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正确答案：
(a)BasicvariancesLabourratevarianceStandardcostoflabourperhour=$42/3=$14perhour.Labourratevariance=(actualhourspaidxactualrate)–(actualhourspaidxstdrate)Actualhourspaidxactualrate=$531,930.Actualhourspaidxstdrate=37,000x$14=$518,000.Thereforeratevariance=$531,930–$518,000=$13,930ALabourefficiencyvarianceLabourefficiencyvariance=(actualproductioninstdhours–actualhoursworked)xstdrate[(12,600x3)–37,000]x$14=$11,200F(b)PlanningandoperationalvariancesLabourrateplanningvariance(Revisedrate–stdrate)xactualhourspaid=[$14·00–($14·00x1·02)]x37,000=$10,360A.LabourrateoperationalvarianceRevisedratexactualhourspaid=$14·28x37,000=$528,360.Actualcost=$531,930.Variance=$3,570A.Labourefficiencyplanningvariance(Standardhoursforactualproduction–revisedhoursforactualproduction)xstdrateRevisedhoursforeachpairofgloves=3·25hours.[37,800–(12,600x3·25)]x$14=$44,100A.Labourefficiencyoperationalvariance(Revisedhoursforactualproduction–actualhoursforactualproduction)xstdrate(40,950–37,000)x$14=$55,300F.(c)AnalysisofperformanceAtafirstglance,performancelooksmixedbecausethetotallabourratevarianceisadverseandthetotallabourefficiencyvarianceisfavourable.However,theoperationalandplanningvariancesprovidealotmoredetailonhowthesevarianceshaveoccurred.Theproductionmanagershouldonlybeheldaccountableforvarianceswhichhecancontrol.Thismeansthatheshouldonlybeheldaccountablefortheoperationalvariances.Whentheseoperationalvariancesarelookedatitcanbeseenthatthelabourrateoperationalvarianceis$3,570A.Thismeansthattheproductionmanagerdidhavetopayforsomeovertimeinordertomeetdemandbutthemajorityofthetotallabourratevarianceisdrivenbythefailuretoupdatethestandardforthepayrisethatwasappliedatthestartofthelastquarter.Theovertimeratewouldalsohavebeenimpactedbythatpayincrease.Then,whenthelabourefficiencyoperationalvarianceislookedat,itisactually$55,300F.Thisshowsthattheproductionmanagerhasmanagedhisdepartmentwellwithworkerscompletingproductionmorequicklythanwouldhavebeenexpectedwhenthenewdesignchangeistakenintoaccount.Thetotaloperatingvariancesaretherefore$51,730Fandsooverallperformanceisgood.Theadverseplanningvariancesof$10,360and$44,100donotreflectontheperformanceoftheproductionmanagerandcanthereforebeignoredhere.

正确答案：

You will be aware of the importance of accurate resource valuation to Worldwide Minerals (WM). Unfortunately, I have to
inform. you that the reserve of mallerite, one of our key minerals in a new area of exploration, was found to have been
overestimated after the purchase of a mine. It has been suggested that this information may have an effect on shareholder
value and so I thought it appropriate to write to inform. you of how the board intends to respond to the situation.
In particular, I would like to address two issues. It has been suggested that the overestimation arose because of issues with
the internal control systems at WM. I would firstly like to reassure you of the importance that your board places on sound
internal control systems and then I would like to highlight improvements to internal controls that we shall be implementing
to ensure that the problem should not recur.
(i) Importance of internal control
Internal control systems are essential in all public companies and Worldwide Minerals (WM) is no exception. If anything,
WM’s strategic position makes internal control even more important, operating as it does in many international situations
and dealing with minerals that must be guaranteed in terms of volume, grade and quality. Accordingly, your board
recognises that internal control underpins investor confidence. Investors have traditionally trusted WM’s management
because they have assumed it capable of managing its internal operations. This has, specifically, meant becoming aware
of and controlling known risks. Risks would not be known about and managed without adequate internal control
systems. Internal control, furthermore, helps to manage quality throughout the organisation and it provides
management with information on internal operations and compliance. These features are important in ensuring quality
at all stages in the WM value chain from the extraction of minerals to the delivery of product to our customers. Linked
to this is the importance of internal control in helping to expose and improve underperforming internal operations.
Finally, internal control systems are essential in providing information for internal and external reporting upon which, in
turn, investor confidence rests.
(ii) Proposals to improve internal systems at WM
As you may be aware, mineral estimation and measurement can be problematic, particularly in some regions. Indeed,
there are several factors that can lead to under or overestimation of reserves valuations as a result of geological survey
techniques and regional cultural/social factors. In the case of mallerite, however, the issues that have been brought to
the board’s attention are matters of internal control and it is to these that I would now like to turn.
In first instance, it is clear from the fact that the overestimate was made that we will need to audit geological reports at
an appropriate (and probably lower) level in the organisation in future.
Once a claim has been made about a given mineral resource level, especially one upon which investor returns might
depend, appropriate systems will be instituted to ask for and obtain evidence that such reserves have been correctly and
accurately quantified.
We will recognise that single and verbal source reports of reserve quantities may not necessarily be accurate. This was
one of the apparent causes of the overestimation of mallerite. A system of auditing actual reserves rather than relying
on verbal evidence will rectify this.
The purchase of any going concern business, such as the mallerite mine, is subject to due diligence. WM will be
examining its procedures in this area to ensure that they are fit for purpose in the way that they may not have been in
respect of the purchase of the mallerite mine. I will be taking all appropriate steps to ensure that all of these internal
control issues can be addressed in future.
Thank you for your continued support of Worldwide Minerals and I hope the foregoing goes some way to reassure you
that the company places the highest value on its investors and their loyalty.
Yours faithfully,
Tim Blake
Chairman

正确答案：
(ii) The summary analysis in (a)(i) shows that using overall points gained, Michaelangelotown has achieved the best
performance with 12 points. Donatellotown and Leonardotown have achieved a reasonable level of performance with
eight points each. Raphaeltown has under performed, however, gaining only four out of the available 12 points.
Michaelangelotown is the only depot to have achieved both an increase in revenue over budget and an increased
profit:revenue percentage.
In the customer care and service delivery statistics, Michaelangelotown has achieved all six of the target standards,
Donatellotown four; Leonardotown three. The Raphaeltown statistic of achieving only one out of six targets indicates the
need for investigation.
With regard to the credit control and administrative efficiency statistics, Leonardotown and Michaelangelotown achieved
all four standards and Donatellotown achieved three of the four standards. Once again, Raphaeltown is the ‘poor
performer’ achieving only two of the four standards.

正确答案：
(b) Revaluation of owned premises
(i) Matters
■ The revaluations are clearly material as $1·7 million, $5·4 million and $7·1 million represent 5·5% , 17·6% and
23·1% of total assets, respectively.
■ The change in accounting policy, from a cost model to a revaluation model, should be accounted for in accordance
with IAS 16 ‘Property, Plant and Equipment’ (i.e. as a revaluation).
Tutorial note: IAS 8 ‘Accounting Policies, Changes in Accounting Estimates and Errors’ does not apply to the initial
application of a policy to revalue assets in accordance with IAS 16.
■ The basis on which the valuations have been carried out, for example, market-based fair value (IAS 16).
■ Independence, qualifications and expertise of valuer(s).
■ IAS 16 does not permit the selective revaluation of assets thus the whole class of premises should have been
revalued.
■ The valuations of properties after the year end are adjusting events (i.e. providing additional evidence of conditions
existing at the year end) per IAS 10 ‘Events After the Balance Sheet Date’.
Tutorial note: It is ‘now’ still less than three months after the year end so these valuations can reasonably be
expected to reflect year-end values.
■ If $5·4 million is a net amount of surpluses and deficits it should be grossed up so that the credit to equity reflects
the sum of the surpluses with any deficits being expensed through profit and loss (IAS 36 ‘Impairment of Assets’).
■ The revaluation exercise is incomplete. If the revaluations on the remaining three properties are expected to be
material and cannot be reasonably estimated for inclusion in the financial statements for the year ended
30 September 2005 perhaps the change in policy should be deferred for a year.
■ Depreciation for the year should have been calculated on cost as usual to establish carrying amount before
revaluation.
■ Any premises held under finance leases should be similarly revalued.
(ii) Audit evidence
■ A schedule of depreciated cost of owned premises extracted from the non-current asset register.
■ Calculation of difference between valuation and depreciated cost by property. Separate summation of surpluses
and deficits.
■ Copy of valuation certificate for each property.
■ Physical inspection of properties with largest surpluses (including the two valued before the year end) to confirm
condition.
■ Extracts from local property guides/magazines indicating a range of values of similarly styled/sized properties.
■ Separate presentation of the revaluation surpluses (gross) in:
– the statement of changes in equity; and
– reconciliation of carrying amount at the beginning and end of the period.
■ IAS 16 disclosures in the notes to the financial statements including:
– the effective date of revaluation;
– whether an independent valuer was involved;
– the methods and significant assumptions applied in estimating fair values; and
– the carrying amount that would have been recognised under the cost model.