特许公认会计师资格各地考试题之f82009年6月答案（英国）(可编辑)

Answers

FundamentalsLevel–SkillsModulePaperF8UK

AuditandAssuranceUnitedKingdomJune2009Answers

1aAuditstrategydocument

SectionofdocumentPurposeExamplefromB-Star

UnderstandingtheentitysenvironmentProvidesdetailsoftheindustryareathatSizeofthethemeparksectorand

thecompanyisinalongwithspecificexpectedgrowthoverthenextfewyears

informationabouttheactivitiesand

strategiesoftheindividualclient

UnderstandtheaccountingandinternalDetailsofaccountingpoliciesoftheAccountingpolicyforsales–salesare

controlsystemsclientandpreviousassessmentsofstatednetofsalestaxes

internalcontrolsystemsindicatingthe

RelianceoncontrolsystemsinB-Star

expectedextentofrelianceonthose

maybelimitedduetolackof

systems

documentationofcontrols

RiskandmaterialityTheassessmentofriskfortheclientandMaterialityforsalestobe5ofturnover

riskoffraudanderrorandthe

B-Starreceivescashsales–auditwork

identificationofsignificantauditareas

requiredtodeterminethecompleteness

Thematerialitylevelforauditplanningofsales

purposes

ConsequentnaturetimingandextentofDetailsofthefocusonauditworkonAuditsoftwarecouldbeusedtoprovide

auditproceduresspecificareasDetailontheextentofuseanalyticalproceduresonthesalesof

ofauditsoftwareandpossiblerelianceB-Star

oninternalaudit

Co-ordinationsupervisionandreviewofDetailstheextentofinvolvementofB-Starhasonlyonelocation–auditstaff

auditworkexpertsclientlocationsandstaffingwillberequiredtoworkthereforX

requirementsfortheauditweeks

biRiskaffectingcompleteness

–Thecomputersystemdoesnotrecordsalesaccuratelyandorinformationislostortransferredincorrectlyfromthe

ticketofficecomputertotheaccountsdepartmentcomputer

–Cashsalesarenotrecordedinthecashbookcashisstolenbytheaccountsclerks

–Ticketsareissuedbutnopaymentisreceived–thatisthesaleisnotrecorded

–Cashisremovedbytheticketofficepersonnelbythesecurityguardsorbytheaccountclerks

–Theaccountclerksmiscounttheamountofcashreceivedfromaticketoffice

iiUseoftestsofcontrolsandsubstantiveprocedures

Testsofcontrols

TestsofcontrolaredesignedtoensurethatdocumentedcontrolsareoperatingeffectivelyIfcontrolsoverthe

completenessofincomewereexpectedtooperatecorrectlythentheauditorwouldtestthosecontrols

InB-Starwhilecontrolscouldbeinoperationegtheaccountclerksagreeingphysicalcashtocomputersummaries

thereisnoindicationthatthecontrolisdocumentedthatisthecomputersummaryisnotsignedtoshowthe

comparisonhastakenplaceTheauditorcouldusethetestofinquiry–askingtheclerkswhetherthecontrolhasbeen

usedandobservation–actuallywatchingtheclerkscarryoutthecontrolsAsnotedabovethoughlackof

documentationofthecontroldoesmeanrelyingontestsofcontrolfortheassertioncompletenessofincomehaslimited

value

Substantiveprocedures

Substantiveproceduresincludeanalyticalproceduresandotherprocedures

Analyticalproceduresincludetheanalysisofsignificantratiosandtrendsandsubsequentinvestigationofanytrendsor

relationshipsthatappeartobeabnormalTheseprocedurescanbeusedeffectivelyinB-Starasanapproximationof

incomecanbeobtainedfromsourcesotherthanthecashreceiptrecords

Otherproceduresortestsofdetailarenormallyusedtobalancesheetassertionsandincludeobtainingauditevidence

relevanttospecificassertionsHowevertheycouldbeusedinB-Startotraceindividualtransactionsthroughthe

salescashsystemstoensureallticketsaleshavebeenrecordedcompletenessassertionTheuseofotherprocedures

willbetimeconsuming

ciSubstantiveanalyticalprocedures–completenessofincomeforoneday

–ObtainproofintotalTicketssoldtimespriceshouldequaldaysincome

–Comparedailysalestobudgeteddailysalesforexampleweekendsandbankholidayswouldexpectmoreincome

–Comparesaleswithpreviousdaysandaccountforchangessuchasvariationsforweather

9

–Comparesalestosouvenirssalesmorepeopleinparkmeansmoresouvenirsales

–Compareticketofficesday-by-dayandstaffrotationtoseeifsaleslowersomedaysomestaffattempttoidentify

fraudalso

–Comparetheexpectedsalesfromticketnumberstothetotalsalesamountfromcashandcreditsalesforeachticket

office

iiSubstantiveanalyticalprocedures–completenessofincomefortheyear

–ObtainthesalesincomefromthepreviousyearMultiplythisby115toprovidearoughestimateoftheincome

forthisyear

–ObtaininformationonthenumberofdayswithrainduringthelastyearWherethisismoreorlessthan30adjust

theincomeestimateby1730downforeachdayofrainabove30or1730upforeachdayofrainlessthan30

NoteB-Staronlyattracts50ofthenormalnumberofcustomersonarainydayhenceonedayofraindecreases

totalcustomersby1730intheyear

–CompareactualincometobudgetedincomefortheyearAskthedirectorstoexplainanysignificantdeviations

–ObtainindustryinformationonthepopularityofthemeparksandchangeincustomernumbersComparethese

trendstotheresultsobtainedbyB-StarWhereB-Starperformedsignificantlybetterorworsethanaverageobtain

explanationsfromthedirectors

dAuditofyearendcreditcarddebtor

–Agreethebalancesoneachcreditcardcompanysledgeraccounttothelistofdebtors

–Castthelistofdebtorsandagreethetotaltothetotalonthedebtorsledgercontrolaccount

–Forthelastdayofthefinancialyearandthefirstdayofthenewfinancialyearagreetotalsalesincomefromticketoffice

recordstothecashbookanddebtorsledgerensuringtheyarerecordedinthecorrectperiod

Forasampleofmaterialbalancesandarandomsampleofimmaterialitems

–ObtaindirectconfirmationfromthecreditcardcompanyoftheamountduetoB-Starusingadebtorsconfirmationletter

–WheredirectconfirmationisnotpossibleobtainevidenceofcashreceiptaftertheendofthefinancialyearAgreethe

amountonthebankstatementspostyearendofB-Startotheamountdueinthedebtorsledgerlessanycommission

due

–Reviewafterdatesalesdaybookfordebitnotesindicatingthatsalesmayhavebeenoverstatedintheprioryear

–ObtainthefinancialstatementsofB-Starandensurethatthedebtorsamountisdisclosedasacurrentassetnetof

commissionduetothecreditcardcompanies

2aSamplingmethods

MethodsofsamplinginaccordancewithISAUKandIreland530Auditsamplingandothermeansoftestingapplies

RandomselectionEnsureseachiteminapopulationhasanequalchanceofselectionforexamplebyusingrandomnumber

tables

SystematicselectionInwhichanumberofsamplingunitsinthepopulationisdividedbythesamplesizetogiveasampling

interval

HaphazardselectionTheauditorselectsthesamplewithoutfollowingastructuredtechnique–theauditorwouldavoidany

consciousbiasorpredictability

SequenceorblockInvolvesselectingablocksofcontiguousitemsfromwithinthepopulation

TutorialnotesOthermethodsofsamplingareasfollows

MonetaryUnitSamplingThisselectionmethodensuresthateachindividual￡1inthepopulationhasanequalchanceof

beingselected

JudgementalsamplingSelectingitemsbasedontheskillandjudgementoftheauditor

bAssertions–classesoftransactions

OccurrenceThetransactionsandeventsthathavebeenrecordedhaveactuallyoccurredandpertaintotheentity

CompletenessAlltransactionsandeventsthatshouldhavebeenrecordedhavebeenrecorded

AccuracyTheamountsandotherdatarelatingtorecordedtransactionsandeventshavebeenrecordedappropriately

Cut-offTransactionsandeventshavebeenrecordedinthecorrectaccountingperiod

ClassificationTransactionsandeventshavebeenrecordedintheproperaccountsoftheentity

cAuditreportterm

ModifiedAnauditormodifiesanauditreportinanysituationwhereitisinappropriatetoprovideanunmodifiedreportFor

exampletheauditormayprovideadditionalinformationinanemphasisofmatterwhichdoesnotaffecttheauditorsopinion

orqualifytheauditreportforlimitationofscopeordisagreement

10

3aiBenefitsofusingauditsoftware

Standardsystemsatclient

Thesamecomputerisedsystemsandprogramsasusedinall25branchesofTirrolLtdThismeansthatthesameaudit

softwarecanbeusedineachlocationprovidingsignificanttimesavingscomparedtothesituationwhereclientsystems

aredifferentineachlocation

Useactualcomputerfilesnotcopiesorprintouts

UseofauditsoftwaremeansthatTirrolLtdsactualstockfilescanbetestedratherthanhavingtorelyonprintoutsor

screenimagesThelattercouldbeincorrectbyaccidentorbydeliberatemistakeTheauditfirmwillhavemore

confidencethattherealfileshavebeentested

Testmoreitems

Useofsoftwarewillmeanthatmorestockrecordscanbetested–itispossiblethatallproductlinescouldbetestedfor

obsolescenceratherthanasampleusingmanualtechniquesTheauditorwillthereforegainmoreevidenceandhave

greaterconfidencethatstockisvaluedcorrectly

Cost

TherelativecostofusingauditsoftwaredecreasesthemoreyearsthatsoftwareisusedAnycostoverrunsthisyear

couldbeoffsetagainsttheauditfeesinfutureyearswhentheactualexpensewillbeless

iiProblemsintheauditofTirrolLtd

Timescale–sixweekreportingdeadline–auditplanning

TheauditreportisduetobesignedaboutsixweeksaftertheyearendThismeansthattherewillbeconsiderable

pressureontheauditortocompleteauditworkwithoutcompromisingstandardsbyrushingprocedures

Thisproblemcanbeovercomebycarefulplanningoftheaudituseofexperiencedstaffandensuringotherstaffsuch

assecondpartnerreviewsarebookedwellinadvance

Timescale–sixweekreportingdeadline–softwareissues

TheauditreportisduetobesignedaboutsixweeksaftertheyearendThismeansthatthereislittletimetowriteand

testauditsoftwareletaloneusethesoftwareandevaluatetheresultsoftesting

ThisproblemcanbealleviatedbycarefulplanningAccesstoTirrolLtdssoftwareanddatafilesmustbeobtainedas

soonaspossibleandworkcommencedontailoringCalCossoftwarefollowingthisSpecialistcomputerauditstaff

shouldbebookedassoonaspossibletoperformthiswork

Firstyearauditcosts

Therelativecostsofanauditinthefirstyearataclienttendtobegreaterduetotheadditionalworkofascertaining

clientsystemsThismeansthatCalComayhavealimitedbudgettodocumentsystemsincludingcomputersystems

ThisproblemcanbealleviatedtosomeextentagainbygoodauditplanningThemanagermustalsomonitortheaudit

processcarefullyensuringthatanyadditionalworkcausedbytheclientnotprovidingaccesstosystemsinformation

includingcomputersystemsisidentifiedandaddedtothetotalbillingcostoftheaudit

Staffholidays

MostoftheauditworkwillbecarriedoutinJulywhichisalsothemonthwhenmanyofCalCostafftaketheirannual

holidayThismeansthattherewillbeashortageofauditstaffparticularlyasauditworkforTirrolLtdisbeingbooked

withlittlenotice

TheproblemcanbealleviatedbybookingstaffassoonaspossibleandthenidentifyinganyshortagesWherenecessary

staffmaybeborrowedfromotherofficesorevendifferentcountriesonasecondmentbasiswhereshortagesareacute

Non-standardsystems

TirrolLtdscomputersoftwareisnon-standardhavingbeenwrittenspecificallyfortheorganisationThismeansthat

moretimewillbenecessarytounderstandthesystemthanifstandardsystemswereused

Thisproblemcanbealleviatedeitherbyobtainingdocumentationfromtheclientorbyapproachingthesoftwarehouse

withTirrolLtdspermissiontoseeiftheycanassistwithprovisionofinformationondatastructuresforthestock

systemsProvisionofthisinformationwilldecreasethetimetakentotailorauditsoftwareforuseinTirrolLtd

Issuesoflivetesting

CalCohasbeeninformedthatstocksystemsmustbetestedonalivebasisThisincreasestheriskofaccidental

amendmentordeletionofclientdatasystemscomparedtotestingcopyfiles

TolimitthepossibilityofdamagetoclientsystemsCalCocanconsiderperformingstocktestingondayswhenTirrol

LtdisnotoperatingegweekendsAttheworstbackupsofdatafilestakenfromthepreviousdaycanbere-installed

whenCalCostestingiscomplete

11

Computersystems

Theclienthas25locationswitheachlocationmaintainingitsowncomputersystemItispossiblethatcomputer

systemsarenotcommonacrosstheclientduetoamendmentsmadeatthebranchlevel

Thisproblemcanbeovercometosomeextentbyaskingstaffateachbranchwhethersystemshavebeenamendedand

focusingauditworkonmaterialbranches

Usefulnessofauditsoftware

TheuseofauditsoftwareatTirrolLtddoesappeartohavesignificantproblemsthisyearThismeansthatevenifthe

auditsoftwareisreadytheremaystillbesomeriskofincorrectconclusionsbeingderivedduetolackoftestingetc

ThisproblemcanbealleviatedbyseriouslyconsideringthepossibilityofusingamanualauditthisyearThemanager

mayneedtoinvestigatewhetheramanualauditisfeasibleandifsowhetheritcouldbecompletedwithinthenecessary

timescalewithminimalauditrisk

bRelianceoninternalauditdocumentation

Therearetwoissuestoconsidertheabilityofinternalaudittoproducethedocumentationandtheactualaccuracyofthe

documentationitself

Theabilityoftheinternalauditdepartmenttoproducethedocumentationcanbedeterminedby

–EnsuringthatthedepartmenthasstaffwhohaveappropriatequalificationsProvisionofarelevantqualificationeg

membershipofacomputerrelatedinstitutewouldbeappropriate

–Ensuringthatthisandsimilardocumentationisproducedusingarecognisedplanandthatthedocumentationistested

priortouseTheuseofdifferentstaffintheinternalauditdepartmenttoproduceandtestdocumentationwillincrease

confidenceinitsaccuracy

–Ensuringthatthedocumentationisactuallyusedduringinternalauditworkandthatproblemswithdocumentationare

notedandinvestigatedaspartofthatworkBeinggivenaccesstointernalauditreportsonthestocksoftwarewillprovide

appropriateevidence

Regardingtheactualdocumentation

–Reviewingthedocumentationtoensurethatitappearslogicalandthattermsandsymbolsareusedconsistently

throughoutThiswillprovideevidencethattheflowchartsetcshouldbeaccurate

–ComparingthedocumentationagainstthelivestocksystemtoensureitcorrectlyreflectsthestocksystemThis

comparisonwillincludetracingindividualtransactionsthroughthestocksystems

–UsingpartofthedocumentationtoamendCalCosauditsoftwareandthenensuringthatthesoftwareprocesses

stocksystemdataaccuratelyHoweverthisstagemaybelimitedduetotheneedtouselivefilesatTirrolLtd

4aRoleofinternalandexternalauditors–differences

Objectives

Themainobjectiveofinternalauditistoimproveacompanysoperationsprimarilyintermsofvalidatingtheefficiencyand

effectivenessoftheinternalcontrolsystemsofacompany

Themainobjectiveoftheexternalauditoristoexpressanopiniononthetruthandfairnessofthefinancialstatementsand

otherjurisdictionspecificrequirementssuchasconfirmingthatthefinancialstatementscomplywiththereporting

requirementsincludedinlegislation

Reporting

Internalauditreportsarenormallyaddressedtotheboardofdirectorsorotherpeoplechargedwithgovernancesuchasthe

auditcommitteeThosereportsarenotpubliclyavailablebeingconfidentialbetweentheinternalauditorandtherecipient

ExternalauditreportsareprovidedtotheshareholdersofacompanyThereportisattachedtotheannualfinancialstatements

ofthecompanyandisthereforepubliclyavailabletotheshareholdersandanyreaderofthefinancialstatements

Scopeofwork

Theworkoftheinternalauditornormallyrelatestotheoperationsoftheorganisationincludingthetransactionprocessing

systemsandthesystemstoproducetheannualfinancialstatementsTheinternalauditormayalsoprovideotherreportsto

managementsuchasvalueformoneyauditswhichexternalauditorsrarelybecomeinvolvedwith

TheworkoftheexternalauditorrelatesonlytothefinancialstatementsoftheorganisationHowevertheinternalcontrol

systemsoftheorganisationwillbetestedastheseprovideevidenceonthecompletenessandaccuracyofthefinancial

statements

Relationshipwithcompany

Inmostorganisationstheinternalauditorisanemployeeoftheorganisationwhichmayhaveanimpactontheauditors

independenceHoweverinsomeorganisationstheinternalauditfunctionisoutsourced

Theexternalauditorisappointedbytheshareholdersofanorganisationandareindependentfromthecompanyand

management

12

bBenefitsofauditcommitteeinConoyLtd

Assistancewithfinancialreportingnofinanceexpertise

TheexecutivedirectorsofConoyLtddonotappeartohaveanyspecificfinancialskills–asthefinancialdirectorhasrecently

leftthecompanyandhasnotyetbeenreplacedThismaymeanthatfinancialreportinginConoyLtdislimitedorthatthe

othernon-financialdirectorsspendasignificantamountoftimekeepinguptodateonfinancialreportingissues

AnauditcommitteewillassistConoyLtdbyprovidingspecialistknowledgeoffinancialreportingonatemporarybasis–at

leastoneofthenewappointeesshouldhaverelevantandrecentfinancialreportingexperienceundercodesofcorporate

governanceThiswillallowtheexecutivedirectorstofocusonrunningConoyLtd

Enhanceinternalcontrolsystems

TheboardofConoyLtddonotnecessarilyunderstandtheworkoftheinternalauditorortheneedforcontrolsystemsThis

meansthatinternalcontrolwithinConoyLtdmaybeinadequateorthatemployeesmaynotrecognisetheimportanceof

internalcontrolsystemswithinanorganisation

TheauditcommitteecanraiseawarenessoftheneedforgoodinternalcontrolsystemssimplybybeingpresentinConoyLtd

andbyeducatingtheboardontheneedforsoundcontrolsImprovingtheinternalcontrolclimatewillensuretheneedfor

internalcontrolsisunderstoodandreducecontrolerrors

Relianceonexternalauditors

ConoyLtdsexternalauditorscurrentlyreporttotheboardofConoyLtdAspreviouslynotedthelackoffinancialandcontrol

expertiseontheboardwillmeanthatexternalauditorreportsandadvicewillnotnecessarilybeunderstood–andtheboard

mayrelytoomuchonexternalauditors

IfConoyLtdreporttoanauditcommitteethiswilldecreasethedependenceoftheboardontheexternalauditorsTheaudit

committeecantaketimetounderstandtheexternalauditorscommentsandthenviathenon-executivedirectorensurethat

theboardtakeactiononthosecomments

Appointmentofexternalauditors

AtpresenttheboardofConoyLtdappointtheexternalauditorsThisraisesissuesofindependenceastheboardmaybecome

toofamiliarwiththeexternalauditorsandsoappointonthisfriendshipratherthanmerit

IfanauditcommitteeisestablishedthenthiscommitteecanrecommendtheappointmentoftheexternalauditorsThe

committeewillhavethetimeandexpertisetoreviewthequalityofserviceprovidedbytheexternalauditorsremovingthe

independenceissue

Corporategovernancerequirements–bestpractice

ConoyLtddonotneedtofollowcorporategovernancerequirementsthecompanyisnotlistedHowevernotfollowingthose

requirementsmaystarttohaveadverseeffectsonConoyLtdForexampleConoyLtdsbankisalreadyconcernedaboutthe

lackoftransparencyinreporting

Establishinganauditc