ACCA考试按照什么顺序好呢？

正确答案：
(b) Financial statement risks
Tutorial note: Note the timeframe. Financial statements for the year to 30 June 2006 are draft. Certain misstatements
may therefore exist due to year-end procedures not yet having taken place.
Revenue/(Receivables)
■ Revenue has increased by 11·8% ((161·5 – 144·4)/144·4 × 100). Overstatement could arise if rebates due to customers
have not yet been accounted for in full (as they are calculated in arrears). If rebates have still to be accounted for trade
receivables will be similarly overstated.
Materials expense
■ Materials expense has increased by 17·8% ((88.0 – 74·7)/74·7 × 100). This is more than the increase in revenue. This
could be legitimate (e.g. if fuel costs have increased significantly). However, the increase could indicate misclassification
of:
– revenue expenditure (see fall in other expenses below);
– capital expenditure (e.g. on overhauls or major refurbishment) as revenue;
– finance lease payments as operating lease.
Depreciation/amortisation
■ This has fallen by 10·5% ((8·5 – 9·5)/9·5 × 100). This could be valid (e.g. if Yates has significant assets already fully
depreciated or the asset base is lower since last year’s restructuring). However, there is a risk of understatement if, for
example:
– not all assets have been depreciated (or depreciated at the wrong rates, or only for 11 months of the year);
– cost of non-current assets is understated (e.g. due to failure to recognise capital expenditure)1;
– impairment losses have not been recognised (as compared with the prior year).
Tutorial note: Depreciation on vehicles and transport equipment represents only 7% of cost. If all items were being
depreciated on a straight-line basis over eight years this should be 12·5%. The depreciation on other equipment looks more
reasonable as it amounts to 14% which would be consistent with an average age of vehicles of seven years (i.e. in the middle
of the range 3 – 13 years).
Other expenses
■ These have fallen by 15·5% ((19·6 – 23·2)/23·2 × 100). They may have fallen (e.g. following the restructuring) or may be
understated due to:
– expenses being misclassified as materials expense;
– underestimation of accrued expenses (especially as the financial reporting period has not yet expired).
Intangibles
■ Intangible assets have increased by $1m (16% on the prior year). Although this may only just be material to the
financial statements as a whole (see (a)) this is the net movement, therefore additions could be material.
■ Internally-generated intangibles will be overstated if:
– any of the IAS 38 recognition criteria cannot be demonstrated;
– any impairment in the year has not yet been written off in accordance with IAS 36 ‘Impairment of Assets’.
Tangible assets
■ The net book value of property (at cost) has fallen by 5%, vehicles are virtually unchanged (increased by just 2·5%)
and other equipment (though the least material category) has fallen by 20·4%.
■ Vehicles and equipment may be overstated if:
– disposals have not been recorded;
– depreciation has been undercharged (e.g. not for a whole year);
– impairments have not yet been accounted for.
■ Understatement will arise if finance leases are treated as operating leases.
Receivables
■ Trade receivables have increased by just 2·2% (although sales increased by 11·8%) and may be understated due to a
cutoff error resulting in overstatement of cash receipts.
■ There is a risk of overstatement if sufficient allowances have not been made for the impairment of individually significant
balances and for the remainder assessed on a portfolio or group basis.
Restructuring provision
■ The restructuring provision that was made last year has fallen/been utilised by 10·2%. There is a risk of overstatement
if the provision is underutilised/not needed for the purpose for which it was established.
Finance lease liabilities
■ Although finance lease liabilities have increased (by $1m) there is a greater risk of understatement than overstatement
if leased assets are not recognised on the balance sheet (i.e. capitalised).
■ Disclosure risk arises if the requirements of IAS 17 ‘Leases’ (e.g. in respect of minimum lease payments) are not met.
Trade payables
■ These have increased by only 5·3% compared with the 17·8% increase in materials expense. There is a risk of
understatement as notifications (e.g. suppliers’ invoices) of liabilities outstanding at 30 June 2006 may have still to be
received (the month of June being an unexpired period).
Other (employee) liabilities
■ These may be understated as they have increased by only 7·5% although staff costs have increased by 14%. For
example, balances owing in respect of outstanding holiday entitlements at the year end may not yet be accurately
estimated.
Tutorial note: Credit will be given to other financial statements risks specific to the scenario. For example, ‘time-sensitive
delivery schedules’ might give rise to penalties or claims, that could result in understated provisions or undisclosed
contingent liabilities. Also, given that this is a new audit and the result has changed significantly (from loss to profit) might
suggest a risk of misstatement in the opening balances (and hence comparative information).
1 Tutorial note: This may be unlikely as other expenses have fallen also.

正确答案：
(b) (i) Enquiries in respect of the external valuer
Enquiries would need to be made for two main reasons, firstly to determine the competence, and secondly the objectivity
of the valuer. ISA 620 Using the Work of an Expert contains guidance in this area.
Competence
Enquiries could include:
– Is the valuer a member of a recognised professional body, for example a nationally or internationally recognised
institute of registered surveyors?
– Does the valuer possess any necessary licence to carry out valuations for companies?
– How long has the valuer been a member of the recognised body, or how long has the valuer been licensed under
that body?
– How much experience does the valuer have in providing valuations of the particular type of investment properties
held by Poppy Co?
– Does the valuer have specific experience of evaluating properties for the purpose of including their fair value within
the financial statements?
– Is there any evidence of the reputation of the valuer, e.g. professional references, recommendations from other
companies for which a valuation service has been provided?
– How much experience, if any, does the valuer have with Poppy Co?
Using the above enquiries, the auditor is trying to form. an opinion as to the relevance and reliability of the valuation
provided. ISA 500 Audit Evidence requires that the auditor gathers evidence that is both sufficient and appropriate. The
auditor needs to ensure that the fair values provided by the valuer for inclusion in the financial statements have been
arrived at using appropriate knowledge and skill which should be evidenced by the valuer being a member of a
professional body, and, if necessary, holding a licence under that body.
It is important that the fair values have been arrived at using methods allowed under IAS 40 Investment Property. If any
other valuation method has been used then the value recognised in the statement of financial position may not be in
accordance with financial reporting standards. Thus it is important to understand whether the valuer has experience
specifically in providing valuations that comply with IAS 40, and how many times the valuer has appraised properties
similar to those owned by Poppy Co.
In gauging the reliability of the fair value, the auditor may wish to consider how Poppy Co decided to appoint this
particular valuer, e.g. on the basis of a recommendation or after receiving references from companies for which
valuations had previously been provided.
It will also be important to consider how familiar the valuer is with Poppy Co’s business and environment, as a way to
assess the reliability and appropriateness of any assumptions used in the valuation technique.
Objectivity
Enquiries could include:
– Does the valuer have any financial interest in Poppy Co, e.g. shares held directly or indirectly in the company?
– Does the valuer have any personal relationship with any director or employee of Poppy Co?
– Is the fee paid for the valuation service reasonable and a fair, market based price?
With these enquiries, the auditor is gaining assurance that the valuer will perform. the valuation from an independent
point of view. If the valuer had a financial interest in Poppy Co, there would be incentive to manipulate the valuation in
a way best suited to the financial statements of the company. Equally if the valuer had a personal relationship with a
senior member of staff at Poppy Co, the valuer may feel pressured to give a favourable opinion on the valuation of the
properties.
The level of fee paid is important. It should be commensurate with the market rate paid for this type of valuation. If the
valuer was paid in excess of what might be considered a normal fee, it could indicate that the valuer was encouraged,
or even bribed, to provide a favourable valuation.

正确答案：
(ii) Administration of the company’s tax affairs
The corporation tax return must be submitted within 12 months of the end of the accounting period, i.e. by 5 April
2008.
Corporation tax is due nine months and one day after the end of the accounting period, i.e. by 6 January 2008.
HMRC have 12 months from the filing date to enquire into the corporation tax return. This deadline is extended if the
return is submitted late. Once this deadline has passed the return can be regarded as agreed provided it includes all
necessary information and there has been no loss of tax due to the company’s fraud or negligence.
Jane should have notified HMRC by 5 July 2006 that Speak Write Ltd’s first accounting period began on 6 April 2006.
The penalty for failing to notify is a maximum of ￡3,000.