带你了解2020年ACCA考试各阶段考试费用详细内容！

正确答案：D

正确答案：
(c) Impact on the audit of the financial statements
Tutorial note: The answer to this part should reflect that it is not the external auditor who is providing the internal audit
services. Thus comments regarding objectivity impairment are not relevant.
■ As Grey & Co is likely to be placing some reliance on RBG’s internal audit department in accordance with ISA 610
Considering the Work of Internal Auditing the degree of reliance should be reassessed.
■ The appointment will include an evaluation of organisational risk. The results of this will provide Grey with evidence,
for example:
– supporting the appropriateness of the going concern assumption;
– of indicators of obsolescence of goods or impairment of other assets.
■ As the quality of internal audit services should be higher than previously, providing a stronger control environment, the
extent to which Grey may rely on internal audit work could be increased. This would increase the efficiency of the
external audit of the financial statements as the need for substantive procedures should be reduced.
■ However, if internal audit services are performed on a part-time basis (e.g. fitting into the provider’s less busy months)
Grey must evaluate the impact of this on the prevention, detection and control of fraud and error.
■ The internal auditors will provide a body of expertise within RBG with whom Grey can consult on contentious matters.
Tutorial note: Appropriate credit will be given for arguing that less reliance may be placed on internal audit in this year of
change of provider.

正确答案：
(c) The opening inventory should be included in the current year’s income statement at the corrected figure, and the opening
balance of retained profit reduced by $100,000. The $100,000 reduction will appear in the statement of changes in equity.
(IAS8 Accounting policies, changes in accounting estimates and errors)

正确答案：
(b) It would appear that JOL’s market share has declined from 30% to (80 – 26)/3 = 18% during the last three years. A 12%
fall in market share is probably very significant with a knock-on effect on profits and resultant cash flows. Obviously such a
declining trend needs to be arrested immediately and this will require a detailed investigation to be undertaken by the directors
of JOL. Consequently loss of market share can be seen to be an indicator of potential corporate failure. Other indicators of
corporate failure are as follows:
Six performance indicators that an organisation might fail are as follows:
Poor cash flow
Poor cash flow might render an organisation unable to pay its debts as and when they fall due for payment. This might mean,
for example, that providers of finance might be able to invoke the terms of a loan covenant and commence legal action against
an organisation which might eventually lead to its winding-up.
Lack of new production/service introduction
Innovation can often be seen to be the difference between ‘life and death’ as new products and services provide continuity
of income streams in an ever-changing business environment. A lack of new product/service introduction may arise from a
shortage of funds available for re-investment. This can lead to organisations attempting to compete with their competitors with
an out of date range of products and services, the consequences of which will invariably turn out to be disastrous.
General economic conditions
Falling demand and increasing interest rates can precipitate the demise of organisations. Highly geared organisations will
suffer as demand falls and the weight of the interest burden increases. Organisations can find themselves in a vicious circle
as increasing amounts of interest payable are paid from diminishing gross margins leading to falling profits/increasing losses
and negative cash flows. This leads to the need for further loan finance and even higher interest burden, further diminution
in margins and so on.
Lack of financial controls
The absence of sound financial controls has proven costly to many organisations. In extreme circumstances it can lead to
outright fraud (e.g. Enron and WorldCom).
Internal rivalry
The extent of internal rivalry that exists within an organisation can prove to be of critical significance to an organisation as
managerial effort is effectively channeled into increasing the amount of internal conflict that exists to the detriment of the
organisation as a whole. Unfortunately the adverse consequences of internal rivalry remain latent until it is too late to redress
them.
Loss of key personnel
In certain types of organisation the loss of key personnel can ‘spell the beginning of the end’ for an organisation. This is
particularly the case when individuals possess knowledge which can be exploited by direct competitors, e.g. sales contacts,
product specifications, product recipes, etc.