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Czech Statutory Auditor Exam study materials
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Czech Statutory Auditor Exam practice questions

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Question 1Financial accounting and financial statements (IFRS and Czech GAAP)

Under IFRS, which component of a defined benefit pension plan's net liability is recognised immediately in other comprehensive income rather than in profit or loss?

  1. Net interest on the net defined benefit liability
  2. Current service cost for the reporting period
  3. Past service cost from a plan amendment
  4. Actuarial gains and losses arising from remeasurement of the net defined benefit liability Correct answer.

Explanation

IAS 19 requires remeasurements, which include actuarial gains and losses, the return on plan assets excluding interest, and the effect of the asset ceiling, to be recognised in other comprehensive income and never recycled to profit or loss. Service cost and net interest are recognised in profit or loss.

Question 2Financial accounting and financial statements (IFRS and Czech GAAP)

A company issues a zero-coupon bond at a discount and measures it at amortised cost. How is the interest expense recognised each period under IFRS?

  1. As the effective interest rate applied to the amortised cost carrying amount Correct answer.
  2. As the straight-line allocation of the discount over the bond's life
  3. As the coupon payment actually paid in cash during the period
  4. As the change in the bond's fair value at each reporting date

Explanation

IFRS 9 requires the effective interest method, in which the rate that exactly discounts estimated future cash flows to the gross carrying amount is applied to the amortised cost each period. This produces a rising interest expense as the carrying amount accretes toward face value.

Question 3Financial accounting and financial statements (IFRS and Czech GAAP)

Under Czech GAAP (Act No. 563/1991 Coll. and Decree No. 500/2002 Coll.), which basis is required for valuing assets and liabilities at the balance sheet date?

  1. Fair value for all financial instruments
  2. A going-concern basis using the accrual principle, generally at acquisition cost subject to defined revaluation rules Correct answer.
  3. Replacement cost for tangible fixed assets each year
  4. Historical cost only, with no revaluation permitted

Explanation

Czech accounting legislation requires accrual-based, going-concern accounting with assets generally measured at acquisition cost, with specific exceptions allowing fair value or equity-method measurement for defined items. It does not mandate fair value for all instruments nor annual replacement cost.

Question 4Financial accounting and financial statements (IFRS and Czech GAAP)

An entity leases equipment for five years with annual payments of CZK 100,000 payable in arrears and an incremental borrowing rate of 5%. The present value of the payments is approximately CZK 433,000. How does the lessee recognise this at commencement under IFRS 16?

  1. As a prepayment of CZK 500,000 with no liability
  2. As an off-balance-sheet commitment disclosed only in the notes
  3. As a lease expense recognised evenly over five years
  4. As a right-of-use asset and a lease liability of approximately CZK 433,000 Correct answer.

Explanation

IFRS 16 requires a lessee to recognise a right-of-use asset and a lease liability measured at the present value of future lease payments at the commencement date. The subsequent expense is depreciation plus interest, not a straight-line lease expense.

Question 5Financial accounting and financial statements (IFRS and Czech GAAP)

Under IAS 36, when must an entity test goodwill for impairment?

  1. Only when there is an indication of impairment at the reporting date
  2. Annually and whenever there is an indication of impairment Correct answer.
  3. Every five years regardless of indicators
  4. Only on disposal of the cash-generating unit

Explanation

IAS 36 requires goodwill and intangible assets with indefinite useful lives to be tested for impairment annually and additionally whenever there is an indication of impairment. Other assets are tested only when indicators exist.

Question 6Financial accounting and financial statements (IFRS and Czech GAAP)

A company's receivables of CZK 2,000,000 include a customer balance of CZK 150,000 that is in insolvency proceedings. Under IFRS 9, how should the expected credit loss be measured?

  1. Using a 12-month expected credit loss for all receivables regardless of credit status
  2. Deferring recognition until the customer formally defaults on a court judgment
  3. Recognising the loss only when the receivable is legally written off
  4. Using lifetime expected credit losses for trade receivables, reflecting the specific credit deterioration Correct answer.

Explanation

IFRS 9 applies the simplified approach to trade receivables, requiring lifetime expected credit losses, often using a provision matrix plus specific assessment for known credit-impaired balances. Recognition is not deferred until legal write-off.

Question 7Financial accounting and financial statements (IFRS and Czech GAAP)

Under Czech GAAP, which document set forms the statutory financial statements of a double-entry accounting entity?

  1. Trial balance and inventory records only
  2. Balance sheet, profit and loss account and notes, supplemented by a cash flow statement and statement of changes in equity where required Correct answer.
  3. Balance sheet and tax return only
  4. Profit and loss account and management report only

Explanation

Czech accounting law requires a balance sheet, profit and loss account and notes, with a cash flow statement and statement of changes in equity added for entities subject to statutory audit. The trial balance and tax return are supporting or fiscal documents, not the statutory statements.

Question 8Financial accounting and financial statements (IFRS and Czech GAAP)

An entity recognises a provision for a restructuring plan. Under IAS 37, when does a constructive obligation arise?

  1. When the restructuring costs are budgeted for the following year
  2. When a competitor announces a similar restructuring
  3. When the entity has created a valid expectation in those affected that it will carry out the restructuring Correct answer.
  4. When the board internally approves a draft plan that has not been communicated

Explanation

IAS 37 requires a constructive obligation to arise when the entity has created a valid expectation in those affected, through announcement or starting implementation, that it will carry out the restructuring. Internal board approval alone is insufficient.

Question 9Financial accounting and financial statements (IFRS and Czech GAAP)

Under IFRS 15, how is revenue from a contract with a customer recognised?

  1. When the entity satisfies a performance obligation by transferring a promised good or service to the customer Correct answer.
  2. When the contract is signed, at the full transaction price
  3. When cash is collected from the customer
  4. When the invoice is issued, regardless of transfer of control

Explanation

IFRS 15 uses a five-step model in which revenue is recognised when (or as) the entity satisfies a performance obligation by transferring control of a promised good or service. Cash collection and invoicing are not the recognition criteria.

Question 10Financial accounting and financial statements (IFRS and Czech GAAP)

A parent owns 80% of a subsidiary. Under IFRS 10, how are non-controlling interests presented in the consolidated statement of financial position?

  1. As a liability within current liabilities
  2. Excluded from the consolidated statements entirely
  3. Net against goodwill as a reduction of the asset
  4. As a separate component within equity, distinct from owners of the parent Correct answer.

Explanation

IFRS 10 requires non-controlling interests to be presented in consolidated equity separately from the equity of owners of the parent. They are not liabilities and are not netted against goodwill.

Question 11Financial accounting and financial statements (IFRS and Czech GAAP)

Under IAS 21, an entity's functional currency is the currency of the primary economic environment in which it operates. Which factor is most relevant in determining it?

  1. The currency that mainly influences sales prices and the costs of labour, material and services Correct answer.
  2. The currency most frequently used in the entity's bank accounts
  3. The currency in which the entity's shares are listed
  4. The currency in which the parent company reports

Explanation

IAS 21 identifies the currency that mainly influences sales prices and the costs of providing goods and services as the primary indicator of functional currency, supported by the currency of financing and receipts from operating activities. Listing currency and parent reporting currency are secondary indicators.

Question 12Financial accounting and financial statements (IFRS and Czech GAAP)

Under Czech GAAP, a company revalues a building to fair value. Where is the revaluation difference recognised?

  1. As a reduction of share capital
  2. Always in profit or loss as other operating income
  3. As a deferred tax asset
  4. In equity as a revaluation reserve, with certain reductions recognised in profit or loss Correct answer.

Explanation

Czech accounting rules allow revaluation of specified assets to fair value, with the difference recognised in equity as a revaluation reserve and certain decreases charged to profit or loss. It is not automatically income nor a capital reduction.

Question 13Financial accounting and financial statements (IFRS and Czech GAAP)

An entity has a defined benefit obligation of CZK 10,000,000 and plan assets of CZK 9,200,000. Under IAS 19, how is the net defined benefit liability presented when the entity has a right to reimbursement?

  1. As a net asset of CZK 800,000 regardless of the right of reimbursement
  2. As an off-balance-sheet disclosure only
  3. As a gross liability of CZK 10,000,000 only, ignoring plan assets
  4. As a net liability of CZK 800,000, with the reimbursement right recognised separately as an asset Correct answer.

Explanation

IAS 19 requires the net defined benefit liability or asset to be presented in the statement of financial position, with any reimbursement right recognised separately as an asset. Plan assets are not presented gross against the obligation.

Question 14Financial accounting and financial statements (IFRS and Czech GAAP)

Under IFRS 9, how is a financial asset classified if it is held within a business model whose objective is to hold assets to collect contractual cash flows, and the cash flows are solely payments of principal and interest?

  1. At fair value through other comprehensive income
  2. At amortised cost Correct answer.
  3. At fair value through profit or loss
  4. As an equity instrument

Explanation

IFRS 9 classifies a financial asset at amortised cost when both the business model test (hold to collect) and the SPPI test are met. FVOCI applies to a hold-to-collect-and-sell model, and FVTPL is the residual category.

Question 15Financial accounting and financial statements (IFRS and Czech GAAP)

Under IAS 12, how is a deferred tax asset recognised for deductible temporary differences?

  1. Recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilised Correct answer.
  2. Recognised only when approved by the tax authority
  3. Recognised only when the entity reports a tax loss
  4. Always recognised at the full amount without assessment

Explanation

IAS 12 requires a deferred tax asset to be recognised to the extent that it is probable that taxable profit will be available to utilise the deductible temporary difference. This recoverability assessment is central to recognition.

Question 16Financial accounting and financial statements (IFRS and Czech GAAP)

Under Czech GAAP, what is the treatment of a created provision for a legal obligation whose amount cannot be reliably estimated?

  1. Recognise the provision at the best estimate if a reliable estimate can be made, otherwise disclose a contingent liability Correct answer.
  2. Recognise the provision at a nominal amount of CZK 1
  3. Recognise the provision at the maximum possible amount
  4. Ignore it entirely with no disclosure

Explanation

Czech accounting follows the principle that provisions are recognised when a present obligation exists and a reliable estimate can be made; if not reliably estimable, the item is disclosed as a contingent liability. Nominal or maximum amounts are not appropriate.

Question 17Financial accounting and financial statements (IFRS and Czech GAAP)

Under IAS 1, which item must be presented in other comprehensive income for the period?

  1. Cost of goods sold
  2. Gains on remeasurement of defined benefit plans Correct answer.
  3. Interest expense on borrowings
  4. Depreciation of property, plant and equipment

Explanation

IAS 1 requires items of other comprehensive income to be presented separately, including remeasurements of defined benefit plans, gains and losses on FVOCI financial assets and exchange differences on translation. Depreciation, interest and cost of goods sold are profit or loss items.

Question 18Financial accounting and financial statements (IFRS and Czech GAAP)

An entity acquires a machine for CZK 1,200,000 with an estimated residual value of CZK 200,000 and a useful life of five years. Under IAS 16, what is the annual depreciation using the straight-line method?

  1. CZK 240,000
  2. CZK 200,000 Correct answer.
  3. CZK 280,000
  4. CZK 120,000

Explanation

Straight-line depreciation under IAS 16 is the depreciable amount (cost less residual value, CZK 1,000,000) divided by useful life of five years, giving CZK 200,000 annually. Residual value is not depreciated.

Question 19Financial accounting and financial statements (IFRS and Czech GAAP)

Under IFRS 3, how is goodwill measured in a business combination when the full goodwill method is elected?

  1. As the fair value of consideration transferred plus non-controlling interests plus previously held interests, less net identifiable assets acquired Correct answer.
  2. As the difference between fair value and carrying amount of the acquiree's shares
  3. As the book value of the acquiree's net assets
  4. As consideration transferred less the parent's share of net identifiable assets only

Explanation

Under IFRS 3, the full goodwill method measures goodwill as consideration transferred plus the fair value of NCI plus any previously held interest, less the fair value of net identifiable assets acquired. The proportionate method recognises only the parent's share of goodwill.

Question 20Financial accounting and financial statements (IFRS and Czech GAAP)

Under IAS 7, how should interest paid be classified in the statement of cash flows?

  1. Only as an operating cash flow with no alternative
  2. Excluded from the statement of cash flows
  3. Only as an investing cash flow
  4. As an operating or financing cash flow, consistently applied Correct answer.

Explanation

IAS 7 permits interest paid to be classified as either operating or financing cash flow, provided the classification is applied consistently. It must be disclosed separately and cannot be omitted.

Question 21Financial accounting and financial statements (IFRS and Czech GAAP)

Under Czech GAAP, which entity is required to have its financial statements audited by a statutory auditor?

  1. Only joint-stock companies
  2. Every entity registered in the commercial register regardless of size
  3. Entities meeting statutory size thresholds, such as exceeding two of the specified criteria for assets, turnover and employees Correct answer.
  4. Only entities with foreign ownership

Explanation

Czech law requires statutory audit for entities exceeding statutory thresholds based on total assets, net turnover and average number of employees, plus certain specified entity types. Size criteria, not mere registration or legal form, are the general trigger.

Question 22Financial accounting and financial statements (IFRS and Czech GAAP)

An entity has a financial liability of CZK 5,000,000 measured at amortised cost with an effective interest rate of 6% and a nominal coupon of 4%. What is the interest expense recognised for the year under IFRS 9?

  1. CZK 240,000
  2. CZK 300,000 Correct answer.
  3. CZK 200,000
  4. CZK 500,000

Explanation

Effective interest expense is the carrying amount multiplied by the effective interest rate: CZK 5,000,000 × 6% = CZK 300,000. The nominal coupon of CZK 200,000 is the cash paid, not the expense.

Question 23Financial accounting and financial statements (IFRS and Czech GAAP)

Under IAS 38, how is an internally generated brand name treated?

  1. Recognised as an intangible asset at cost of development
  2. Recognised as an intangible asset at fair value
  3. Recognised as goodwill on the balance sheet
  4. Not recognised as an intangible asset because it cannot be distinguished from the cost of developing the business as a whole Correct answer.

Explanation

IAS 38 prohibits recognition of internally generated brands, mastheads, publishing titles, customer lists and similar items because they cannot be distinguished from the cost of developing the business as a whole. They are expensed as incurred.

Question 24Financial accounting and financial statements (IFRS and Czech GAAP)

Under IFRS, an entity changes an accounting policy due to a new IFRS requirement that includes specific transitional provisions. How should the change be applied?

  1. Prospectively from the date of the change with no adjustment
  2. By adjusting opening retained earnings only if material
  3. Retrospectively to all prior periods presented, ignoring the transitional provisions
  4. In accordance with the specific transitional provisions in the new standard Correct answer.

Explanation

IAS 8 requires a change in accounting policy arising from a new or amended standard to be applied in accordance with the specific transitional provisions of that standard. Retrospective application applies only where the standard is silent.

Question 25Financial accounting and financial statements (IFRS and Czech GAAP)

Under Czech GAAP, how are foreign currency receivables and payables translated at the balance sheet date?

  1. At the forward rate for the following year
  2. At the exchange rate published by the Czech National Bank for the balance sheet date, with differences recognised in profit or loss Correct answer.
  3. At the historical exchange rate on the transaction date
  4. At the average exchange rate for the year

Explanation

Czech accounting rules require foreign currency assets and liabilities to be translated at the balance sheet date using the Czech National Bank exchange rate, with exchange differences recognised in profit or loss. Historical rates apply only to specific items such as certain equity items.

Question 26Financial accounting and financial statements (IFRS and Czech GAAP)

Under Czech GAAP (Act No. 563/1991 Coll. on Accounting), which of the following items must be recognised as an intangible fixed asset on the balance sheet?

  1. Internally generated customer lists built up through marketing expenditure
  2. Software licences acquired for consideration with a useful life longer than one year Correct answer.
  3. Employee training costs incurred to implement a new accounting system
  4. Goodwill arising from the acquisition of a business

Explanation

Czech GAAP recognises acquired intangible fixed assets such as software licences and capitalised development costs where they are purchased for consideration and have a useful life exceeding one year. Internally generated items such as brands, customer lists and training are expensed because they lack a reliably measurable cost separable from the business. Goodwill is a separate line item arising only on business combinations and is not classed as an ordinary intangible asset.

Question 27Financial accounting and financial statements (IFRS and Czech GAAP)

A Czech double-entry entity prepares its statutory financial statements. Which of the following statements about the balance sheet and profit and loss account under Czech GAAP is correct?

  1. The balance sheet is not required where the entity prepares consolidated financial statements
  2. The balance sheet must distinguish between fixed and current assets and the profit and loss account must be classified by nature of expense Correct answer.
  3. Both statements must be prepared on a fair value basis for all assets and liabilities
  4. The balance sheet may present assets in order of liquidity only, and the profit and loss account must be classified by function

Explanation

Czech GAAP requires a balance sheet that separates fixed assets from current assets and a profit and loss account analysed by nature of expense (for example, cost of material, services and personnel). Classification by function is a feature of IFRS presentation rather than the Czech statutory formats. The statutory statements remain mandatory for the individual entity even where consolidated statements are also prepared.

Question 28Financial accounting and financial statements (IFRS and Czech GAAP)

Under IFRS 15, an entity enters into a contract to sell equipment for CZK 1,000,000 together with a two-year maintenance service. The stand-alone selling prices are CZK 900,000 for the equipment and CZK 300,000 for the maintenance. How much revenue is allocated to the equipment at contract inception?

  1. CZK 1,200,000
  2. CZK 1,000,000
  3. CZK 750,000 Correct answer.
  4. CZK 900,000

Explanation

IFRS 15 requires the transaction price to be allocated to performance obligations in proportion to their stand-alone selling prices. The total stand-alone price is CZK 1,200,000, so the equipment receives 900,000/1,200,000 × 1,000,000 = CZK 750,000. The remaining CZK 250,000 is allocated to the maintenance service and recognised over the service period.

Question 29Financial accounting and financial statements (IFRS and Czech GAAP)

Under IAS 36, an entity identifies a cash-generating unit with a carrying amount of CZK 5,000,000, including goodwill of CZK 800,000. The recoverable amount is CZK 4,400,000. How is the impairment loss allocated?

  1. Goodwill is written off in full at CZK 800,000 and the remaining CZK 200,000 is allocated to the other assets of the unit
  2. The loss is allocated pro rata across all assets including goodwill
  3. Goodwill is reduced by CZK 600,000, with no allocation to other assets Correct answer.
  4. The loss is recognised only against the other assets, leaving goodwill unchanged

Explanation

An impairment loss of CZK 600,000 (5,000,000 − 4,400,000) is first allocated to reduce goodwill. Because the loss is smaller than the goodwill balance of CZK 800,000, no amount is allocated to the other assets of the cash-generating unit. Goodwill is therefore reduced to CZK 200,000.

Question 30Financial accounting and financial statements (IFRS and Czech GAAP)

Under IAS 2, which cost formula is permitted for inventories of items that are ordinarily interchangeable?

  1. First-in, first-out or weighted average cost Correct answer.
  2. Last-in, first-out only
  3. Replacement cost at the balance sheet date
  4. Specific identification only

Explanation

IAS 2 permits FIFO or weighted average cost for interchangeable items, while specific identification is required for items that are not ordinarily interchangeable. LIFO was removed as a permitted formula under IAS 2. Replacement cost is relevant only as a ceiling in limited circumstances and is not a cost formula.

Question 31Financial accounting and financial statements (IFRS and Czech GAAP)

Under IAS 16, an entity uses the revaluation model for a building. On revaluation, the carrying amount is increased by CZK 500,000 while the asset had previously been written down by CZK 200,000 through profit or loss. How is the increase recognised?

  1. CZK 500,000 in profit or loss
  2. CZK 500,000 in other comprehensive income
  3. CZK 200,000 in profit or loss and CZK 300,000 in other comprehensive income Correct answer.
  4. CZK 200,000 in other comprehensive income and CZK 300,000 in profit or loss

Explanation

IAS 16 requires a revaluation increase to be recognised in other comprehensive income, except to the extent it reverses a previous revaluation decrease for the same asset that was recognised in profit or loss. The CZK 200,000 prior decrease is reversed through profit or loss, and the remaining CZK 300,000 goes to other comprehensive income.

Question 32Financial accounting and financial statements (IFRS and Czech GAAP)

Under IAS 37, a company faces a pending lawsuit. Legal counsel assesses that an outflow is more likely than not, and the best estimate of the obligation is CZK 400,000. How should this be treated?

  1. Disclose a contingent liability without recognition
  2. Recognise a provision of CZK 1,000,000 as the maximum possible loss
  3. Recognise a receivable of CZK 400,000
  4. Recognise a provision of CZK 400,000 Correct answer.

Explanation

IAS 37 requires a provision where a present obligation exists, an outflow of resources is probable (more likely than not), and the amount can be reliably estimated. The best estimate of CZK 400,000 is recognised as a provision. A contingent liability is only disclosed where the outflow is not probable or the amount cannot be estimated reliably.

Question 33Financial accounting and financial statements (IFRS and Czech GAAP)

Under IAS 10, which of the following events occurring after the reporting period but before the financial statements are authorised for issue would require adjustment to the amounts recognised in the financial statements?

  1. A decline in the market value of investments after the reporting date
  2. A fire that destroyed a production facility after the reporting date
  3. A major business combination announced after the reporting date
  4. A court judgment confirming the amount of a liability that existed at the reporting date Correct answer.

Explanation

IAS 10 distinguishes adjusting events, which provide evidence of conditions existing at the reporting date, from non-adjusting events, which concern conditions arising afterwards. A court judgment confirming a liability that already existed at the reporting date is an adjusting event and requires remeasurement. Market declines, business combinations and fires occurring after the reporting date are non-adjusting.

Question 34Financial accounting and financial statements (IFRS and Czech GAAP)

Under IAS 7, which of the following is classified as a cash flow from investing activities?

  1. Proceeds from issuing bonds
  2. Interest paid on borrowings
  3. Purchase of property, plant and equipment for cash Correct answer.
  4. Payment of dividends to shareholders

Explanation

IAS 7 classifies the acquisition and disposal of long-term assets, such as property, plant and equipment, as investing activities. Dividends paid and proceeds from issuing bonds are financing activities. Interest paid may be classified as operating or financing, but it is not an investing cash flow.

Question 35Financial accounting and financial statements (IFRS and Czech GAAP)

An entity has a defined benefit plan with a present value of the obligation of CZK 12,000,000 and fair value of plan assets of CZK 11,000,000. During the year, the net defined benefit liability increased by CZK 300,000 due to interest cost exceeding the return on plan assets. Under IAS 19, how is this net interest recognised?

  1. In other comprehensive income as a remeasurement
  2. In profit or loss as part of employee benefit expense Correct answer.
  3. Directly in retained earnings
  4. As a deduction from the defined benefit obligation without recognition

Explanation

IAS 19 requires the net interest on the net defined benefit liability or asset to be recognised in profit or loss. Remeasurements, including actuarial gains and losses and the return on plan assets excluding amounts included in net interest, are recognised in other comprehensive income. The net interest is not taken to retained earnings directly.

Question 36Financial accounting and financial statements (IFRS and Czech GAAP)

Under IFRS 9, an entity holds a financial asset whose contractual cash flows are solely principal and interest, but the asset is managed in a business model whose objective is to collect cash flows and sell the asset. How is the asset classified and measured?

  1. At fair value through profit or loss
  2. At fair value through other comprehensive income Correct answer.
  3. As an equity instrument
  4. At amortised cost

Explanation

Where the business model is achieved both by collecting contractual cash flows and by selling financial assets, and the cash flows are solely payments of principal and interest, IFRS 9 requires measurement at fair value through other comprehensive income. Amortised cost applies only where the objective is to hold to collect. Fair value through profit or loss applies where the solely-payments test fails or the business model is trading.

Question 37Financial accounting and financial statements (IFRS and Czech GAAP)

Under IAS 12, an entity has deductible temporary differences of CZK 1,000,000 and expects to have sufficient taxable profits in future periods. The tax rate is 21%. How is the deferred tax asset measured and presented?

  1. CZK 210,000 recognised as a deferred tax liability
  2. CZK 210,000 recognised as a deferred tax asset Correct answer.
  3. No deferred tax is recognised until the temporary difference reverses
  4. CZK 1,000,000 recognised as a deferred tax asset

Explanation

IAS 12 requires a deferred tax asset to be recognised for deductible temporary differences to the extent that taxable profit will be available against which the difference can be utilised. The asset is measured at the tax rate expected to apply when the difference reverses, here 21% × 1,000,000 = CZK 210,000. It is not recognised only on reversal.

Question 38Financial accounting and financial statements (IFRS and Czech GAAP)

Under IFRS 16, a lessee recognises a right-of-use asset and a lease liability. Which of the following is included in the initial measurement of the lease liability?

  1. The fair value of the underlying asset at inception
  2. The present value of lease payments not paid at the commencement date, discounted using the interest rate implicit in the lease or the lessee's incremental borrowing rate Correct answer.
  3. The residual value guaranteed by the lessor
  4. The undiscounted total of all lease payments over the lease term

Explanation

IFRS 16 measures the lease liability at the present value of lease payments not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the lessee's incremental borrowing rate. Undiscounted totals, the fair value of the asset and lessor-guaranteed residual values are not the basis for initial measurement.

Question 39Financial accounting and financial statements (IFRS and Czech GAAP)

A Czech entity prepares consolidated financial statements under IFRS and individual statutory statements under Czech GAAP. Which of the following best describes the relationship between the two sets of statements?

  1. The consolidated statements are prepared under IFRS as adopted by the EU, while the individual statutory statements follow Czech GAAP and may differ in measurement and presentation Correct answer.
  2. Czech GAAP and IFRS measurement rules are identical, so no reconciliation is ever needed
  3. The consolidated statements replace the individual statutory statements for all legal purposes
  4. The individual statutory statements must also be prepared under IFRS to ensure consistency

Explanation

A Czech entity whose securities are admitted to trading on a regulated market prepares consolidated financial statements under IFRS as adopted by the EU, while its individual statutory financial statements follow Czech GAAP. The two frameworks differ in measurement and presentation, so figures may not be identical. The individual statements remain legally required and are not replaced by consolidation.

Question 40Financial accounting and financial statements (IFRS and Czech GAAP)

Under IAS 1, an entity presents a statement of financial position. Which of the following is classified as a non-current liability?

  1. A provision expected to be settled in nine months
  2. Accrued interest payable within the next month
  3. A bank loan repayable in three years Correct answer.
  4. Trade payables due within 30 days

Explanation

IAS 1 classifies a liability as non-current where the entity has an unconditional right to defer settlement for at least twelve months after the reporting period. A loan repayable in three years meets this criterion. Trade payables, accrued interest and provisions settled within twelve months are current liabilities.

Question 41Auditing standards, audit methodology and audit risk

Podle ISA 200 je cílem statutárního auditu účetní závěrky získat přiměřenou jistotu o tom, zda účetní závěrka jako celek neobsahuje významnou nesprávnost. Co tato přiměřená jistota v praxi znamená?

  1. Vysokou, nikoli však absolutní úroveň jistoty, která umožňuje vydat výrok auditora Correct answer.
  2. Jistotu podmíněnou tím, že vedení potvrdí úplnost poskytnutých informací v prohlášení
  3. Absolutní záruku, že účetní závěrka neobsahuje žádnou nesprávnost bez ohledu na výši
  4. Střední úroveň jistoty, jež odpovídá rozsahu práce u prověrky účetní závěrky

Explanation

ISA 200 vymezuje přiměřenou jistotu jako vysokou, ale ne absolutní úroveň jistoty. Je to dáno vnitřními omezeními auditu, jako jsou výběrové testování, odhady a riziko, že některé nesprávnosti zůstanou neodhaleny. Absolutní jistota není dosažitelná ani při sebevětším rozsahu práce.

Question 42Auditing standards, audit methodology and audit risk

Která složka rizika významné nesprávnosti je dána charakterem účetní oblasti, transakcí a vnitřního prostředí účetní jednotky bez ohledu na existující kontroly?

  1. Inherentní riziko Correct answer.
  2. Kontrolní riziko
  3. Riziko neodhalení
  4. Riziko výběru vzorku

Explanation

Inherentní riziko vyjadřuje náchylnost tvrzení k významné nesprávnosti před zohledněním souvisejících kontrol. Spolu s kontrolním rizikem tvoří riziko významné nesprávnosti na úrovni tvrzení. Auditor inherentní riziko neovlivňuje, pouze je hodnotí.

Question 43Auditing standards, audit methodology and audit risk

Auditor zjistil, že vedení prodloužilo dobu odpisování výrobní haly z 30 na 50 let, aniž by tuto změnu doložilo odborným posouzením. O jaký typ tvrzení jde především při ověřování odpisů?

  1. Tvrzení o ocenění a alokaci Correct answer.
  2. Tvrzení o existenci
  3. Tvrzení o právech a závazcích
  4. Tvrzení o úplnosti

Explanation

Doba použitelnosti a odpisová sazba určují ocenění majetku v účetní závěrce, proto se ověřuje tvrzení o ocenění a alokaci. Auditor posuzuje přiměřenost účetních odhadů a jejich podložení. Tvrzení o existenci či úplnosti se týká jiných aspektů.

Question 44Auditing standards, audit methodology and audit risk

Významnost byla stanovena na 5 000 000 Kč. Auditor při testování zjistil nesprávnosti v celkové výši 3 200 000 Kč a odhaduje další neopravené nesprávnosti 1 500 000 Kč. Jaký postup je v souladu s ISA 450?

  1. Postačí požádat vedení o nápravu a nesprávnosti dále nesledovat
  2. Nesprávnosti pod hranicí významnosti lze ignorovat a výrok vydat bez dalšího
  3. Auditor musí vyhodnotit kumulativní efekt nesprávností na účetní závěrku a zvážit dopad na výrok Correct answer.
  4. Auditor sníží hranici významnosti tak, aby všechny nesprávnosti převýšily limit

Explanation

ISA 450 vyžaduje, aby auditor kumuloval zjištěné nesprávnosti a vyhodnotil jejich souhrnný dopad na účetní závěrku i na výrok. Součet 4 700 000 Kč se blíží hranici významnosti, takže je nutné posoudit i kvalitativní aspekty. Nelze automaticky předpokládat, že nesprávnosti pod limitem jsou bezvýznamné.

Question 45Auditing standards, audit methodology and audit risk

Který dokument je primárně určen k zaznamenání pochopení účetní jednotky, identifikovaných rizik a plánovaných auditorských postupů?

  1. Prohlášení vedení
  2. Zpráva o nezávislosti
  3. Výrok auditora
  4. Strategie auditu a plán auditu Correct answer.

Explanation

Strategie auditu stanoví celkový rozsah, načasování a zaměření zakázky, plán auditu pak konkretizuje rizika a postupy. Oba dokumenty jsou součástí auditorského spisu podle ISA 300. Zachycují pochopení účetní jednotky a reakci auditora na rizika.

Question 46Auditing standards, audit methodology and audit risk

Auditor provádí testy kontrol u schvalování faktur. Zjistí, že kontrolní postup fungoval ve 92 % testovaných případů, přičemž plánovaná míra odchylek byla 5 %. Jak má auditor reagovat?

  1. Vyhodnotit odchylky jako vyšší než očekávané a přehodnotit spoléhání na kontrolu Correct answer.
  2. Zvýšit spoléhání na kontrolu a snížit rozsah substantivních testů
  3. Považovat odchylky za nevýznamné, protože převažuje správné schválení
  4. Rozšířit vzorek pouze u položek nad hranicí významnosti

Explanation

Míra odchylek výrazně převyšuje plánovanou úroveň, což znamená, že kontrolní riziko je vyšší, než auditor původně předpokládal. Podle ISA 330 musí přehodnotit spoléhání na kontrolu a odpovídajícím způsobem rozšířit substantivní postupy. Nelze pokračovat v původním plánu.

Question 47Auditing standards, audit methodology and audit risk

Která skutečnost představuje riziko podvodu spočívající ve zpronevěře majetku (misappropriation of assets)?

  1. Nesprávné zařazení nákladů do jiného období
  2. Neoprávněné převody peněz z pokladny na osobní účet zaměstnance Correct answer.
  3. Zatajení závazků před bankou
  4. Nadhodnocení výnosů prostřednictvím fiktivních faktur

Explanation

Zpronevěra majetku znamená odcizení nebo neoprávněné použití aktiv účetní jednotky, typicky zaměstnancem. Fiktivní faktury a zkreslování výnosů jsou formou podvodného účetního výkaznictví. ISA 240 rozlišuje tyto dvě základní kategorie podvodu.

Question 48Auditing standards, audit methodology and audit risk

Auditor nemůže získat dostatečné vhodné důkazní informace o existenci a ocenění pohledávek za zahraničním odběratelem v zemi, kde probíhá ozbrojený konflikt. Jaký výrok je nejpravděpodobněji vhodný?

  1. Záporný výrok
  2. Výrok s výhradou nebo odmítnutí výroku podle rozsahu a povahy omezení Correct answer.
  3. Výrok bez výhrad, pokud vedení poskytne prohlášení o úplnosti
  4. Výrok bez výhrad s odstavcem zdůrazňujícím skutečnost

Explanation

Nemožnost získat dostatečné vhodné důkazní informace vede k modifikaci výroku z důvodu omezení rozsahu. Podle ISA 705 auditor vydá výrok s výhradou, je-li možný dopad významný, nebo výrok odmítne, je-li možný dopad rozsáhlý. Prohlášení vedení tuto mezeru v důkazech nenahradí.

Question 49Auditing standards, audit methodology and audit risk

Co je smyslem analytických postupů prováděných při závěrečném přezkumu účetní závěrky podle ISA 520?

  1. Stanovit výši hranice významnosti pro příští období
  2. Nahradit testy detailních transakcí u všech významných účtů
  3. Posoudit, zda účetní závěrka jako celek odpovídá pochopení účetní jednotky Correct answer.
  4. Potvrdit správnost zůstatků u bankovních institucí

Explanation

Závěrečný analytický přezkum slouží k potvrzení konzistence účetní závěrky s pochopením účetní jednotky a k odhalení neobvyklých vztahů. Nejedná se o náhradu substantivních testů ani o bankovní konfirmaci. Výsledky mohou upozornit na potřebu dalších postupů.

Question 50Auditing standards, audit methodology and audit risk

Auditor plánuje výběr vzorku položek z populace faktur. Který faktor nejvíce ovlivní velikost vzorku při dané hladině rizika?

  1. Počet zaměstnanců účetního oddělení
  2. Počet let, po které účetní jednotka existuje
  3. Barva a formát tištěných faktur
  4. Očekávaná míra odchylek a míra spolehlivosti požadovaná auditorem Correct answer.

Explanation

Velikost vzorku závisí především na požadované míře spolehlivosti, očekávané míře odchylek a tolerovatelné míře odchylek. Vyšší očekávaná odchylka nebo vyšší požadovaná spolehlivost zvětšují vzorek. Ostatní uvedené faktory nemají na výběr vzorku přímý vliv.