2019年ACCA考试《税务（基础阶段）》每日一练(2019-03-16)

正确答案：
(b) Implications for the auditor’s report
(i) Corruption of perpetual inventory records
■ The loss of data (of physical inventory quantities at the balance sheet date) gives rise to a limitation on scope.
Tutorial note: It is the records of the asset that have been destroyed – not the physical asset.
■ The systems failure in October 2005 is clearly a non-adjusting post balance sheet event (IAS 10). If it is material
(such that non-disclosure could influence the economic decisions of users) Jinack should disclose:
– the nature of the event (i.e. systems failure); and
– an estimate of its financial effect (i.e. the cost of disruption and reconstruction of data to the extent that it is
not covered by insurance).
Tutorial note: The event has no financial effect on the realisability of inventory, only on its measurement for the
purpose of reporting it in the financial statements.
■ If material this disclosure could be made in the context of explaining how inventory has been estimated at
30 September 2005 (see later). If such disclosure, that the auditor considers to be necessary, is not made, the
audit opinion should be qualified ‘except for’ disagreement (over lack of disclosure).
Tutorial note: Such qualifications are extremely rare since management should be persuaded to make necessary
disclosure in the notes to the financial statements rather than have users’ attention drawn to the matter through
a qualification of the audit opinion.
■ The limitation on scope of the auditor’s work has been imposed by circumstances. Jinack’s accounting records
(for inventory) are inadequate (non-existent) for the auditor to perform. tests on them.
■ An alternative procedure to obtain sufficient appropriate audit evidence of inventory quantities at a year end is
subsequent count and ‘rollback’. However, the extent of ‘roll back’ testing is limited as records are still under
reconstruction.
■ The auditor may be able to obtain sufficient evidence that there is no material misstatement through a combination
of procedures:
– testing management’s controls over counting inventory after the balance sheet date and recording inventory
movements (e.g. sales and goods received);
– reperforming the reconstruction for significant items on a sample basis;
– analytical procedures such as a review of profit margins by inventory category.
■ ‘An extensive range of inventory’ is clearly material. The matter (i.e. systems failure) is not however pervasive, as
only inventory is affected.
■ Unless the reconstruction is substantially completed (i.e. inventory items not accounted for are insignificant) the
auditor cannot determine what adjustment, if any, might be determined to be necessary. The auditor’s report
should then be modified, ‘except for’, limitation on scope.
■ However, if sufficient evidence is obtained the auditor’s report should be unmodified.
■ An ‘emphasis of matter’ paragraph would not be appropriate because this matter is not one of significant
uncertainty.
Tutorial note: An uncertainty in this context is a matter whose outcome depends on future actions or events not
under the direct control of Jinack.
2006
■ If the 2005 auditor’s report is qualified ‘except for’ on grounds of limitation on scope there are two possibilities for
the inventory figure as at 30 September 2005 determined on completion of the reconstruction exercise:
(1) it is not materially different from the inventory figure reported; or
(2) it is materially different.
■ In (1), with the limitation now removed, the need for qualification is removed and the 2006 auditor’s report would
be unmodified (in respect of this matter).
■ In (2) the opening position should be restated and the comparatives adjusted in accordance with IAS 8 ‘Accounting
Policies, Changes in Accounting Estimates and Errors’. The 2006 auditor’s report would again be unmodified.
Tutorial note: If the error was not corrected in accordance with IAS 8 it would be a different matter and the
auditor’s report would be modified (‘except for’ qualification) disagreement on accounting treatment.

正确答案：

(a) The first stages of risk management are the identification, descriptions and assessment of the risk. This assessment is primarily concerned with the likelihood of them occurring and the severity of impact on the organisation or project should they occur. Sometimes the likelihood is a subjective probability, the opinions of experienced managers or experts in the field. On other occasions, there is some statistical evidence on which to base the assessment. For example, in project 1, TKP identified that 20 IT software companies with annual revenues between $3m and $10m went out of business last year. This represented 10% of the total number of software companies reporting such revenues. Its report to the client suggested that there was a 10% chance of the current preferred supplier (who had a turnover of $5m) ceasing business and this would have a significant short-term support implication. This compared to a business failure rate of 1% for software companies with an annual revenue exceeding $100m. The client felt that the probability of supplier failure was too high, so eventually bought a software solution from a much larger, well-known, software supplier. In this case, the likelihood of the risk led the client to changing its procurement decision. The risk itself does not go away, large companies also fail, but the probability of the risk occurring is reduced.

The avoidance (or prevention) of a risk is a legitimate risk response. In project 1, the client could avoid the risk ‘failure of the supplier’ by commissioning an in-house bespoke solution. Similarly, TKP itself avoids the risks associated with trading in different cultures, by restricting its projects to clients based in Zeeland.

There are three further responses to risks.

Risk mitigation (or risk contingency) actions are what the organisation will do to counter the risk, should the risk take place. Mitigation actions are designed to lessen the impact on the organisation of the risk occurring. In project 2, TKP recommends that the producers of the iProjector should establish an escrow agreement with the company which produces the chip which enhances the quality of the projected image. It was agreed that design details of this chip should be lodged with a third party who would make them available to the producers of the iProjector should the company which owned the enhanced image technology cease trading. This is a mitigation approach to the risk ‘failure of the supplier’. The supplier is relatively high risk (less than three years of trading, inexperienced management team), and the product (the iProjector) is completely dependent upon the supply of the image enhancing chip. The failure of the business supplying the chips would have significant impact on iProjector production. If the escrow agreement had to be enacted, then it would take the producers of the iProjector some time to establish alternative production. Consequently (and TKP have suggested this), it might be prudent to hold significant stocks of the chips to ensure continued production. In such circumstances, the need to mitigate risk is more important than implementing contemporary just-in-time supply practices. In some instances a mitigation action can be put in place immediately. In other instances risk mitigation actions are only enacted should the risk occur. The risk has been recognised and the organisation has a rehearsed or planned response. For example, in project 1, TKP has identified ‘poor quality of current data’ as a risk associated with the migration of data from the current systems to the proposed software package solution. It has established a strategy for data cleansing if that risk actually materialises. Importantly, the client knows in advance how to respond to a risk. It avoids making a hasty, ill-thought out response to an unforeseen event.

Risk transfer actions are concerned with transferring the risk and the assessment and consequences of that risk to another party. This can be done in a number of ways. TKP itself has liability insurance which potentially protects the company from the financial consequences of being sued by clients for giving poor advice. TKP has identified this as a risk, but is unlikely to be able to assess either the probability of that risk occurring or establishing meaningful mitigation measures to minimise the effect of that risk. Consequently, the responsibility for both of these is transferred to an insurance company. They establish the risk, through a series of questions, and compute a premium which reflects the risk and the compensation maximum which will have to be paid if that risk occurs. TKP pays the insurance premiums. TKP itself also transfers risks in project 2. It is unsure about how to establish patents and so it refers the client to another company. Transferring avoids the risk associated with ‘establishing the patent incorrectly’ and the financial consequences of this.

Finally, risk may be identified but just accepted as part of doing business. Risk acceptance is particularly appropriate when the probability of the risk is low or the impact of that risk is relatively insignificant. Risks may also be accepted when there are no realistic mitigation or transfer actions. In project 2, the producers of the iProjector are concerned that there is ‘a risk that a major telephone producer will launch a product with features and functionality similar to ours’. This is a risk, but there is little that can be done about it. Risks of competition are often best accepted.

The discussion above is primarily concerned with deciding what action to take for each risk. Once these actions are agreed, then a plan may be required to put them into place. For example, establishing an escrow agreement will require certain activities to be done.

Risks must also be monitored. For example, in project 2, the risk of supplier failure can be monitored through a company checking agency. Many of these companies offer a continuous monitoring service which evaluates financial results, share prices and other significant business movements. Reports are produced, highlighting factors which may be of particular concern. Risks will also disappear once certain stages of the project have been completed and, similarly, new ones will appear, often due to changes in the business environment. Many organisations use a risk register or risk log to document and monitor risks and such logs often specify a risk owner, a person responsible for adequate management of the risk.

(b) Every project is constrained in some way by its scope, time and cost. These limitations are often called the triple constraint. The scope concerns what has to be delivered by the project, time is when the project should deliver by, and cost is concerned with how much can be spent on achieving the deliverable (the budget). Quality is also an important feature of projects. Some authors include quality in their triple constraint (instead of scope), others add it as a further constraint (quadruple constraint), whilst others believe that quality considerations are inherent in setting the scope, time and cost goals of a project. How a particular project is managed depends greatly on the pressures in the triple constraint.

In project 1, the reluctance of the company to re-visit the business case means that the budget (or cost) of the solution is fixed. The implementation date might be desirable, but it does not seem to be business critical. It is an internal system and so any delays in implementation will not affect customers. It will also be a relatively seamless transition for most employees in the company. They already record the time record details which the new system will collect and so all they will see is a changed user interface. Only the direct users of the output (account managers and the project office) will be affected by any delay. The scope of the software package is also pre-defined. If it fails to meet requirements, then the users will have to adjust their expectations or business methods. There is no money to finance customisation or add-on systems, so in this sense the scope of the solution is also fixed. The quality of the software, in terms of its reliability and robustness, should also be good, as it is a popular software solution used in many large companies.

In project 2, the launch date is fixed. It has been heavily publicised, the venue is booked and over 400 attendees are expected, including newspaper journalists. Thus the time of the project is fixed. However, although orders will be taken at the launch, the product is not expected to ship until a month after launch. Thus the scope of the product shown at the launch date might be restricted and inherent quality problems might not yet be solved. Any defects can be explained away (this is a pre-production model) or, more effectively, they may be avoided by ensuring that the product is demonstrated to attendees, not used by them. The project manager must ensure that key functionality of the product is available on launch date (such as producing an image of a certain quality), but other functionality, not central to the presentation (for example, promised support for all image file formats) could be delayed until after the presentation. The company should make extra funds available to ensure that the launch date is successful.

正确答案：

(b) Schedule D Case I calculation
The three companies form. a group for both group relief and capital gains purposes as all shareholdings pass the 75%
ownership test. The calculation of the corporation tax liabilities is as follows:

正确答案：
(d) The change in ownership represents a major change in the life of any organisation and the opportunity to convince the various
stakeholders of the strategic direction the firm is going in should not be missed. Mission statements are not something that
can be created at five minutes notice and once created need to be revisited to ensure they are still relevant and engaging.
Some experts argue that the mission can only be developed once the firm’s competitive strategy has been developed. Others
argue that it is the starting point for the whole strategic planning process.
A mission statement expresses the purpose of the business and great care will need to be taken to clarify the new role and
status of the buyout directors. Two other critical stakeholders are the workforce and the customers – alienation of either group
will have serious consequences for the firm. Customers need to be convinced that they should stay with the firm and staff
that there is a future for them in the new set up. Bonar Paint needs to ensure that its reputation for customer care is part of
the statement.
The strategy of the firm in terms of where and how it is going to compete again should create confidence in the key
stakeholders. Developing this clear sense of where Bonar Paint is going and how it is going to get there will be of particular
interest to its financial backers. Expressing the mission of the business will be a key part of any business plan. Bonar Paint
may also choose to emphasise the standards of behaviour that will underpin the way it does business. This may include an
explicit commitment to innovative products and customer service. Once again the impact and relevance to both internal and
external stakeholders is important.
Finally, the buyout managers have to convince stakeholders that the culture and values associated with that culture will be
retained after the change in ownership. Bonar Paint, under the Bonar brothers’ ownership and direction, did not feel that
strategic planning was a necessary activity. A succinct and meaningful mission statement may be an excellent way to
communicate the new ownership and sense of purpose in Bonar Paint.
Creating mission statements that convey a sense of purpose may not be easy for the buyout team. The time spent creating
the statement has to have positive outcomes or it will be time wasted. Creating such a statement with no previous experience
increases the difficulties. Seeing it as an integral part of a strategic planning process is important. Care must be taken to
involve other stakeholders in the process or statements may be made with little meaning for them. The degree of involvement
is also significant; most stakeholders are more likely to be useful as ‘sounding boards’ for testing and refining the statement.
The danger is that a statement is produced that few stakeholders buy into and does not affect attitudes or behaviours towardBonar Paint.