acca如何申请伦敦大学UOL硕士学位，本文为你解答~

正确答案：
4 JOHNSTON CO
(a) Reporting responsibilities specific to initial engagements
For initial audit engagements, the auditor should obtain sufficient appropriate audit evidence that:
■ the opening balances do not contain misstatements that materially affect the current period’s financial statements;
■ the prior period’s closing balances have been correctly brought forward to the current period (or, where appropriate, have
been restated); and
■ appropriate accounting policies are consistently applied or changes in accounting policies have been properly accounted
for (and adequately presented and disclosed).
If the auditor is unable to obtain sufficient appropriate audit evidence concerning opening balances there will be a limitation
on the scope of the audit. The auditor’s report should include:
■ a qualified (‘except for’) opinion;
■ a disclaimer of opinion; or
■ in those jurisdictions where it is permitted, an opinion which is:
– qualified (or disclaimed) regarding the results of operations (i.e. on the income statement); and
– unqualified regarding financial position (i.e. on the balance sheet).
If the effect of a misstatement in the opening balances is not properly accounted for and adequately presented and disclosed,
the auditor should express a qualified (‘except for’ disagreement) opinion or an adverse opinion, as appropriate.
If the current period’s accounting policies have not been consistently applied in relation to opening balances and if the change
has not been properly accounted for and adequately presented and disclosed, the auditor should similarly express
disagreement (‘except for’ or adverse opinion as appropriate).
However, if a modification regarding the prior period’s financial statements remains relevant and material to the current
period’s financial statements, the auditor should modify the current auditor’s report accordingly.

正确答案：
(c) A management buyout represents a change in ownership rather than a change in strategy. However it should, as suggested
above, lead to a comprehensive review of the customers and product groups the firm chooses to supply and the basis on
which it seeks to achieve competitive advantage. In terms of the strategy pursued prior to the buyout, Bonar Paint seems to
be trying to achieve a differentiation focus strategy but without being able to achieve the higher profit margins associated with
the successful implementation of such a strategy.
If as seems likely Bonar Paint chooses to become a more focused company through product range reduction and serving fewer
customers, implementation of such a strategy will have clear implications for the whole of the organisation. Using the
McKinsey 7S model strategy change will lead to changes in the structure of the organisation. The departure of Bill and Jim
Bonar will have major repercussions for the roles taken by the three senior managers. Decisions will be needed on who is to
lead the company and the responsibilities of the other two managers. Bonar Paint has a very traditional functional structure
with the managers being responsible for discrete areas of activity. The change in ownership gives a major opportunity to see
whether this structure continues to be an appropriate one for handling the challenges of an increasingly competitive
environment. Any significant change to the product and/or customer portfolio as proposed by Tony Edmunds will need to be
implemented through a change to the structure. Product divisions may need to be set up if there is a decision to enter the
market for D-I-Y paints.
Systems will also need to change to accommodate any reduction in the product range and numbers of customers. Reference
has already been made to the impact on the production side of the business of such a strategic decision and the associated
consequences for areas such as sales and finance. Clearly, the lack of marketing information on product sales, customers and
profitability needs to be quickly addressed before any divestment decisions are taken. Making strategic decisions using poor
or inadequate information is a recipe for disaster. Decisions on new product development also will require a system that better
integrates the interests and information of the key functional areas.
Staff are the critical resource without which the buyout will not succeed. The change in ownership will cause uncertainty and
the buyout managers will need to spell out the changes that are both necessary and needed. Changes to the product and
customer portfolio will have a significant impact on some members of staff. Issues of redundancy/redeployment are best
addressed early, along with opportunities the change in strategy will create. Closely linked to staff are the skills those staff
will need to implement chosen strategy. The need to have a greater awareness of customer and competitor activity will require
new skills in the marketing area. Any investment in new production technology will affect the type of skills needed to use it.
The links between strategic decisions and human resource strategy need to be appreciated.

Style. concerns the way the three buyout managers carry out their new roles and communicate with staff. There is a significant
difference between leading and managing the business and each of the buyout managers will need to communicate a clear
sense of where the firm is going and inspiring staff to follow their vision and mission. This links closely with the concept of
shared values and the overall culture of the firm. The exit of the founders of the business could potentially create a cultural
void, which could lead to staff uncertainty. Unless quickly addressed good staff may leave the firm and adversely affect the
strategic change the new owners and managers are trying to introduce.
In implementing a chosen strategy there is a danger that the ‘hard’ Ss of strategy, structure and systems are attended to while
the soft Ss of staff, skills, style. and shared values are largely ignored. There is compelling evidence to suggest that it is thesoft Ss which will determine the success or otherwise of the management buyout.

正确答案：
(d) The dividend growth model calculates the ex div share price from knowledge of the cost of equity capital, the expected growth
rate in dividends and the current dividend per share (or next year’s dividend per share). Using the formula given in the
formulae sheet, the dividend growth rate expected by the company of 8% per year and the decreased dividend of 7·5p per
share:
Share price = (7·5 x 1·08)/(0·11 – 0·08) = 270p or ￡2·70
This is the same as the share price prior to the announcement (￡2·70) and so if dividend growth of 8% per year is achieved,
the dividend growth model forecasts zero share price growth. The share price growth claim made by the company regarding
expansion into the retail camera market cannot therefore be substantiated.
In fact, a lower future share price of ￡2·49 was predicted by applying the current price-earnings ratio to the earnings per
share resulting from the proposed expansion. If this estimate is correct, a fall in share price of 7% can be expected.
The share price predicted by the dividend growth model of ￡2·70 would require an after-tax return on the proposed expansion
of 11·66%, which is more than the 9% predicted by the Board. The current return on shareholders’ funds is 7·5% (4·5/60),
but in 2005 it was 12·8% (7·3/57), so 11·66% may be achievable, but looks unlikely.
Since the market price fell from ￡2·70 to ￡2·45 following the announcement, it appears that the market does not believe
that the forecast dividend growth can be achieved.