2025年ACCAF8审计重点专项训练

2025年ACCAF8审计重点专项训练考试时间：______分钟总分：______分姓名：______试卷内容Instructions:Pleaseanswerallthequestionsinthispaper.Question1Aclientoperatesinahighlyregulatedindustry.Theregulatorybodyrequirestheclienttomaintainstrictinternalcontrolsovertheauthorisationandrecordingofsalestransactions.Theclient'sinternalauditfunctionhasrecentlyidentifiedseveralweaknessesintheexistingcontrolenvironmentrelatedtosalesauthorisation.Astheexternalauditor,youplantoperformauditprocedurestotesttheoperatingeffectivenessofthecontrolsoversalesauthorisation.(a)Describethekeyfeaturesthatyouwouldexpecttofindinaneffectiveinternalcontrolsystemdesignedtoensurethatsalestransactionsareproperlyauthorised.(b)Outlinetheproceduresyouwouldconsiderperformingtotesttheoperatingeffectivenessofthecontrolsoversalesauthorisation.Foreachprocedure,brieflyexplaintheobjectiveofthetest.Question2Youareauditingthefinancialstatementsofacompanythatusesajust-in-timeinventorysystem.Thissystemminimisesinventoryholdingcostsbutalsoincreasestheriskofstockoutsifdemandforecastsareinaccurateoriftherearedisruptionstothesupplychain.(a)Explaintheconceptofajust-in-timeinventorysystemanddescribetheprimaryrisksassociatedwiththissystemthatanauditorneedstoconsider.(b)Describetheproceduresyouwouldperformtoobtainauditevidenceregardingtheexistenceandvaluationofinventoryunderajust-in-timesystem.Youranswershouldincludehowyouwouldaddresstheriskofstockouts.Question3Duringtheplanningphaseofyouraudit,youperformprocedurestoidentifyandassesstherisksofmaterialmisstatementinthefinancialstatementsofacompany.Youidentifythattheriskoffraudisrelativelyhighduetothecomplexnatureofthecompany'sbusinessandtheconcentrationofownership.(a)Describethenatureoffraudrisksthatmaybespecifictocomplexbusinesseswithconcentratedownership.(b)Outlinetheadditionalproceduresyouwouldconsiderperformingtoobtainauditevidencetoaddresstheriskoffraudidentifiedduringtheplanningphase.Youranswershouldcoverproceduresattheplanningandexecutionstagesoftheaudit.Question4Youareperformingauditproceduresonthefinancialstatementsofacompanythatoperatesachainofretailstores.ThecompanyusesacentralisedITsystemtoprocesstransactionsandmanageinventoryacrossallitsstores.YouhaveobtainedanunderstandingoftheITsystemanditscontrolsfromthecompany'sITdepartment.(a)DescribethekeyITgeneralcontrols(ITGCs)thatyouwouldexpecttobepresentinacentralisedITsystemusedbyaretailcompany.ForeachITGC,explainitspurposeinensuringthereliabilityoffinancialreporting.(b)OutlinethespecificauditproceduresyouwouldperformtotesttheoperatingeffectivenessoftheITGCsrelatedtoaccesscontrolsandchangemanagementwithinthiscentralisedITenvironment.Question5Youhaveidentifiedamaterialweaknessintheclient'sinternalcontroloverthedeclarationoftaxliabilities.Asaresult,youhaveperformedadditionalprocedurestoobtainauditevidenceaboutthefinancialstatementimplicationsofthisweakness.Youhavedeterminedthattheeffectonthefinancialstatementsismaterialbutnotpervasive.(a)Describethetypesofproceduresyouwouldperformtoobtainauditevidenceaboutthefinancialstatementimplicationsofamaterialbutnotpervasiveinternalcontrolweakness.(b)Assumingyouhaveconcludedyourauditfieldworkandthefinancialstatementsarereadyforissuance,describehowyouwouldmodifyyourauditreportinresponsetothismaterialbutnotpervasiveweakness.Question6Theauditmanagerhasassignedyouthetaskofreviewingtheauditworkofajuniorauditorwhohasperformedprocedurestotestthecompletenessofrevenuetransactions.Thejuniorauditorhasselectedasampleofsalesinvoicesfromthesalesjournalandtracedthemtothesalesledgerandsupportingdocumentation.(a)Describetheobjectiveofprocedurestotestthecompletenessofrevenuetransactions.(b)Identifytwolimitationsoftheproceduresperformedbythejuniorauditorintestingrevenuetransactioncompleteness.Foreachlimitation,explainhowyouwouldrecommendthejuniorauditormodifyorsupplementtheirprocedurestoobtainsufficientandappropriateauditevidence.Question7Youareaudittingthefinancialstatementsofacompanythatholdssignificantinvestmentsinotherentities.Theseinvestmentsareclassifiedasfinancialassetsmeasuredatfairvaluethroughprofitorloss(FVTPL).(a)DescribethekeyaccountingrequirementsforfinancialassetsmeasuredatFVTPL.(b)OutlinetheproceduresyouwouldperformtoobtainauditevidenceaboutthefairnessofvalueoftheseFVTPLinvestments.Youranswershouldincludeconsiderationsofthedatausedtodeterminefairvalueandthenatureoftheinvestments.Question8Aclienthasrecentlyimplementedanewenterpriseresourceplanning(ERP)systemtointegrateitsfinancialandoperationaldata.Astheexternalauditor,youareconcernedaboutthepotentialrisksassociatedwiththetransitiontothenewsystem.(a)DescribethekeyrisksassociatedwithimplementinganewERPsystemthatanauditorneedstoconsider.(b)OutlinetheproceduresyouwouldperformtoobtainauditevidenceregardingthereliabilityoffinancialreportingproducedbythenewERPsystem.Youranswershouldcoverboththedesignandoperatingeffectivenessofthesystem'scontrolsrelatedtofinancialreporting.试卷答案Question1(a)Keyfeaturesofaneffectiveinternalcontrolsystemforsalesauthorisationinclude:*Segregationofduties:Responsibilitiesforauthorisingsales,handlingcashorreceipts,andrecordingsalesshouldbeseparatedamongdifferentindividualstoreducetheriskoferrororfraud.*授权批准(Authorization):Salestransactionsmustbeauthorisedbyindividualswithappropriateauthoritybasedonestablishedpoliciesandthevalueofthetransaction.*职责分离(Segregationofduties):Responsibilitiesforauthorisingsales,handlingcashreceipts,andrecordingsalesshouldbeseparatedamongdifferentindividuals.*明确的授权政策(Clearauthorisationpolicies):Thecompanyshouldhavedocumentedpoliciesoutliningthelevelsofauthorityforapprovingdifferenttypesandvaluesofsales.*销售记录(Salesrecords):Salestransactionsshouldbeproperlyrecordedintheaccountingsystem,ensuringaccuracyandcompleteness.*独立稽核(Independentverification):Periodicindependentchecksorreconciliationsmaybeperformedtoverifytheaccuracyofsalesauthorisationandrecording.(b)Procedurestotesttheoperatingeffectivenessofcontrolsoversalesauthorisationandtheirobjectives:*Inspectsalesinvoicesandrelateddocumentation:Toobtainevidencethatsalestransactionswereproperlyauthorisedbeforebeingrecorded.(Objective:Verifyauthorisation)*Performcut-offprocedures:Toobtainevidencethatsalestransactionsarerecordedinthecorrectaccountingperiod.(Objective:Verifyperiodcut-off)*Reconcilesalesjournalstosalesledgers:Toobtainevidencethatallrecordedsaleshaveappropriatesupportandhavebeenpostedcorrectly.(Objective:Verifycompletenessandaccuracyofrecording)*Selectasampleofcreditsalesandtracetoshippingdocumentsandcustomerorders:Toobtainevidencethatsalestransactionsarevalidandhaveappropriateauthorisationbeforeshipment.(Objective:Verifyoccurrenceandauthorisation)*Inquirewithsalespersonnelandreviewsalesauthorisationlogs:Tounderstandtheprocessandobtainevidencethatthecontrolisbeingappliedconsistently.(Objective:Understandandtesttheapplicationofthecontrol)Question2(a)Just-in-time(JIT)inventorysystemconceptandprimaryrisks:*Concept:AJITsystemaimstoreduceinventorycostsbyreceivinggoodsonlyastheyareneededintheproductionprocess,minimisingstoragespaceandholdingcosts.*Primaryrisks:*中断风险(Disruptionrisk):Highriskofstockoutsduetorelianceoncontinuoussupplychains.Disruptions(e.g.,supplierfailure,transportationissues,naturaldisasters)canhaltproduction.*需求波动风险(Demandvolatilityrisk):Inaccuratedemandforecastingcanleadtoeitherstockouts(ifdemandishigherthanforecast)orexcessinventoryifthesystemisinterruptedandunsoldgoodsareneeded.*供应中断风险(Supplydisruptionrisk):Delaysorfailuresinthesupplychaindirectlyimpactproduction,potentiallyleadingtoproductionstoppagesandlossofsales.*内部控制薄弱风险(Weakinternalcontrolrisk):JITsystemsrequirehighlyefficientandreliableinternalcontrolsthroughoutthesupplychain.Weaknessescanleadtoerrorsorlossesnoteasilyidentifieduntilproductionstops.(b)ProcedurestoobtainauditevidenceregardingexistenceandvaluationofinventoryunderJITandaddressingstockoutrisk:*Physicalinventoryobservation:Observethecountingofinventory,includingrawmaterials,work-in-progress,andfinishedgoods,toobtainevidenceofexistence.ForJIT,focusonobservingthereceiptofgoodsandtheirimmediateuseortransfertothenextstageofproduction.(Addressesexistence)*Inspectionofgoodsreceivednotesandproductionrecords:ExaminedocumentationtoverifythatinventoryreceivedmatchesquantitiesanddescriptionsexpectedundertheJITsystemandsupportsthevaluation.(Addressesvaluationandoccurrence)*Reviewofsupplierarrangementsandleadtimes:Obtainevidenceaboutthereliabilityofsuppliersandthestabilityofleadtimestoassesstheriskofstockoutsandevaluatethereasonablenessofinventorylevels.(Addressesstockoutrisk)*Inquirywithproductionandpurchasingpersonnel:Discusstheinventoryplanningprocess,demandforecasts,andanyrecentissueswithsupplierperformanceorpotentialdisruptions.(Addressesstockoutriskandinternalcontroleffectiveness)*Analyticalprocedures:Comparecurrentinventorylevelstohistoricalusagepatterns,productionschedules,andsalesdatatoidentifyunusualfluctuationsthatmayindicatepotentialstockoutsorvaluationissues.(Addressesexistenceandvaluation)*Reviewofproductionstoppages:Investigateanyrecentproductionstoppagesandtheimpactoninventorylevelstoassessthematerialityofstockoutrisks.(Addressesstockoutrisk)Question3(a)Fraudrisksspecifictocomplexbusinesseswithconcentratedownership:*Managementoverrideofcontrols:Concentratedownershipoftenmeanskeymanagementpersonnelalsoholdsignificantownershipstakes,creatingastrongincentivetooverrideinternalcontrolsforpersonalgain(e.g.,misstatementoffinancialresultstoboostshareprice).*Self-dealing:Relatedpartytransactionsaremorecommonandpotentiallymoredifficulttomonitorandchallengewhenownershipisconcentratedamongafewindividualsorentities.*Lackofindependence/pressureforunrealistictargets:Ownersmayexertpressureonmanagementtomeetunrealisticfinancialtargets,increasingtheriskoffraudthroughearningsmanagementoraggressiveaccountingestimates.*Potentialforconflictsofinterest:Thelinesbetweenowner,manager,anddirectorrolesmaybeblurred,leadingtoconflictsofinterestthatincreasefraudrisk.*Insiderknowledgeabuse:Ownerswithdeepknowledgeofthebusinessmayexploittheirpositiontocommitfraudthatisdifficulttodetect.(b)Additionalprocedurestoaddressfraudrisk:*Performprocedurestoidentifyandassessfraudrisksspecifically:Usetechniqueslikebrainstormingwiththeauditteam,consideringindustry-specificfraudschemes,andunderstandingthebusinessmodelandownershipstructure.*Performenhancedproceduresonaccountssusceptibletofraud:Applymoreextensivesubstantiveanalyticalproceduresordetailedtestingtokeyaccountsidentifiedashigh-risk(e.g.,revenue,expenses,relatedpartytransactions,assetvaluation).*Performprocedurestorespondtoidentifiedrisks:Ifspecificfraudrisksareidentifiedduringplanning,performprocedurestailoredtoaddressthoserisks(e.g.,tracingtransactionstosupportingdocuments,performingdetailedanalyticalprocedures,engagingspecialists).*Performprocedurestoseekinformationaboutfraud:Inquirewiththosechargedwithgovernance(e.g.,auditcommittee)abouttheirassessmentoftheentity'sfraudriskandanyknownincidentsoffraud.(Canbeperformedatplanningorexecution)*Considerusingdataanalytics:Analyzetransactiondatatoidentifyunusualpatternsoranomaliesthatmayindicatefraudulentactivity(e.g.,unusualjournalentries,roundnumbers,transactionsoutsidenormalbusinesshours).(Canbeperformedatplanningorexecution)*Observecontrolsrelatedtovulnerableprocesses:Observecontrolsrelatedtofinancialreportingandassetmanagementmoreclosely,especiallythosepotentiallysusceptibletooverrideormanipulation.Question4(a)KeyITgeneralcontrols(ITGCs)andtheirpurposeinensuringreliabilityoffinancialreportingforacentralisedretailITsystem:*Accesscontrols:Restrictaccesstocomputerprogramsanddatafilestoauthorisedindividualsonly,basedontheirjobfunctions.(Purpose:Preventunauthorisedaccess,modification,ordeletionoffinancialdata).*Changemanagement:Controltheprocessformakingchangestocomputerprogramsandsystemsoftwaretoensurechangesareproperlyauthorised,documented,tested,andimplementedinacontrolledmanner.(Purpose:Ensureaccuracyandcompletenessoffinancialreportingsoftware,preventunauthorisedchanges).*Programlibrarycontrols:Safeguardcomputerprogramsagainstunauthorisedmodificationordeletionbymaintainingcontrolledlibrariesofauthorisedprograms.(Purpose:Protecttheintegrityoffinancialreportingapplications).*Datacentreoperationscontrols:Ensurethereliableoperationofcomputerhardwareandsoftwarethroughprocedureslikepreventativemaintenance,disasterrecoveryplanning,andsystembackups.(Purpose:Ensurecontinuousavailabilityandaccuracyoffinancialdataprocessing).*Systemsoftwarecontrols:Controltheacquisition,modification,andoperationofsystemsoftware(e.g.,operatingsystem,databasemanagementsystem)thatsupportsfinancialreporting.(Purpose:Ensuretheunderlyingsoftwaresupportingfinancialreportingisreliable).*Operationscontrols(e.g.,disasterrecovery):DevelopandmaintainplanstorecoverITsystemsanddataintheeventofadisaster.(Purpose:Maintainavailabilityofsystemsanddataforfinancialreporting,evenduringdisruptions).(b)SpecificauditprocedurestotestoperatingeffectivenessofITGCsrelatedtoaccesscontrolsandchangemanagement:*Accesscontrolstestingprocedures:*SelectuserIDsandcompareauthorisationsgrantedtotheirjobresponsibilitiesdocumentedintheITdepartment'smatrixorroledescriptions.(Testsadequacyofauthorisation).*Reviewaccessrequestandapprovalformstoensurerequestsareproperlyauthorisedbyappropriatemanagementlevelsbeforeaccessisgranted.(Testsrequestandapprovalprocess).*Observeuserlog-onproceduresorexaminesystemlogfilestoconfirmthataccessoccursonlyduringauthorisedhoursandforlegitimatepurposes.(Testsphysicalandlogicalaccessmonitoring).*SelectasampleofuserIDsandattempttoperformactionsthatshouldberestrictedtotestforunnecessaryaccessrights.(Testsexistenceofrestrictedaccess).*Changemanagementtestingprocedures:*Selectasampleofchangestosystemsoftwareorapplicationprogramsandreviewthechangerequestforms,authorisationdocumentation,andchangeimplementationlogs.(Testscompliancewiththechangemanagementprocess).*Examinesystemlogsbeforeandafterthechangeimplementationtoverifythatchangeswereperformedasdocumentedandthatsystemoperationswerenotundulydisrupted.(Testsimplementationeffectiveness).*Reviewthetestingproceduresperformedpriortoimplementingchangesandobtainevidencethatthetestswereexecutedandtheirresultsapproved.(Teststestingadequacy).*InquirewithITpersonnelaboutthechangemanagementprocessandobservetheprocedureforapprovingandimplementingchangestogainanunderstandingofitsoperatingeffectiveness.(Testsunderstandingandapplicationofthecontrol).Question5(a)Procedurestoobtainauditevidenceaboutfinancialstatementimplicationsofamaterialbutnotpervasiveinternalcontrolweakness:*Performadditionalsubstantiveanalyticalprocedures:Applymoredetailedanalyticalprocedurestotheaccountbalancesorfinancialstatementlineitemsaffectedbytheweakness.Comparecurrentresultstopriorperiods,budgets,orindustrydatatoidentifyunusualtrendsorfluctuationsthatmayindicatemisstatement.(Objective:Identifypotentialmisstatement).*Performadditionalsubstantivetestsofdetails:Designandperformadditionaldetailedtests(e.g.,vouching,tracing,recalculation)forspecificaccountbalancesorclassesoftransactionsthatareparticularlysusceptibletotheimpactoftheweakness.(Objective:Obtaindirectevidenceabouttheaccuracyofaffectedbalances/transactions).*Evaluatemanagement'sresponsetotheweakness:Obtainmanagement'splantoremedytheweaknessandassesstheadequacyandtimelinessoftheirresponse.Considerthepotentialformanagementtohavealreadymisstatedthefinancialstatementsbeforetheweaknesswasfullyremedied.(Objective:Assesstheimpactoftheweaknessonpriorperiodfinancialstatementsandfuturerisk).*Inquirewiththosechargedwithgovernance:Discussthenatureoftheweakness,management'sresponse,andthepotentialimpactonthefinancialstatements.(Objective:Obtainindependentassessmentofthesituation).(b)Modificationofauditreportinresponsetoamaterialbutnotpervasiveweakness:*EmphasisofMatterparagraph(unlesspervasive):Iftheweaknessismaterialbutnotpervasivetothefinancialstatementsoverall,andmanagementhasnotadequatelyremediedthesituation,anEmphasisofMatterparagraphwouldbeappendedtotheauditreport.Thisparagraphwoulddescribethenatureoftheinternalcontrolweaknessandthepotentialeffectonthefinancialstatements,butwouldnotmodifytheauditopinion.(Assumesmanagementhasnotaddresseditadequately).*ModifiedOpinion(ifnotremediedadequately):Iftheauditordeterminesthattheeffectsoftheweaknessonthefinancialstatementsaresuchthattheyarestillmaterialevenafterconsideringmanagement'sresponse(e.g.,ifmanagement'sremedyisnoteffectiveortimelyenough),andtheweaknessispervasive,amodifiedopinion(e.g.,qualifiedopinionoradverseopinion)wouldberequired.However,thepromptspecifies"materialbutnotpervasive",suggestinganemphasisofmattermightbeappropriateiftheweaknessisnotpervasiveenoughtowarrantaqualifiedopinion.*Note:Thespecificreportmodificationdependsontheauditor'sprofessionaljudgmentontheextentandimpactoftheweakness.*Question6(a)Objectiveofprocedurestotestcompletenessofrevenuetransactions:*Theobjectiveistoobtainauditevidencethatallrecordedrevenuetransactionshavebeenrecordedintheentity'saccountingrecords.Thisinvolvessearchingforunrecordedoromittedsalestransactionsthatshouldhavebeenrecognised.(b)Limitationsofjuniorauditor'sprocedures(tracingsalesinvoicestoledgers/docs)andsuggestedmodifications:*Limitation1:Riskofomittingunrecordedsales.Theprocedureonlyverifiesrecordedsalesinvoices,itdoesnotsearchforsalesthatwereneverrecordedinthesalesjournal.*Suggestedmodification:Theauditorshouldperformatestofcompletenessbytracingsalesordersandshippingdocuments(whichshouldprecederecordedinvoicesinawell-runsystem)tothesalesjournalandgeneralledger.Thisprocedurestartswithsourcedocumentsandworksforwardtoverifythatallsalestransactionsthatshouldhavebeenrecorded*were*recorded.*Limitation2:Doesnotensureallsalesoccurred.Tracingjusttherecordedinvoicesbacktodocumentationverifiesthattherecordedentrieshavesupport,butitdoesnotconfirmthattheunderlyingsalestransactionsactuallyoccurred.*Suggestedmodification:Theauditorshouldperformadditionalprocedurestotesttheoccurrenceofsales,suchasselectingasampleofrecordedsalesinvoicesandtracingthembacktocustomerordersandshippingdocumentstoverifythatthegoodswereactuallyshippedandthesaleisvalid.Thishelpsensurethatthecompletenesstestisnotconfirmingunrecordedfictitioustransactions.Question7(a)KeyaccountingrequirementsforfinancialassetsmeasuredatFVTPL:*Measurement:Financialassetsaremeasuredattheirfairvalueattheendofeachreportingperiod.*ProfitorLossRecognition:Changesinfairvaluearerecognisedinprofitorloss.*InputMethods:Theinputmethodfordeterminingfairvaluedependsontheasset:*ActiveMarket:Quotedprice(unadjusted)inanactivemarketforidenticalassets.*ObservedPrice:Quotedprice(unadjusted)inamarketforsimilarassets.*Model-BasedApproach:Ifnoactiveorobservedmarket,useamodelthatreflectsinputsotherthanthequotedpriceofidenticalorsimilarassets(e.g.,expectedfuturecashflowsdiscountedusingacredit-adjusteddiscountrate).*Hedging:Specificrulesapplyifthefinancialassetispartofacashflowhedge.*Disclosures:Theentitymustdiscloseinformationaboutthefairvaluemeasurement,themethodsandinputsused,thefairvaluehierarchylevel(1,2,or3),andgainsorlossesrecognisedinprofitorloss.(b)ProcedurestoobtainauditevidenceaboutfairnessofvalueofFVTPLinvestments:*Obtainanunderstandingofthevaluationmodel:Reviewthemodelusedbytheclienttodeterminefairvalue,understanditsinputs,assumptions,andvalidationprocedures.Inquirehowthemodelisdesignedtoproducereliablefairvalueestimates.(Objective:Understandvaluationprocess).*Obtainevidenceaboutthedatainputs:Reviewthedatausedasinputstothevaluationmodel(e.g.,marketdata,forwardrates,creditspreads,discountrates).Verifythesource,reliability,andappropriatenessoftheseinputs.Considerwhethertheinputsarebasedonobservablemarketdataorrequiresignificantestimation.(Objective:Assessinputreliability).*Evaluatethevaluationmodel:Considerwhetherthevaluationmodelisappropriateforthespecifictypeoffinancialassetandwhetheritisappliedconsistently.Assessthesensitivityofthefairvalueestimatetochangesinkeyinputs.(Objective:Assessmodelappropriatenessandreliability).*Comparefairvalueestimates:Comparetheclient'sfairvalueestimateswithindependentappraisalsormarketdata,ifavailable,toassessthereasonablenessofthevaluation.(Objective:Assessreasonablenessofestimate).*Observethevaluationprocess:Observethepersonnelperformingthevaluationcalculationsanddiscusstheprocesswiththemtounderstandtheirmethodologyandconsiderations.(Objective:Understandapplicationofmethodology).*Recalculation:Recalculatethefairvalueestimateusingtheclient'sinputsandmodel,orusingalternativeinputsormodelswhereappropriate,toverifytheaccuracyoftheclient'scalculations.(Objective:Verifycalculationaccuracy).Question8(a)KeyrisksassociatedwithimplementinganewERPsystem:*Datamigrationrisks:Inaccurateorincompletetransferofdatafromtheoldsystemtothenewsystemcanleadtodataintegrityissuesandmisstatedfinancialresults.*Operationaldisruptionrisks:Theimplementationprocesscandisruptnormalbusinessoperations,potentiallyimpactingrevenuegenerationandfinancialreportingtimelines.*Implementationfailures:Theprojectmaynotbecompletedontimeorwithinbudget,orthesystemmaynotfunctionasintended,leadingtoongoingoperationalinefficiencies.*Controldeficiencies:Newsystemsmayintroducenewcontrolrisksifcontrolsarenotdesigned