1、ACCA考试 P7高级审计与认证业务（International）真题 2015年6月及答案解析(总分：120.03，做题时间：180 分钟)一、Section A BOTH que(总题数：2，分数：60.00)1.1.You are a manager in the audit department of Craggy and(6 marks) (ii) Explain the principal audit procedures to be performed on the impairment of goodwill. (5 marks)（分数：6.67）_(3).(c) Recomm
2、end the procedures to be used in performing a forensic investigation on the alleged bribery payments. (4 marks)（分数：6.67）_You are a senior manager in Bunk evaluate the audit risks to be considered in planning the audit; and recommend audit procedures in respect of short-term investments and the earni
3、ngs per share figure disclosed in the draft financial statements. (a)In an initial audit engagement there are several factors which should be considered in addition to the planning procedures which are carried out for every audit. ISA 300 Planning an Audit of Financial Statements provides guidance i
4、n this area. ISA 300 suggests that unless prohibited by laws or regulation, arrangements should be made with the predecessor auditor,for example, to review their working papers. Therefore communication should be made with Crilly and(6 marks) (ii) Explain the principal audit procedures to be performe
5、d on the impairment of goodwill. (5 marks)（分数：6.67）_正确答案：(i) The finance director seems to be dictating the audit work to be performed. The audit manager should decide the extent of audit procedures in response to the risk of material misstatement identified. The manager should consider why the fina
6、nce director seems so insistent that his file is used as the main source of audit evidence; he may be hiding something relevant to the impairment which would be revealed if the auditor looked at other sources of evidence. The Groups profit before tax has fallen by 333%, indicating that a significant
7、 impairment loss amounting to more than the $50,000 calculated by the finance director may need to be recognised. There is a risk of material misstatement in that the impairment loss is understated, and there is a risk that management bias has resulted in an inappropriate determination of the loss.
8、The auditor therefore needs to be skeptical and alert for factors indicating that the loss is greater than that calculated by the finance director. Impairment testing is a complex and subjective area, and could be easily manipulated by management wishing to reduce the size of the loss recognised. Th
9、e audit manager should obtain corroboratory evidence regarding the assumptions used and not just confirm that the assumptions are in line with managements risk assessment or the prior year audit file. The reliability of this source of evidence is not strong as it is prepared by management. An import
10、ant part of professional skepticism is challenging managements assumptions, especially in an area of high judgement such as impairment testing. The internal auditor checking the figures is also not a reliable source of evidence, as it is client-generated. The internal auditor may have been pressured
11、 to confirm the finance directors calculations. Professional skepticism should also be applied to the comment that the assumptions are the same as in previous years.New factors impacting on impairment may have arisen during this year, affecting the determination of the impairment loss and up-to-date
12、 evidence on the assumptions used in this years calculation should be sought. The audit team should also remain alert when auditing balances and transactions other than goodwill in case there are other areas where Silvio does not appear to be providing all evidence required or where he is suggesting
13、 the audit approach to be taken. While his comment does not seem to be intimidating in nature, the audit team should recognise that if Silvio does have something to hide in relation to the goodwill impairment, he may become more aggressive, in which case the matter should be brought to the attention
14、 of the firms ethics partner and discussed with those charged with governance of the Group. (ii) Audit procedures impairment of goodwill The auditor should perform the following procedures: The assumptions used in the impairment test should be confirmed as agreeing with the auditors understanding of
15、 the business based on the current years risk assessment procedures, e.g. assess the reasonableness of assumptions on cash flow projections. Confirm that the impairment review includes the goodwill relating to all business combinations. Consider the impact of the auditors assessment of going concern
16、 on the impairment review, e.g. the impact on the assumption relating to growth rates which have been used as part of the impairment calculations. Obtain an understanding of the controls over the managements process of performing the impairment test including tests of the operating effectiveness of
17、any controls in place, for example, over the review and approval of assumptions or inputs by appropriate levels of management and, where appropriate, those charged with governance Confirm whether management has performed the impairment test or has used an expert. The methodology applied to the impai
18、rment review should be checked by the auditor, with inputs to calculations,e.g. discount rates, agreed to auditor-obtained information. Develop an independent estimate of the impairment loss and compare it to that prepared by management. Confirm that the impairment calculations exclude cash flows re
19、lating to tax and finance items. Perform sensitivity analysis to consider whether, and if so how, management has considered alternative assumptions and the impact of any alternative assumptions on the impairment calculations. Check the arithmetic accuracy of the calculations used in the impairment c
20、alculations. Tutorial note: Credit will be awarded for other relevant audit procedures recommended.)解析：(3).(c) Recommend the procedures to be used in performing a forensic investigation on the alleged bribery payments. (4 marks)（分数：6.67）_正确答案：(Forensic investigation Interview the two suspects and qu
21、estion them regarding the nature of the cash payments made to the customers prior to the signing of the contracts. Use computer-assisted audit techniques to identify all new customers in the year and any payments made to these customers, and total the amounts. Review the terms of the contracts with
22、customers for any details of payments included in the contract, and understand the business rationale for any such payments. Tutorial note: It would be unusual for the Group to be making any payments to customers, so these terms would need to be viewed with professional skepticism. Review the email
23、and other correspondence entered into by the two suspects for any further information about the cash payments, e.g. specifically who the payments were discussed with. Perform tests of control on the authorisation of cash payments to find out if these payments were known to anyone operating in a supe
24、rvisory capacity)解析：You are a senior manager in Bunk The role of the individual on the audit team; and Whether promotion decisions are influenced by the sale of such services. The IESBA Code states that a key audit partner shall not be evaluated on or compensated based on that partners success in se
25、lling non-assurance services to the partners audit client. Therefore if Bunk & Co is to continue with this policy, care must be taken that partners performance are not evaluated based on their success in cross-selling to their audit clients. It is not prohibited for other audit team members to cross
26、-sell, but safeguards must be in place to reduce the potential threat to an acceptable level, such as a review of audit work performed. It may be prudent, however, for the audit firm to consider other ways to increase revenue and to evaluate staff performance which do not raise threats to objectivit
27、y)解析：You are a manager in the audit department of Nidge & Co, a firm of Chartered Certified Accountants, responsible for the audit of Darren Co, a new audit client operating in the construction industry. Darren Cos financial year ended on 31 January 2015, and the draft financial statements recognise
28、 profit before tax of $225 million (2014 $20 million)and total assets of $370 million, including cash of $3 million. The company typically works on three construction contracts at a time. The audit is nearly complete and you are reviewing the audit working papers. The audit senior has brought severa
29、l matters to your attention:（分数：20.01）(1).(a) Darren Co is working on a major contract relating to the construction of a bridge for Flyover Co. Work started in July 2014, and it is estimated that the contract will be completed in September 2015. The contract price is $20 million, and it is estimated
30、 that a profit of $5 million will be made on completion of the contract. The full amount of this profit has been included in the statement of profit or loss for the year ended 31 January 2015.Darren Cos management believes that this accounting treatment is appropriate given that the contract was sig
31、ned during the financial year, and no problems have arisen in the work carried out so far. (8 marks)（分数：6.67）_正确答案：(The total estimated profit of $5 million which has been recognised in the statement of profit or loss represents 222% of profit for the year and is therefore material. The construction
32、 contract should be accounted for in accordance with IAS 11 Construction Contracts which states that when the outcome of a construction contract can be estimated reliably, contract revenue and contract costs associated with the construction contract shall be recognised as revenue and expenses respec
33、tively by reference to the stage of completion of the contract activity at the end of the reporting period. Darren Co has recognised 100% of the contract profit even though the contract is not yet complete. The contract activity period is 15 months, and by the year end the contract activity has been
34、 ongoing for seven months only. Therefore the profit which has been recognised appears to be overstated, and it seems to have been recognised too early. The audit firm should clarify Darren Cos accounting policy on construction contracts and confirm the method which is used to determine the stage of
35、 completion of contracts at the reporting date. IAS 11 allows for a variety of methods to be used, for example, based on the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, or on surveys of work performed. Further evidence should be obta
36、ined to determine the stage of completion of this contract at the reporting date, to enable the appropriate amount of revenue, costs and profit which should be recognised to be determined. Further procedures should be performed, including: The contract terms should be scrutinised for any terms relat
37、ing to the completion of stages of the contract which may trigger the recognition of contract revenue. Surveys of work performed by 31 January 2015 should be reviewed to estimate the stage of completion at the reporting date. Correspondence with the customer should be read to confirm that the contra
38、ct is progressing in a satisfactory way. Further audit evidence is required, but based on the time period in months as a rough guide, it appears that the contract is 7/15 complete, and therefore profit in the region of $23 million ($5 million x 7/15) can be recognised, and that profit is overstated
39、by $27 million. The overstatement is material at 12% of profit before tax. If any necessary adjustment is not made, then profit is overstated by a material amount. This gives rise to a material misstatement, and the audit opinion should be modified. A qualified except for opinion should be given, an
40、d the Basis for Qualified Opinion paragraph should explain the reason for the qualification, including a quantification of the misstatement. This is only one contract, and Darren Co typically works on three contracts at a time. Therefore further audit work may be needed in respect of any other contr
41、acts which are currently being carried out. If the same accounting treatment has been applied to other contracts, the misstatement may be even greater, and could potentially result in an adverse opinion if the accumulated misstatements were considered by the auditor to be both material and pervasive
42、 to the financial statements. In addition, Darren Co may have been using an inappropriate accounting treatment in previous years, and therefore there may be misstatements in the opening balances. This should be discussed with management to determine how contracts have been accounted for historically
43、. Any errors which may be discovered should be corrected retrospectively, leading to further adjustments to the financial statements.)解析：(2).(b) A significant contract was completed in September 2014 for Newbuild Co. This contract related to the construction of a 20-mile highway in a remote area. In
44、 November 2014, several large cracks appeared in the road surface after a period of unusually heavy rain, and the road had to be shut for ten weeks while repair work was carried out. Newbuild Co paid for these repairs, but has taken legal action against Darren Co to recover the costs incurred of $40
45、 million. Disclosure on this matter has been made in the notes to the financial statements.Audit evidence, including a written statement from Darren Cos lawyers, concludes that there is a possibility, but not a probability, of Darren Co having to settle the amount claimed. (6 marks)（分数：6.67）_正确答案：(T
46、he amount claimed by Newbuild Co is material to the financial statements, representing 108% of total assets and 178% of profit before tax. It is also likely to be considered material by nature, as the possible payment is much larger than the amount of cash recognised in the financial statements at t
47、he year end. The implications for the going concern status of Darren Co should be considered. The matter should be discussed with management to obtain an understanding of how Darren Co could meet any necessary cash payment. Due to the potential for such a sizeable cash payment, management should confirm that should the amount become payable, the company has adequate resources to fund the cash outflow, for example, through the existence of lending facilities. The correct accounting treatment seems to have been applied. According to IAS 37 Provisions, Contingent Liabilities and Contingent
