access to
your hotels. In value chain terms the company infrastructure looks to be lean with a reliance on trained husband and wife
teams to deliver the service. Franchising would also seem to be a route to grow the business that will place reduced strain
on company headquarters. The creation of a chain should lend itself to significant buying and procurement advantages, right
from the design of the hotels which will focus on the core value you are providing – namely quiet and cost. One French hotel
chain was able to cut in half the average cost of building a room, its ‘no frills’ service cut staff costs from between 25% and
35% of sales – the industry average – to between 20% and 23%.
Good design will therefore affect the quality of service that the operations side of the value chain delivers to the customer.
This may be a simpler service to that provided by its competitors – simpler, more basic rooms, no expensive restaurants or
lounge areas all impact on the cost of operations and consequently the price charged. Marketing, as previously referred to
above, is much more effectively done through satisfied customers’ recommendations than by expensive advertising. Many
hotel chains have used technology to create customer loyalty schemes of questionable benefit to the customer. You will
certainly have to seriously consider the value of such an after sales service. The established competitors often make
assumptions as to what a customer wants and typically this is offering more and more services that are expensive to provide.
Your entry into a ‘mature’ industry such as this, allows you to really challenge these assumptions and deliver a price/value
combination that is hard to beat.
Yours,

正确答案：
4 PETRIE CO
(a) Independent auditor’s report terms
(i) Qualified opinion – A qualified opinion is expressed when the auditor concludes that an unqualified opinion cannot be
expressed but that the effect of any disagreement with management, or limitation on scope is not so material and
pervasive as to require an adverse opinion or a disclaimer of opinion.
(ii) Disclaimer of opinion – A disclaimer of opinion is expressed when the possible effect of a limitation on scope is so
material and pervasive that the auditor has not been able to obtain sufficient appropriate audit evidence and accordingly
is unable to express an opinion on the financial statements.
(iii) Emphasis of matter paragraph – An auditor’s report may be modified by adding an emphasis of matter paragraph to
highlight a matter affecting the financial statements that is included in a note to the financial statements that more
extensively discusses the matter. Such an emphasis of matter paragraph does not affect the auditor’s opinion. An
emphasis of matter paragraph may also be used to report matters other than those affecting the financial statements
(e.g. if there is a misstatement of fact in other information included in documents containing audited financial
statements).
(iii) is clearly distinguishable from (i) and (ii) because (i) and (ii) affect the opinion paragraph, whereas (iii) does not.
(i) and (ii) are distinguishable by the degree of their impact on the financial statements. In (i) the effects of any disagreement
or limitation on scope can be identified with an ‘except for …’ opinion. In (ii) the matter is pervasive, that is, affecting the
financial statements as a whole.
(ii) can only arise in respect of a limitation in scope (i.e. insufficient evidence) that has a pervasive effect. (i) is not pervasive
and may also arise from disagreement (i.e. where there is sufficient evidence).