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(b) Wallace Co
Being the audit manager, Valerie Hobson is clearly in a position to influence the outcome of the audit. She appears to have
entered into a private commercial transaction with her client. IFAC’s Code of Ethics for Professional Accountants does not
prohibit such commercial transactions so long as they are:
– In the normal course of business,
– At arm’s length, and
– The value is not material to either party.
In this case the transaction is in the normal course of business for the client. Rental of storage space is not the main business
of Wallace Co, but it appears that this type of transaction is quite common for the company. However the note on the invoice
indicates that a substantial discount has been offered and accepted, and so the transaction is not at arm’s length. The value
is not material to Wallace Co, but could represent a significant discount to normal commercial terms to the audit manager.
Goods and services can be received from an audit client, but only if the value is clearly insignificant.
A self-interest threat is clearly established. Valerie Hobson is benefiting financially from her position as audit manager. She
may compromise the audit approach – which has recently been planned – and furthermore she may compromise the audit
opinion to keep the client happy. She may also have other audit clients where bias could have occurred.
Action to be taken:
– The ethics partner will need to evaluate whether the value of the transaction and the discount received is ‘clearly
insignificant’.
– Her benefiting from a discount on services provided by Wallace Co, which was not disclosed, could result in disciplinary
action.
– Valerie should be removed from the audit immediately, and a new audit manager assigned to Wallace Co.
– The audit planning for year ended 31 May 2008 should be subject to independent review and amendments made where
necessary.
– The transaction should be disclosed to the audit committee of Wallace Co, or to those charged with governance.
– The ethics partner may wish to consider Valerie’s relationships with other audit clients for any evidence of transactions
or other indicators of potential bias.

正确答案：

(c) Issue of bond
This form. of financing a football club’s operations is known as ‘securitisation’. Often in these cases a special purpose vehicle
is set up to administer the income stream or assets involved. In this case, a special purpose vehicle has not been set up. The
benefit of securitisation of the future corporate hospitality sales and season ticket receipts is that there will be a capital
injection into the club and it is likely that the effective interest rate is lower because of the security provided by the income
from the receipts. The main problem with the planned raising of capital is the way in which the money is to be used. The
use of the bond for ground improvements can be commended as long term cash should be used for long term investment but
using the bond for players’ wages will cause liquidity problems for the club.
This type of securitisation is often called a ‘future flow’ securitisation. There is no existing asset transferred to a special purpose
vehicle in this type of transaction and, therefore, there is no off balance sheet effect. The bond is shown as a long term liability
and is accounted for under IAS39 ‘Financial Instruments: Recognition and Measurement’. There are no issues of
derecognition of assets as there can be in other securitisation transactions. In some jurisdictions there are legal issues in
assigning future receivables as they constitute an unidentifiable debt which does not exist at present and because of this
uncertainty often the bond holders will require additional security such as a charge on the football stadium.
The bond will be a financial liability and it will be classified in one of two ways:
(i) Financial liabilities at fair value through profit or loss include financial liabilities that the entity either has incurred for
trading purposes and, where permitted, has designated to the category at inception. Derivative liabilities are always
treated as held for trading unless they are designated and effective as hedging instruments. An example of a liability held
for trading is an issued debt instrument that the entity intends to repurchase in the near term to make a gain from shortterm
movements in interest rates. It is unlikely that the bond will be classified in this category.
(ii) The second category is financial liabilities measured at amortised cost. It is the default category for financial liabilities
that do not meet the criteria for financial liabilities at fair value through profit or loss. In most entities, most financial
liabilities will fall into this category. Examples of financial liabilities that generally would be classified in this category are
account payables, note payables, issued debt instruments, and deposits from customers. Thus the bond is likely to be
classified under this heading. When a financial liability is recognised initially in the balance sheet, the liability is
measured at fair value. Fair value is the amount for which a liability can be settled between knowledgeable, willing
parties in an arm’s length transaction. Since fair value is a market transaction price, on initial recognition fair value will
usually equal the amount of consideration received for the financial liability. Subsequent to initial recognition financial
liabilities are measured using amortised cost or fair value. In this case the company does not wish to use valuation
models nor is there an active market for the bond and, therefore, amortised cost will be used to measure the bond.
The bond will be shown initially at $50 million × 95%, i.e. $47·5 million as this is the consideration received. Subsequentlyat 31 December 2007, the bond will be shown as follows:

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