2021年度ACCA考试AA知识点-自身利益威胁与防范措施

发布时间：2021-01-16

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Self-interest threats and safeguards

Financial interests

Exists where an audit firm has a financial interest in a client\\\'s affairs, such as:

The audit firm owns shares in the client.

The audit firm is a trustee of a trust that holds shares in the client.

ACCA requires:

The assurance firm, a member of the assurance team and an immediate family member of a member of the assurance team should not own:

A direct financial interest.

An indirect material financial interest in a client.

Audit firms should have quality control procedures requiring staff to disclose relevant financial interests.

Safeguards:

Disposing of the interest.

Removing the individual from the team if necessary.

Keeping the client\\\'s audit committee informed of the situation.

Using an independent partner to review work carried out if necessary.

Close business relationships

Close business relationships include:

Having a material financial interest in a joint venture with the assurance client.

Arrangements to combine service or products of the firm with those of the assurance client and to market the package.

Distribution or marketing arrangements under which the firm acts as distributor or marketer of the assurance client\\\'s products or services or vice versa.

ACCA requires:

Unless the interest is clearly insignificant, the firm should not participate in such a venture with an assurance client.

If an individual member of an audit team has such an interest, they should be removed from the audit team.

If the business relationship is between an immediate family member of a member of the audit team and the audit client/its management, the significance of any threat must be evaluated, and safeguards applied when necessary.

Safeguards:

To end the assurance provision.

To terminate the business relationship.

Note:

Purchasing goods and services from an assurance client on an arm\\\'s length basis does not constitute a threat to independence.

Potential employment with an audit client

If a member of the engagement team has reason to believe he/she may become an employee of the client, he/she will not wish to do anything to affect their potential future employment.

ACCA requires:

The policies and procedures of the firm should require such individuals to notify the firm of the possibility of employment with the client.

Safeguards:

Remove the individual from the assurance engagement.

Perform an independent review of any significant judgments made by that individual.

Partner on client board

ACCA requires:

A partner or an employee of an audit firm:

Should not serve on the board of an audit client.

May act as company secretary for an audit client, if the role is essentially administrative.

Safeguards:

Remove the partner from the assurance team.

Undertake quality control review.

Family and personal relationships between firm and client staff

This could seriously threaten independence.

The factors to be considered include:

(1) Individual responsibility on the assurance engagement

(2) The closeness of the relationship

(3) The role of the other party at the assurance client

ACCA requires:

When immediate family member of a member of the assurance team is working for the client and is in a position to exert direct and significant influence over the subject matter, the individual should be removed from the assurance team.

The assurance team should discuss the matter with the audit committee of the client.

Safeguards:

Remove the individual from the assurance team.

Undertake quality control review.

Discuss the matter with the audit committee.

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下面小编为大家准备了 ACCA考试 的相关考题，供大家学习参考。

(b) Describe the principal audit work to be performed in respect of the useful lives of Shire Oil Co’s rig platforms.

(6 marks)

正确答案：
(b) Principal audit work – useful life of rig platforms
Tutorial notes: The platforms are just one item of each rig. Candidates should not be awarded marks here for the matters
to be considered in the assessment of useful lives (since this is illustrated in the scenario). No marks will be awarded for
criticising management for estimating useful lives on a per platform. basis or for audit work on depreciation charges/carrying
amounts unrelated to the determination of useful lives.
■ Review of management’s annual assessment of the useful life of each rig at 31 December 2005 and corroboration of
any information that has led to a change in previous estimates. For example, for the abandoned rig, where useful life
has been assessed to be at an end, obtain:
? weather reports;
? incident report supported by photographs;
? insurance claim, etc.
■ Consider management’s past experience and expertise in estimating useful lives. For example, if all lives initially
assessed as short (c. 15 years) are subsequently lengthened (or long lives consistently shortened) this would suggest
that management is being over (under) prudent in its initial estimates.
■ Review of industry comparatives as published in the annual reports of other oil producers.
■ Comparison of actual maintenance costs against budgeted to confirm that the investment needed in maintenance, to
achieve expected life expectancy, is being made.
■ Comparison of actual output (oil extracted) against budgeted. If actual output is less than budgeted the economic life
of the platform. may be:
? shorter (e.g. because there is less oil to be extracted than originally surveyed); or
? longer (e.g. because the rate of extraction is less than budgeted).
Tutorial note: An increase in actual output can be explained conversely.
■ A review of the results of management’s impairment testing of each rig (i.e. the cash-generating unit of which each
platform. is a part).
■ Recalculations of cash flow projections (based on reasonable and supportable assumptions) discounted at a suitable
pre-tax rate.
Tutorial note: As the rigs will not have readily determinable net selling prices (each one being unique and not available
for sale) any impairment will be assessed by a comparison of value in use against carrying amount.
■ Review of working papers of geologist/quantity surveyor(s) employed by Shire supporting estimations of reserves used
in the determination of useful lives of rigs.

(d) Describe the three stages of a formal grievance interview that Oliver might seek with the appropriate partner

at Hoopers and Henderson following the formal procedure. (9 marks)

正确答案：
Part (d):
Oliver should arrange a formal grievance interview with the appropriate partner. Both Oliver and the partner need to be aware that
the grievance interview follows three steps in a particular and logical order. The meeting between Oliver and the partner responsible
for human resources must be in a formal atmosphere.
The first stage is exploration. The manager or supervisor – in this case the partner responsible for human resources – must gather
as much information as possible. No solution must be offered at this stage. The need is to establish what is actually the problem;
the background to the problem (in this case the icy relationship between Oliver and David Morgan) and the facts and causes of
the problem – in this case the resentment felt by David Morgan over Oliver’s appointment.
The second stage is the consideration stage. This is undertaken by the appropriate manager or partner here, who must firstly check
the facts, analyse the causes of the complaint and evaluate possible solutions. The meeting may be adjourned if at this stage the
partner requires more time to fulfil this step.
The final stage is the reply. This will be carried out by the partner after he or she has reached and reviewed a conclusion. It is
important that the outcome is recorded in writing; the meeting and therefore the interview and procedure is only successful when
an agreement is reached.
If no agreement is reached then the procedure should be taken to a higher level of management.

(d) Player trading

Another proposal is for the club to sell its two valuable players, Aldo and Steel. It is thought that it will receive a

total of $16 million for both players. The players are to be offered for sale at the end of the current football season

on 1 May 2007. (5 marks)

Required:

Discuss how the above proposals would be dealt with in the financial statements of Seejoy for the year ending

31 December 2007, setting out their accounting treatment and appropriateness in helping the football club’s

cash flow problems.

(Candidates do not need knowledge of the football finance sector to answer this question.)

正确答案：

(iii) The effect of the restructuring on the group’s ability to recover directly and non-directly attributable input

tax. (6 marks)

You are required to prepare calculations in respect of part (ii) only of this part of this question.

Note: – You should assume that the corporation tax rates and allowances for the financial year 2006 apply

throughout this question.

正确答案：

(iii) The effect of the restructuring on the group’s ability to recover its input tax
Prior to the restructuring
Rapier Ltd and Switch Ltd make wholly standard rated supplies and are in a position to recover all of their input tax
other than that which is specifically blocked. Dirk Ltd and Flick Ltd are unable to register for VAT as they do not make
taxable supplies. Accordingly, they cannot recover any of their input tax.
Following the restructuring
Rapier Ltd will be carrying on four separate trades, two of which involve the making of exempt supplies such that it will
be a partially exempt trader. Its recoverable input tax will be calculated as follows.
– Input tax in respect of inputs wholly attributable to taxable supplies is recoverable.
– Input tax in respect of inputs wholly attributable to exempt supplies cannot be recovered (subject to the de minimis
limits below).
– A proportion of the company’s residual input tax, i.e. input tax in respect of inputs which cannot be directly
attributed to particular supplies, is recoverable. The proportion is taxable supplies (VAT exclusive) divided by total
supplies (VAT exclusive). This proportion is rounded up to the nearest whole percentage where total residual input
tax is no more than ￡400,000 per quarter.
The balance of the residual input tax cannot be recovered (subject to the de minimis limits below).
– If the de minimis limits are satisfied, Rapier Ltd will be able to recover all of its input tax (other than that which is
specifically blocked) including that which relates to exempt supplies. The de minimis limits are satisfied where the
irrecoverable input tax:
– is less than or equal to ￡625 per month on average; and
– is less than or equal to 50% of total input tax.
The impact of the restructuring on the group’s ability to recover its input tax will depend on the level of supplies made
by the different businesses and the amounts of input tax involved. The restructuring could result in the group being able
to recover all of its input tax (if the de minimis limits are satisfied). Alternatively the amount of irrecoverable input tax
may be more or less than the amounts which cannot be recovered by Dirk Ltd and Flick Ltd under the existing group
structure.

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