ACCA考试F9每日一练(2019-03-14)

正确答案：
(a) Of vital importance is the need for reliable information on which to base the decision regarding the potential investment within
Tomorrowland, since the lack of such information will only serve to increase the risk profile of GHG.
The strategic factors that ought to be considered prior to a decision being made to build and operate a hotel in Tomorrowland
are as follows:
The competition
The key notion here is that of the position of GHG relative to its competitors who may have a presence or intend to have a
presence in Tomorrowland. The strategic management accounting system should be capable of coping with changes that can
and will inevitably occur in a dynamic business environment. Hence it is crucial that changes such as, the emergence of a
new competitor, are detected and reflected within strategic plans at the earliest opportunity.
The government
The attitude of the government of Tomorrowland towards foreign organisations requires careful consideration as inevitably the
government will be the country’s largest supplier, employer, customer and investor. The directors need to recognise that the
political environment of Tomorrowland could change dramatically with a change in the national government.
Planning and control of operations within Tomorrowland
Planning and control of operations within Tomorrowland will inevitably be more difficult as GHG might not possess sufficient
knowledge of the business environment within Tomorrowland. Indeed their nearest hotel is at least 3,000 kilometres away.
It is vital the GHG gain such knowledge prior to commencing operations within Tomorrowland in order to avoid undue risks.
The sociological–cultural constraints
While it is generally recognised that there is a growing acceptability of international brands this might not be the case with
regard to Tomorrowland. The attitude towards work, managers (especially foreign nationals) and capitalist organisations could
severely impact on the degree of success achieved within Tomorrowland. In this respect it is vital that consideration is given
to recognition of the relationships in economic life including demand, price, wages, training, and rates of labour turnover and
absenteeism.
Resource utilisation
A primary consideration relates to whether or not to use local labour in the construction of the hotel. The perceived
‘remoteness’ of Tomorrowland might make it an unattractive proposition for current employees of GHG, thereby presenting the
directors of GHG with a significant problem.
Communication
Consideration needs to be given to the communication problems that arise between different countries and in this respect
Tomorrowland is probably no exception. Language barriers will inevitably exist and this needs to be addressed at the earliest
opportunity to minimise any risks to GHG.
The economic factors that ought to be considered prior to a decision being made to build and operate a hotel in Tomorrowland
are as follows:
Resource availability
The hotel should be designed having given due consideration to the prevailing climatic conditions within Tomorrowland which
might necessitate the use of specific types of building materials. It might well be the case that such building materials are not
available locally, or are in such scarce supply in which case local supply would prove to be uneconomic.
Another consideration relates to local labour being available and reliable in terms of its quality.
Currency stability/restrictions
The stability of the currency within Tomorrowland assumes critical significance because profit repatriation is problematic in
situations where those profits are made in an unstable currency or one that is likely to depreciate against the home currency,
thereby precipitating sizeable losses on exchange. Any currency restrictions need to be given careful consideration. For
example, it might be the case that hotel guests would be prohibited from paying accommodation bills in a foreign currency
which would be problematic if the local currency was weak.
Legislation
All local and International legislation should be given careful consideration. It might be the case that local legislation via
various licences or legal requirements favour local hotels.
Demand
The potential demand within Tomorrowland will be linked to the local economy. It is a developing economy and this may
bode well for GHG. However, again the need for reliable information about the size of the market, the extent of competition,
likely future trends etc is of fundamental importance.
Financing
An important decision lies in the availability and associated costs of financing in Tomorrowland which might not have mature
enough capital markets due to its developmental state. Hence GHG might need to finance using alternative currencies.
Note: Other relevant comments would be acceptable.

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).

正确答案：
(d) (i) The main reason why it may not be possible to provide a high level of assurance is that the KPIs are not defined
precisely:
– The value of donated pharmaceutical products is compared to revenue to provide a percentage. However, it will be
difficult to accurately value the donated products – are they valued at cost, or at sales price? Are delivery costs
included in the valuation? The intrinsic value may be lower than sales value as Sci-Tech Co may decide to donate
products which are not useful or relevant to the charities they are donated to.
– The value of ‘cost of involvement with local charities’ is also not defined. If the donations are purely cash, then it
should be easy to verify donations using normal audit procedures to verify cash payments. However, the
‘involvement with local charities’ is not defined and will be difficult to quantify as a percentage of revenue. For
example, involvement may include:
? Time spent by Sci-Tech Co employees at local charity events
? Education and training provided to members of the local community in health care matters
– Number of serious accidents is also difficult to quantify as what constitutes a ‘serious’ accident is subjective. For
example, is an accident serious if it results in a hospitalisation of the employee? Or serious if it results in more than
five days absence from work while recovering?
In addition, the sufficiency of evidence available is doubtful, as such matters will not form. part of the accounting records
and thus there may be limited and possibly only unreliable sources of evidence available.
– Donated goods may not be separately recorded in inventory movement records. It may not be possible to
distinguish donated goods from sold or destroyed items.
– Unless time sheets are maintained, there is unlikely to be any detailed records of ‘involvement’ in local charities.

正确答案：
(b) Separation of the roles of CEO and chairman
Benefits of separation of roles
The separation of the roles of chief executive and chairman was first provided for in the UK by the 1992 Cadbury provisions
although it has been included in all codes since. Most relevant to the case is the terms of the ICGN clause s.11 and OECD
VI (E) both of which provide for the separation of these roles. In the UK it is covered in the combined code section A2.
The separation of roles offers the benefit that it frees up the chief executive to fully concentrate on the management of the
organisation without the necessity to report to shareholders or otherwise become distracted from his or her executive
responsibilities. The arrangement provides a position (that of chairman) that is expected to represent shareholders’ interests
and that is the point of contact into the company for shareholders. Some codes also require the chairman to represent the
interests of other stakeholders such as employees.
Having two people rather than one at the head of a large organisation removes the risks of ‘unfettered powers’ being
concentrated in a single individual and this is an important safeguard for investors concerned with excessive secrecy or
lack of transparency and accountability. The case of Robert Maxwell is a good illustration of a single dominating
executive chairman operating unchallenged and, in so doing, acting illegally. Having the two roles separated reduces
the risk of a conflict of interest in a single person being responsible for company performance whilst also reporting on
that performance to markets. Finally, the chairman provides a conduit for the concerns of non-executive directors who,
in turn, provide an important external representation of external concerns on boards of directors.
Tutorial note: Reference to codes other than the UK is also acceptable. In all cases, detailed (clause number) knowledge
of code provisions is not required.
Accountability and separation of roles
In terms of the separation of roles assisting in the accountability to shareholders, four points can be made.
The chairman scrutinises the chief executive’s management performance on behalf of the shareholders and will be
involved in approving the design of the chief executive’s reward package. It is the responsibility of the chairman to hold
the chief executive to account on shareholders’ behalfs.
Shareholders have an identified person (chairman) to hold accountable for the performance of their investment. Whilst
day-to-day contact will normally be with the investor relations department (or its equivalent) they can ultimately hold
the chairman to account.
The presence of a separate chairman ensures that a system is in place to ensure NEDs have a person to report to outside the
executive structure. This encourages the freedom of expression of NEDs to the chairman and this, in turn, enables issues to
be raised and acted upon when necessary.
The chairman is legally accountable and, in most cases, an experienced person. He/she can be independent and more
dispassionate because he or she is not intimately involved with day-to-day management issues.