2019ACCA这些免考福利政策你都清楚了吗？

正确答案：
(b) Outsourced cold storage
(i) Matters
■ Inventory at 31 March 2007 represents 21% of total assets (10·1/48·0) and is therefore a very material item in the
balance sheet.
■ The value of inventory has increased by 50% though revenue has increased by only 7·5%. Inventory may be
overvalued if no allowance has been made for slow-moving/perished items in accordance with IAS 2 Inventories.
■ Inventory turnover has fallen to 6·6 times per annum (2006 – 9·3 times). This may indicate a build up of
unsaleable items.
Tutorial note: In the absence of cost of sales information, this is calculated on revenue. It may also be expressed
as the number of days sales in inventory, having increased from 39 to 55 days.
■ Inability to inspect inventory may amount to a limitation in scope if the auditor cannot obtain sufficient audit
evidence regarding quantity and its condition. This would result in an ‘except for’ opinion.
■ Although Hogg’s monthly return provides third party documentary evidence concerning the quantity of inventory it
does not provide sufficient evidence with regard to its valuation. Inventory will need to be written down if, for
example, it was contaminated by the leakage (before being moved to Hogg’s cold storage) or defrosted during
transfer.
■ Lamont’s written representation does not provide sufficient evidence regarding the valuation of inventory as
presumably Lamont’s management did not have access to physically inspect it either. If this is the case this may
call into question the value of any other representations made by management.
■ Whether, since the balance sheet date, inventory has been moved back from Hogg’s cold storage to Lamont’s
refrigeration units. If so, a physical inspection and roll-back of the most significant fish lines should have been
undertaken.
Tutorial note: Credit will be awarded for other relevant accounting issues. For example a candidate may question
whether, for example, cold storage costs have been capitalised into the cost of inventory. Or whether inventory moves
on a FIFO basis in deep storage (rather than LIFO).
(ii) Audit evidence
■ A copy of the health and safety regulation preventing the auditor from gaining access to Hogg’s cold storage to
inspect Lamont’s inventory.
■ Analysis of Hogg’s monthly returns and agreement of significant movements to purchase/sales invoices.
■ Analytical procedures such as month-on-month comparison of gross profit percentage and inventory turnover to
identify any trend that may account for the increase in inventory valuation (e.g. if Lamont has purchased
replacement inventory but spoiled items have not been written off).
■ Physical inspection of any inventory in Lamont’s refrigeration units after the balance sheet date to confirm its
condition.
■ An aged-inventory analysis and recalculation of any allowance for slow-moving items.
■ A review of after-date sales invoices for large quantities of fish to confirm that fair value (less costs to sell) exceed
carrying amount.
■ A review of after-date credit notes for any returns of contaminated/perished or otherwise substandard fish.

正确答案：
3 The interview is extensively used for the selection of new employees and in many cases is the only method of selection. However,interviews have been criticised for failing to identify appropriate candidates suitable for the organisation. It is essential therefore that professional accountants recognise both the problems and opportunities that the formal selection interview presents.
(a) The purpose of the selection interview is to find the best possible person for the position who will fit into the organisation. Those conducting the interview must also ensure that the candidate clearly understands the job on offer, career prospects and that all candidates feel that fair treatment has been provided through the selection process.In addition, the interview also gives the opportunity to convey a good impression of the organisation, whether the candidate has been successful or not.

正确答案：A