在校大学生该怎样备考ACCA?

正确答案：
(b) The use of SWOT analysis will focus management attention on current strengths and weaknesses of each subsidiary company
which will be of assistance in the formulating of the business strategy of Diverse Holdings Plc. It will also enable management
to monitor trends and developments in the constantly changing environments of their subsidiaries. Each trend or development
may be classified as an opportunity or a threat that will provide a stimulus for an appropriate management response.
Management can make an assessment of the feasibility of required actions in order that the company may capitalise upon
opportunities whilst considering how best to negate or minimise the effect of any threats.
A SWOT analysis should assist the management of Diverse Holdings Plc as they must identify their strengths, weaknesses,
opportunities and threats. These may be classified as follows:
Strengths which appear to include both OFL and HTL.
Weaknesses which must include PSL and its limited outlets, which generate little growth and could collapse overnight. KAL
is also a weakness due to its declining profitability.
Opportunities where OFT, HTL and OPL are operating in growth markets.
Threats from which KAL is suffering.
If these four categories are identified and analysed then the group should be strengthened.

正确答案：
(b) Unmodified auditor’s reports
Ethical and professional issues
■ An unmodified opinion means, inter alia, that:
– there are no material matters giving rise to disagreement with the auditor; and
– the auditor’s report does not include an emphasis of matter paragraph (e.g. regarding going concern).
■ By implication the auditor must have obtained sufficient appropriate evidence that notwithstanding the losses:
– the going concern basis is appropriate to Ayora’s financial statements and any related matters (e.g. parental
support) are adequately disclosed therein;
– goodwill in Chatam’s consolidated financial statements is not materially impaired.
■ Management’s written representation (that the goodwill is not impaired) must have been necessary (otherwise it should
not have been asked for). This means that Bartolome does not have sufficient other audit evidence. This seems dubious
as management should have carried out an impairment test to satisfy themselves that goodwill is not impaired. This
test should similarly have satisfied Bartolome.
■ If there is evidence that goodwill is impaired management’s refusal to write it down might be considered a fraud.
■ The matter may cast doubt on the quality of audit evidence obtained in other areas. All other matters on which
management representations have been obtained should be reviewed by another audit partner/manager.
■ Charles Barrington is retiring next year and his share options would presumably be worth less if goodwill were written
down. His position in this long-standing client suggests a familiarity threat.
■ Bartolome may be threatened by self-interest to accept the representation as sufficient in order to retain the client.
■ Bartolome may be unduly influenced by a combination of factors (familiarity and previous experience) and failing to
exercise the necessary degree of professional scepticism.
Implications for continuation with assignment
There is no reason why the audit should not be continued. However, a change in senior audit staff and audit manager may
be overdue. The unmodified auditor’s reports should be subject to a cold review and any quality control issues raised with
the staff who conducted the audit.

正确答案：
6 DEVELOPMENTS
General comments
Tutorial note: The following comments, that could be made in respect of any of the three areas of development, will be given
credit only once.
■ Audit scope – the scope of a statutory audit should be as necessary to form. an audit opinion (i.e. unlimited).
■ Audit work undertaken – the nature, timing and extent of audit procedures should be as necessary to implement the overall
audit plan.
(a) Fair value accounting
■ Different definitions of fair value exist (among financial reporting frameworks or for different assets and liabilities within
a particular framework). For example, under IFRS it is ‘the amount for which an asset could be exchanged (or a liability
settled) between knowledgeable, willing parties in an arm’s length transaction’.
■ The term ‘fair value accounting’ is used to describe the measurement and disclosure of assets and/or liabilities at fair
value and the charging to profit and loss (or directly to equity) of any changes in fair value measurements.
■ Fair value accounting concerns measurements and disclosures but not initial recognition of assets and liabilities in
financial statements. It does not then, for example, affect the nature, timing and extent of audit procedures to confirm
the existence and completeness of rights and obligations.
■ Fair value may be determined with varying degrees of subjectivity. For example, there will be little (if any) subjectivity
for assets bought and sold in active and open markets that readily provide reliable information on the prices at which
exchange transactions occur. However, the valuation of assets with unique characteristics (or entity-specific assets) often
requires the projection and discounting of future cash flows.
■ The audit of estimates of fair values based on valuation models/techniques can be approached like other accounting
estimates (in accordance with ISA 540 ‘Audit of Accounting Estimates’). However, although the auditor should be able
to review and test the process used by management to develop the estimate, there may be:
? a much greater need for an independent estimate (and hence greater reliance on the work of experts in accordance
with ISA 620);
? no suitable subsequent events to confirm the estimate made (e.g. for assets that are held for use and not for
trading).
Tutorial note: Consider, for example, how the audit of ‘in-process research and development’ might compare with that
for an allowance for slow-moving inventory.
■ Different financial reporting frameworks require or permit a variety of fair value measures and disclosures in financial
statements. They also vary in the level of guidance provided (to preparers of the financial statements – and hence their
auditors). Under IFRS, certain fair values are based on management intent and ‘reasonable supportable assumptions’.
■ The audit of management intent potentially increases the auditor’s reliance on management representations. The auditor
must obtain such representations from the highest level of management and exercise an appropriate degree of
professional scepticism, being particularly alert to the implications of any conflicting evidence.
■ A significant development in international financial reporting is that it is no longer sufficient to report transactions and
past and future events that may only be possible. IAS 1 ‘Presentation of Financial Statements’ (Revised) requires that
key assumptions (and other key sources of estimation uncertainty) be disclosed. This requirement gives rise to yet
another area on which auditors may qualify their audit opinion, on grounds of disagreement, where such disclosure is
incorrect or inadequate.
■ Perhaps one of the most significant impacts of fair value accounting on audit work is that it necessarily increases it.
Consider for example, that even where the fair value of an asset is as easily vouched as original cost, fair value is
determined at least annually whereas historic cost is unchanged (and not re-vouched to original purchase
documentation).

正确答案：
(b) It is clear that many of the problems at Bailey’s that have led to the unhappy atmosphere lend themselves to resolution through the neutral and non-judgemental approach offered by the appointment of external counsellors. The counsellor must be in a position to help the individual employee to identify problems, issues and possible solutions to the kind of problems that have manifested themselves at Bailey’s: poor production, unrest, low morale and significantly, the long tradition of poor pay that is leading to employee family problems outside the factory. There is always the danger of leading the employee, so the counsellor must adopt a passive role, show interest and encourage reflection whilst allowing the employee to lead and talk around the issues. Open questions must be used to help the employee explore ideas and feelings. The counsellor must be an active listener, speaking only to clarify issues and elicit answers when appropriate. Above all, the counsellor must be impartial and this is why Bailey’s has appointed outside counsellors.
Counselling skills require the ability to establish rapport with the employee, to clarify and summarise as appropriate, to ask non-specific questions, use a non-directive approach, to listen and be able to discern what is meant by what the employee says. In addition, the counsellor must allow the employee to be silent if he or she wishes to be, to allow any meeting to take place at the speed of the employee and anticipate the employee’s views on the causes, which at Bailey’s are many, and to allow solutions to the problems.