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(ii) Explain how the inclusion of rental income in Coral’s UK income tax computation could

(ii) Explain how the inclusion of rental income in Coral’s UK income tax computation could affect the

income tax due on her dividend income. (2 marks)

You are not required to prepare calculations for part (b) of this question.

Note: you should assume that the tax rates and allowances for the tax year 2006/07 and for the financial year to

31 March 2007 will continue to apply for the foreseeable future.

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第1题

(ii) Explain how the existing product range and the actions per Note (3) would feature in

(ii) Explain how the existing product range and the actions per Note (3) would feature in Ansoff’s

product-market matrix. (7 marks)

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第2题

(ii) Explain the income tax (IT), national insurance (NIC) and capital gains tax (CGT) imp

(ii) Explain the income tax (IT), national insurance (NIC) and capital gains tax (CGT) implications arising on

the grant to and exercise by an employee of an option to buy shares in an unapproved share option

scheme and on the subsequent sale of these shares. State clearly how these would apply in Henry’s

case. (8 marks)

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第3题

Following a competitive tender, your audit firm Cal & Co has just gained a new audit c
lient Tirrol Co. You are the manager in charge of planning the audit work. Tirrol Co’s year end is 30 June 2009 with a scheduled date to complete the audit of 15 August 2009. The date now is 3 June 2009.

Tirrol Co provides repair services to motor vehicles from 25 different locations. All inventory, sales and purchasing systems are computerised, with each location maintaining its own computer system. The software in each location is

the same because the programs were written specifically for Tirrol Co by a reputable software house. Data from each location is amalgamated on a monthly basis at Tirrol Co’s head office to produce management and financial accounts.

You are currently planning your audit approach for Tirrol Co. One option being considered is to re-write Cal & Co’s audit software to interrogate the computerised inventory systems in each location of Tirrol Co (except for head office)

as part of inventory valuation testing. However, you have also been informed that any computer testing will have to be on a live basis and you are aware that July is a major holiday period for your audit firm.

Required:

(a) (i) Explain the benefits of using audit software in the audit of Tirrol Co; (4 marks)

(ii) Explain the problems that may be encountered in the audit of Tirrol Co and for each problem, explain

how that problem could be overcome. (10 marks)

(b) Following a discussion with the management at Tirrol Co you now understand that the internal audit department are prepared to assist with the statutory audit. Specifically, the chief internal auditor is prepared to provide you with documentation on the computerised inventory systems at Tirrol Co. The documentation provides details of the software and shows diagrammatically how transactions are processed through the inventory system. This documentation can be used to significantly decrease the time needed to understand the computer systems and enable audit software to be written for this year’s audit.

Required:

Explain how you will evaluate the computer systems documentation produced by the internal audit

department in order to place reliance on it during your audit. (6 marks)

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第4题

(ii) Identify and explain the principal audit procedures to be performed on the valuation

(ii) Identify and explain the principal audit procedures to be performed on the valuation of the investment

properties. (6 marks)

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第5题

(ii) Explain the ethical tensions between these roles that Anne is now experiencing. (4 ma

(ii) Explain the ethical tensions between these roles that Anne is now experiencing. (4 marks)

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第6题

Section A暂缺Section B – ALL SIX questions are compulsory and MUST be attemptedYou are an

Section A暂缺

Section B – ALL SIX questions are compulsory and MUST be attempted

You are an audit manager of Pink Partners & Co (Pink) and are planning the audit of Golden Finance Co (Golden), a banking institution which provides a range of financial services including loans. Your firm has audited Golden for four years and the company’s year end is 30 September 2015.

At the end of August, Golden’s financial controller left and the new replacement is not due to start until approximately two months after the year end. The finance director, who is the sister-in-law of the audit engagement partner, has asked if a member of the audit team can be seconded to Golden for three months to act as the temporary financial controller.

You are aware that a number of the audit team members currently bank with Golden and two team members have significant loans owing to the company.

Pink’s taxation department also provides services to Golden. They have been approached by Golden to represent them in negotiations to resolve some outstanding issues with the taxation authorities, for which the fees quoted are substantial.

The finance director has informed the audit engagement partner that when the audit is complete, she would like the whole team to attend an evening watching the national football team play a match followed by a luxury meal.

Required:

Using the information above:

(i) Identify and explain FIVE ethical threats which may affect the independence of Pink Partners & Co’s audit of Golden Finance Co; and

(ii) For each threat, explain how it might be reduced to an acceptable level.

Note: The total marks will be split equally between each part.

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第7题

You are an audit senior of Beech & Co and have been allocated to the audit of Willow W
ands Co (Willow), a listed company which has been an audit client for eight years and specialises in manufacturing musical instruments.

Bethan Oak was the audit engagement partner for Willow and as she had completed seven years as the audit engagement partner, she has recently been rotated off the audit engagement. The current audit partner, Sandeep Pine, has suggested that in order to maintain a close relationship with Willow, Bethan should undertake the role of independent review partner this year. In addition Willow has requested that Bethan assist them by attending their audit committee meetings, as a non-executive director has recently left the company.

Willow has also asked Sandeep and the other partners at Beech & Co to help them in recruiting a new non-executive director.

The total fees received by Beech & Co for last year equated to 16% of the firm’s total fee income. The current year’s audit fee has not yet been confirmed, but along with taxation and other possible non-audit fees the total income from Willow this year could be greater than for last year. Last year’s audit fee was being paid monthly by Willow but no payments have been made for the last three months.

The audit manager for Willow has just announced that he is leaving Beech & Co to join Willow as the financial controller.

Required:

Using the information above:

(i) Identify and explain FIVE ethical threats which may affect the independence of Beech & Co’s audit of Willow Wands Co; and

(ii) For each threat explain how it might be reduced to an acceptable level.

Note: The total marks will be split equally between each part.

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第8题

(ii) Explain the accounting treatment under IAS39 of the loan to Bromwich in the financial

(ii) Explain the accounting treatment under IAS39 of the loan to Bromwich in the financial statements of

Ambush for the year ended 30 November 2005. (4 marks)

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第9题

He tried to give us a quick____ (explain)of how the machine worke

He tried to give us a quick____ (explain)of how the machine worked.

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