acca f 阶段 审计

正确答案：
(b) International Standards on Auditing (ISAs)
The groundwork for an international set of auditing standards began in 1969 with a number of reports published by the
Accountants International Study Group that compared the situation in Canada, the UK, and US. The establishment of the
International Accounting Standards Committee (IASC), in 1973, generated calls for a similar body to be set up for auditing.
In the late 1970s the Council of International Federation of Accountants (IFAC) created the International Auditing Practices
Committee (IAPC) as a standing committee of the IFAC Council. (Subsequently the IFAC Board.)
Tutorial note: The IFAC Council was renamed the IFAC Board in May 2000.
The first ISA was issued in 1991. The codified core set released in 1994, which has remained the series to the present day,
has been increasingly accepted by national standard setters and auditors involved in global reporting and cross-border
financing transactions.
In July 2001, IFAC sought comment on the role of IASC3 and the future of ISAs. As a result of the review, in 2002, the IAPC
was renamed the International Auditing and Assurance Standards Board (IAASB). IAASB has made available, on its website,
the full text of ISAs since 2003.
Further, the growth of non-audit assurance services has led to the development of a new framework (‘The International
Framework for Assurance Engagements’) effective for assurance reports issued on or after 1 January 2005.
The hope that the take up of ISAs should follow the lead set by International Accounting Standards (IASs), following their
endorsement by IOSCO (the International Organization of Securities Commissions), has been expressed by many professional
bodies including ACCA and FEE (the Fédération des Experts Comptables Européens). FEE has been leading the debate on
the future of ISAs in Europe since 2001.
ISAs provide for the international harmonisation of national standards and the adoption of a global framework approach. As
a member of CCAB (the Consultative Committee of Accountancy Bodies) ACCA is committed to consulting its members on
the adoption of ISAs in the UK, and working with FEE, the European Commission (EC) and others.
In response to the move in the profession, away from the ‘traditional audit risk’ model, to a business risk model, IAASB issued
ISA 315 ‘Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement,’ ISA 330 ‘The
Auditor’s Procedures in Response to Assessed Risks’ and ISA 500 (Revised) ‘Audit Evidence’. These standards (and
conforming amendments) are effective for audits of financial statements for periods beginning on or after 15 December 2004.
That is, they will be applicable to financial statements for periods beginning on or after 1 January 2005 that in the European
Economic Area (EEA) and elsewhere will be adopting International Financial Reporting Standards (IFRSs) for the first time.
The adoption of ISAs has been welcomed by professional bodies as providing a robust approach to risk, fraud and quality
control that is particularly important in the light of recent events (Enron/Worldcom/Parmalat). For example, ISA 315 provides
additional guidance on the assessment of risks of material misstatement at the financial statement level and at the assertion
level.
Tutorial note: Recent developments could validly be illustrated with reference to other standards. For example, ISA 240
(Revised) ‘The Auditor’s Responsibility to Consider Fraud in an Audit of Financial Statements’ that became effective from
1 January 2005 has raised auditor awareness of earnings management and the greater need for professional skepticism.
ISA 700 (Revised) ‘The Independent Auditor’s Report on a Complete Set of General Purpose Financial Statements’ is effective
for audits of financial statements for periods beginning on or after 15 December 2005. This proposed significant changes to
the auditor’s report to help promote consistency in reporting practices worldwide.
The International Organization of Securities Commissions (IOSCO) is in discussion with IAASB about the possible
endorsement of ISAs (similar to its endorsement of IASs).
Practicing professionals must keep themselves up to date on auditing standards if they are to provide quality audits. Failure
to do so could result in negligence claims and/or disciplinary action (e.g. by ACCA’s disciplinary committee). A survey by FEE
has demonstrated that the European accountancy bodies broadly comply with ISAs. However, an earlier survey4 of IFAC
member bodies showed that 14% had some significant differences (usually relating to reporting). IFAC needs to require its
member bodies to act rather than merely encourage implementation. A set of global ethical requirements will help improve
the implementation of ISAs as well as reduce the expectation gap in performing audits of financial statements.

正确答案：
(ii) Proposal to increase the after tax proceeds from the sale of the loan stock
AS should delay the sale of the loan stock until after 5 April 2008. The gain made at the time of the takeover would
then crystallise in 2008/09 and would be covered by the annual exemption for that year. The net proceeds would be
increased by the capital gains tax saved of ￡3,446 (￡8,616 x 40%).
More appropriate forms of external finance
A bank overdraft is not the most appropriate form. of long term business finance. This is because the bank can demand
repayment of the overdraft at any time and the rates of interest charged are fairly high.
AS should seek long term finance for his long term business needs, for example a bank loan secured on the theatre, and
use the bank overdraft to finance the working capital required on a day-to-day basis.

正确答案：
(b) Property is sometimes sold with a degree of continuing involvement by the seller so that the risks and rewards of ownership
have not been transferred. The nature and extent of the buyer’s involvement will determine how the transaction is accounted
for. The substance of the transaction is determined by looking at the transaction as a whole and IAS18 ‘Revenue’ requires
this by stating that where two or more transactions are linked, they should be treated as a single transaction in order to
understand the commercial effect (IAS18 paragraph 13). In the case of the sale of the hotel, theme park and casino, Norman
should not recognise a sale as the company continues to enjoy substantially all of the risks and rewards of the businesses,
and still operates and manages them. Additionally the residual interest in the business reverts back to Norman. Also Norman
has guaranteed the income level for the purchaser as the minimum payment to Conquest will be $15 million a year. The
transaction is in substance a financing arrangement and the proceeds should be treated as a loan and the payment of profits
as interest.
The principles of IAS18 and IFRIC13 ‘Customer Loyalty Programmes’ require that revenue in respect of each separate
component of a transaction is measured at its fair value. Where vouchers are issued as part of a sales transaction and are
redeemable against future purchases, revenue should be reported at the amount of the consideration received/receivable less
the voucher’s fair value. In substance, the customer is purchasing both goods or services and a voucher. The fair value of the
voucher is determined by reference to the value to the holder and not the cost to the issuer. Factors to be taken into account
when estimating the fair value, would be the discount the customer obtains, the percentage of vouchers that would be
redeemed, and the time value of money. As only one in five vouchers are redeemed, then effectively the hotel has sold goods
worth ($300 + $4) million, i.e. $304 million for a consideration of $300 million. Thus allocating the discount between the
two elements would mean that (300 ÷ 304 x $300m) i.e. $296·1 million will be allocated to the room sales and the balance
of $3·9 million to the vouchers. The deferred portion of the proceeds is only recognised when the obligations are fulfilled.
The recognition of government grants is covered by IAS20 ‘Accounting for government grants and disclosure of government
assistance’. The accruals concept is used by the standard to match the grant received with the related costs. The relationship
between the grant and the related expenditure is the key to establishing the accounting treatment. Grants should not be
recognised until there is reasonable assurance that the company can comply with the conditions relating to their receipt and
the grant will be received. Provision should be made if it appears that the grant may have to be repaid.
There may be difficulties of matching costs and revenues when the terms of the grant do not specify precisely the expense
towards which the grant contributes. In this case the grant appears to relate to both the building of hotels and the creation of
employment. However, if the grant was related to revenue expenditure, then the terms would have been related to payroll or
a fixed amount per job created. Hence it would appear that the grant is capital based and should be matched against the
depreciation of the hotels by using a deferred income approach or deducting the grant from the carrying value of the asset
(IAS20). Additionally the grant is only to be repaid if the cost of the hotel is less than $500 million which itself would seem
to indicate that the grant is capital based. If the company feels that the cost will not reach $500 million, a provision should
be made for the estimated liability if the grant has been recognised.

正确答案：
(b) Matters to be considered
Tutorial note: Candidates at this level must appreciate that the matters to be considered when planning the nature and
scope of the examination are not the same matters to be considered when deciding whether or not to accept an
engagement. The scenario clearly indicates that the assignment is being undertaken by the current auditor rendering any
‘pre-engagement’/‘professional etiquette’ considerations irrelevant to answering this question.
This PFI has been prepared to show an external user, the bank, the financial consequences of Cusiter’s plans to help the bank
in making an investment decision. If Cusiter is successful in its loan application the PFI provides a management tool against
which the results of investing in the plant and equipment can be measured.
The PFI is unpublished rather than published. That is, it is prepared at the specific request of a third party, the bank. It will
not be published to users of financial information in general.
The auditor’s report on the PFI will provide only negative assurance as to whether the assumptions provide a reasonable basis
for the PFI and an opinion whether the PFI is:
■ properly prepared on the basis of the assumptions; and
■ presented in accordance with the relevant financial reporting framework.
The nature of the engagement is an examination to obtain evidence concerning:
■ the reasonableness and consistency of assumptions made;
■ proper preparation (on the basis of stated assumptions); and
■ consistent presentation (with historical financial statements, using appropriate accounting principles).
Such an examination is likely to take the form. of inquiry, analytical procedures and corroboration.
The period of time covered by the prospective financial information is two years. The assumptions for 2008 are likely to be
more speculative than for 2007, particularly in relation to the impact on earnings, etc of the investment in new plant and
equipment.
The forecast for the year to 31 December 2007 includes an element of historical financial information (because only part of
this period is in the future) hence actual evidence should be available to verify the first three months of the forecast (possibly
more since another three-month period will expire at the end of the month).
Cusiter management’s previous experience in preparing PFI will be relevant. For example, in making accounting estimates
(e.g. for provisions, impairment losses, etc) or preparing cash flow forecasts (e.g. in support of the going concern assertion).
The basis of preparation of the forecast. For example, the extent to which it comprises:
■ proforma financial information (i.e. historical financial information adjusted for the effects of the planned loan and capital
expenditure transaction);
■ new information and assumptions about future performance (e.g. the operating capacity of the new equipment, sales
generated, etc).
The nature and scope of any standards/guidelines under which the PFI has been prepared is likely to assist the auditor in
discharging their responsibilities to report on it. Also, ISAE 3400 The Examination of Prospective Financial Information,
establishes standards and provides guidance on engagements to examine and report on PFI including examination
procedures.
The planned nature and scope of the examination is likely to take into account the time and fee budgets for the assignments
as adjusted for any ‘overlap’ with audit work. For example, the examination of the PFI is likely to draw on the auditor’s
knowledge of the business obtained in auditing the financial statements to 31 December 2006. Analytical procedures carried
out in respect of the PFI may provide evidence relevant to the 31 December 2007 audit.