ACCA考试F9每日一练(2019-03-09)

发布时间：2019-03-09

Fundamentals Level – Skills Module, Paper F8

1 (a) Audit strategy document

Section of document Purpose Example from B-Star

Understanding the entity’s environment Provides details of the industry area that Size of the theme park sector and

the company is in along with specific expected growth over the next few years.

informtion about the activities and

strategies of the individual client.

Understand the accounting and internal Details of accounting policies of the Accounting policy for sales – sales are

control systems client and previous assessments of stated net of sales taxes.

internal control systems indicating the

Reliance on control systems in B-Star

expected extent of reliance on those

may be limited due to lack of

systems.

documentation of controls.

Risk and materiality The assessment of risk for the client and Materiality for sales to be 5% of turnover.

the risk of fraud and error and the

B-Star receives cash sales – audit work

identification of significant audit areas.

required to determine the completeness

The materiality level for audit planning of sales.

purposes.

Timing and extent of audit procedures Details of the focus on audit work on Audit software could be used to provide

specific areas. Detail on the extent of use analytical procedures on the sales of

of audit software and possible reliance B-Star

on internal audit.

Co-ordination, supervision and review of Details the extent of involvement of B-Star has only one location – audit staff

audit work experts, client locations and staffing will be required to work there for X

requirements for the audit. weeks.

(b) (i) Risk affecting completeness

– The computer system does not record sales accurately and/or information is lost or transferred incorrectly from the

ticket office computer to the accounts department computer.

– Cash sales are not recorded in the cash book; cash is stolen by the accounts clerks.

– Tickets are issued but no payment is received – that is the sale is not recorded.

– Cash is removed by the ticket office personnel, by the security guards or by the account clerks.

– The account clerks miscount the amount of cash received from a ticket office.

(ii) Use of tests of controls and substantive procedures

Tests of controls

Tests of control are designed to ensure that documented controls are operating effectively. If controls over the

completeness of income were expected to operate correctly, then the auditor would test those controls.

In B-Star, while controls could be in operation, e.g. the account clerks agreeing physical cash to computer summaries,

there is no indication that the control is documented; that is the computer summary is not signed to show the

comparison has taken place. The auditor could use the test of inquiry – asking the clerks whether the control has been

used, and observation – actually watching the clerks carry out the controls. As noted above though, lack of

documentation of the control does mean relying on tests of control for the assertion completeness of income has limited

value.

Substantive procedures

Substantive procedures include analytical procedures and other procedures.

Analytical procedures include the analysis of significant ratios and trends and subsequent investigation of any trends or

relationships that appear to be abnormal. These procedures can be used effectively in B-Star as an approximation of

income that can be obtained from sources other than the cash receipt records.

Other procedures, or tests of detail, are normally used to verify statement of financial position assertions and include

obtaining audit evidence relevant to specific assertions. However, they could be used in B-Star to trace individual

transactions through the sales/cash systems to ensure all ticket sales have been recorded (completeness assertion). The

use of other procedures will be time consuming.

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) Donald actually decided to operate as a sole trader. The first year’s results of his business were not as he had

hoped, and he made a trading loss of ￡8,000 in the year to 31 March 2007. However, trading is now improving,

and Donald has sufficient orders to ensure that the business will make profits of at least ￡30,000 in the year to

31 March 2008.

In order to raise funds to support his business over the last 15 months, Donald has sold a painting which was

given to him on the death of his grandmother in January 1998. The probate value of the painting was ￡3,200,

and Donald sold it for ￡8,084 (after deduction of 6% commission costs) in November 2006.

He also sold other assets in the year of assessment 2006/07, realising further chargeable gains of ￡8,775 (after

indexation of ￡249 and taper relief of ￡975).

Required:

(i) Calculate the chargeable gain on the disposal of the painting in November 2006. (4 marks)

正确答案：

 

(iii) Can internal audit services be undertaken for an audit client? (4 marks)

Required:

For each of the three questions, explain the threats to objectivity that may arise and the safeguards that

should be available to manage them to an acceptable level.

NOTE: The mark allocation is shown against each of the three questions above.

正确答案：

(iii) Internal audit services
A self-review threat may be created when a firm, or network firm, provides internal audit services to a financial statement
audit client. Internal audit services may comprise:
■ an extension of the firm’s audit service beyond requirements of International Standards on Auditing (ISAs);
■ assistance in the performance of a client’s internal audit activities; or
■ outsourcing of the activities.
The nature of the service must be considered in evaluating any threats to independence. (For this purpose, internal audit
services do not include operational internal audit services unrelated to the internal accounting controls, financial systems
or financial statements.)
Services involving an extension of the procedures required to conduct a financial statement audit in accordance with
ISAs would not be considered to impair independence with respect to the audit client provided that the firm’s or network
firm’s personnel do not act or appear to act in a capacity equivalent to a member of audit client management.

When the firm, or a network firm, provides an audit client with assistance in the performance of internal audit activities
or undertakes the outsourcing, any self-review threat created may be reduced to an acceptable level by a clear separation
of:
■ the management and control of the internal audit by client management;
■ the internal audit activities.
Performing a significant portion of an audit client’s internal audit activities may create a self-review threat. Appropriate
safeguards should include the audit client’s acknowledgement of its responsibilities for establishing, maintaining and
monitoring the system of internal controls.
Other safeguards include:
■ the audit client designating a competent employee, preferably within senior management, to be responsible for
internal audit activities;
■ the audit client, audit committee or supervisory body approving the scope, risk and frequency of internal audit
work;
■ the audit client being responsible for evaluating and determining which recommendations of the firm should be
implemented;
■ the audit client evaluating the adequacy of the internal audit procedures performed and the resultant findings by
obtaining and acting on reports from the firm; and
■ appropriate reporting of findings and recommendations resulting from the internal audit activities to the audit
committee or supervisory body.
Consideration should also be given to whether such non-assurance services should be provided only by personnel not
involved in the financial statement audit engagement and with different reporting lines within the firm.

4 (a) Router, a public limited company operates in the entertainment industry. It recently agreed with a television

company to make a film which will be broadcast on the television company’s network. The fee agreed for the

film was $5 million with a further $100,000 to be paid every time the film is shown on the television company’s

channels. It is hoped that it will be shown on four occasions. The film was completed at a cost of $4 million and

delivered to the television company on 1 April 2007. The television company paid the fee of $5 million on

30 April 2007 but indicated that the film needed substantial editing before they were prepared to broadcast it,

the costs of which would be deducted from any future payments to Router. The directors of Router wish to

recognise the anticipated future income of $400,000 in the financial statements for the year ended 31 May

2007. (5 marks)

Required:

Discuss how the above items should be dealt with in the group financial statements of Router for the year ended

31 May 2007.

正确答案：
(a) Under IAS18 ‘Revenue’, revenue on a service contract is recognised when the outcome of the transaction can be measured
reliably. For revenue arising from the rendering of services, provided that all of the following criteria are met, revenue should
be recognised by reference to the stage of completion of the transaction at the balance sheet date (the percentage-ofcompletion
method) (IAS18 para 20):
(a) the amount of revenue can be measured reliably;
(b) it is probable that the economic benefits will flow to the seller;
(c) the stage of completion at the balance sheet date can be measured reliably; and
(d) the costs incurred, or to be incurred, in respect of the transaction can be measured reliably.
When the above criteria are not met, revenue arising from the rendering of services should be recognised only to the extent
of the expenses recognised that are recoverable. Because the only revenue which can be measured reliably is the fee for
making the film ($5 million), this should therefore be recognised as revenue in the year to 31 May 2007 and matched against
the cost of the film of $4 million. Only when the television company shows the film should any further amounts of $100,000
be recognised as there is an outstanding ‘performance’ condition in the form. of the editing that needs to take place before the
television company will broadcast the film. The costs of the film should not be carried forward and matched against
anticipated future income unless they can be deemed to be an intangible asset under IAS 38 ‘Intangible Assets’. Additionally,
when assessing revenue to be recognised in future years, the costs of the editing and Router’s liability for these costs should
be assessed.

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