点击查看：2020年河南省9月ACCA考试成绩查询时间

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(a) New ventures are notoriously risky and it is vital that the group has a clear idea of the factors that will be critical to the
restaurant’s success and the capabilities and competences needed to achieve their critical success factors. Johnson, Scholes
and Whittington define critical success factors as ‘those product (or service) features that are particularly valued by a group
of customers, and, therefore where the organisation must excel to outperform. the competition’. The group have chosen to
enter a highly competitive market and one where it is very difficult to create a distinctive product or service for the customer.
It is important in establishing what factors are important that they know the features their potential customers will particularly
value in the restaurant business. All too often firms design products or services on the basis of what the ‘expert’ inside the
company thinks the customer wants. One of the major problems in setting up a new restaurant is that customers can easily
compare one restaurant with another. Often they are in close proximity making all aspects of the service, particularly price,
easily open to customer evaluation.
Clearly, service will be a critical factor but precisely how will it be defined? Does the customer look for fast food service with
an emphasis on being served quickly? This seems unlikely and a more likely requirement is that the table service replicates
the friendly ambience experienced at restaurants on the Mediterranean. Many of their customers will have experienced this
first-hand and this would reinforce the Mediterranean theme. To deliver this service the waiters/waitresses will need
appropriate training. The menu and quality of food will be key factors – they lie at the heart of the reason for setting up the
business. How is distinctiveness to be achieved? The quality of the chef and kitchen staff will determine the quality of the
food served. The design of the restaurant and its layout and seating are also features, which it is important to get right. Aboveall, there is the need to create a price/value combination that is difficult for competitors to beat.

The critical success factors will stem from using the restaurant’s resources in a distinctive way. In Hamel and Prahalad’s
terms, there are three tests that can identify core competences in a company. Firstly, the core competence has the potential
for transfer across a variety of markets – less likely in a small business. Secondly, a core competence should make a significant
contribution to the perceived customer benefits of the end product or service. Finally, the core competence will be difficult for
a competitor to imitate. In service businesses such as restaurants, imitation of less tangible factors such as the quality of tableservice may be much more difficult to copy than the features designed into a tangible product.

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(ii) Implications for audit opinion on consolidated financial statements of Cleeves
■ If the potential adjustments to non-current asset carrying amounts and loss are not material to the consolidated
financial statements there will be no implication. However, as Howard is material to Cleeves and the modification
appears to be ‘so material’ (giving rise to adverse opinion) this seems unlikely.
Tutorial note: The question clearly states that Howard is material to Cleeves, thus there is no call for speculation
on this.
■ As Howard is wholly-owned the management of Cleeves must be able to request that Howard’s financial statements
are adjusted to reflect the impairment of the assets. The auditor’s report on Cleeves will then be unmodified
(assuming that any impairment of the investment in Howard is properly accounted for in the separate financial
statements of Cleeves).
■ If the impairment losses are not recognised in Howard’s financial statements they can nevertheless be adjusted on
consolidation of Cleeves and its subsidiaries (by writing down assets to recoverable amounts). The audit opinion
on Cleeves should then be unmodified in this respect.
■ If there is no adjustment of Howard’s asset values (either in Howard’s financial statements or on consolidation) it
is most likely that the audit opinion on Cleeves’s consolidated financial statements would be ‘except for’. (It should
not be adverse as it is doubtful whether even the opinion on Howard’s financial statements should be adverse.)
Tutorial note: There is currently no requirement in ISA 600 to disclose that components have been audited by another
auditor unless the principal auditor is permitted to base their opinion solely upon the report of another auditor.

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(b) Increasingly, firms are becoming aware of their social responsibility and their need to develop strategies that are designed to
meet this responsibility. Such responsibility can take many forms and is not a new phenomenon – many 19th century firms
looked after the housing, education and health needs of the communities where they were located. Michael Porter and Claas
van der Linde in their article ‘Green and competitive’ show how the traditional view that there is ‘an inherent and fixed tradeoff:
ecology versus economy’ is incorrect. This traditional view sees the benefits of government imposed environmental
standards, causing industry’s private costs of prevention and clean up – ‘costs that cause higher prices and reduced
competitiveness’. Porter and Linde argue that with properly designed and implemented environmental standards, firms will
be encouraged to produce innovations that use a range of inputs more efficiently, e.g. energy, labour, raw materials, and in
so doing increase resource productivity and in offsetting the costs of environmental improvement make industry more not less
competitive. All too often in their opinion, companies resort to fighting environmental control through the courts rather than
using innovation to increase resource productivity and meet environmental standards – ‘environmental strategies must
become an issue for general managers’.
CFS are, therefore, correct in seeing environmental standards as a positive step towards becoming more not less competitive.
Key stakeholders in the form. of both government and customers are looking to their suppliers to become more ‘green’. These
challenges are increasingly international and global. Building in positive environmental strategies can help CFS differentiate
itself and through improved resource productivity become more competitive. Clearly, they will need the environmental
scanning devices to become aware of environmental legislation and change. Awareness then can lead to analysis in the
monitoring of macro environmental challenges and the development of a SWOT analysis to match the company’s strengths
and weaknesses against the threats and opportunities created by environmental standards. Tools of strategic analysis such as
PEST, five forces and value chain analysis lend themselves to understanding the significance of the environmental change
and how it can stimulate innovation and, through innovation, competitive advantage.

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