[F8]ACCA每日一练F8 (UK) 答案回复可见

5 Smithson Ltd provides scientific services to a wide range of clients. Typical assignments range from testing food for
illegal additives to providing forensic analysis to assist law enforcement officers.
The annual audit is nearly complete. As audit senior you have reported to the engagement partner that Smithson is
having some financial difficulties. Income has fallen due to the adverse effect of two high-profile court cases, where
Smithson’s services to assist the prosecution were found to be in error. Not only did this provide adverse publicity for
Smithson, but a number of clients withdrew their contracts. A senior employee then left Smithson, stating lack of
investment in new analysis machines was increasing the risk of incorrect information being provided by the company.
A cash flow forecast prepared internally shows Smithson requiring significant additional cash within the next 12
months to maintain even the current level of services. Smithson’s auditors have been asked to provide a negative
assurance report on this forecast.
Required:
(a) Define ‘going concern’ and discuss the auditor’s responsibilities in respect of going concern. (4 marks)
(b) State the audit procedures that may be carried out to try to determine whether or not Smithson Ltd is a going
concern. (8 marks)
(c) Explain the audit procedures the auditor may take where the auditor has decided that Smithson Ltd is
unlikely to be a going concern. (4 marks)
(d) In the context of the cash flow forecast, define the term ‘negative assurance’ and explain how this differs
from the assurance provided by an audit report on statutory financial statements. (4 marks)
(20 marks)
 
 

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