速看：2020年山西ACCA考试成绩查询有关事宜

4 (a) ISA 701 Modifications to The Independent Auditor’s Report includes ‘suggested wording of modifying phrases

for use when issuing modified reports’.

Required:

Explain and distinguish between each of the following terms:

(i) ‘qualified opinion’;

(ii) ‘disclaimer of opinion’;

(iii) ‘emphasis of matter paragraph’. (6 marks)

4 You are an audit manager in Nate & Co, a firm of Chartered Certified Accountants. You are reviewing three situations,

which were recently discussed at the monthly audit managers’ meeting:

(1) Nate & Co has recently been approached by a potential new audit client, Fisher Co. Your firm is keen to take the

appointment and is currently carrying out client acceptance procedures. Fisher Co was recently incorporated by

Marcellus Fisher, with its main trade being the retailing of wooden storage boxes.

(2) Nate & Co provides the audit service to CF Co, a national financial services organisation. Due to a number of

errors in the recording of cash deposits from new customers that have been discovered by CF Co’s internal audit

team, the directors of CF Co have requested that your firm carry out a review of the financial information

technology systems. It has come to your attention that while working on the audit planning of CF Co, Jin Sayed,

one of the juniors on the audit team, who is a recent information technology graduate, spent three hours

providing advice to the internal audit team about how to improve the system. As far as you know, this advice has

not been used by the internal audit team.

(3) LA Shots Co is a manufacturer of bottled drinks, and has been an audit client of Nate & Co for five years. Two

audit juniors attended the annual inventory count last Monday. They reported that Brenda Mangle, the new

production manager of LA Shots Co, wanted the inventory count and audit procedures performed as quickly as

possible. As an incentive she offered the two juniors ten free bottles of ‘Super Juice’ from the end of the

production line. Brenda also invited them to join the LA Shots Co office party, which commenced at the end of

the inventory count. The inventory count and audit procedures were completed within two hours (the previous

year’s procedures lasted a full day), and the juniors then spent four hours at the office party.

Required:

(a) Define ‘money laundering’ and state the procedures specific to money laundering that should be considered

before, and on the acceptance of, the audit appointment of Fisher Co. (5 marks)

2 Assume that today’s date is 1 July 2005.

Jan is aged 45 and single. He is of Danish domicile but has been working in the United Kingdom since 1 May 2004

and intends to remain in the UK for the medium to long term. Although Jan worked briefly in the UK in 1986, he

has forgotten how UK taxation works and needs some assistance before preparing his UK income tax return.

Jan’s salary from 1 May 2004 was ￡74,760 per annum. Jan also has a company car – a Jaguar XJ8 with a list price

of ￡42,550 including extras, and CO2 emissions of 242g/km. The car was available to him from 1 July 2004. Free

petrol is provided by the company. Jan has other taxable benefits amounting to ￡3,965.

Jan’s other 2004/05 income comprises:

￡

Dividend income from UK companies (cash received) 3,240

Interest received on an ISA account 230

Interest received on a UK bank account 740

Interest remitted from an offshore account (net of 15% withholding tax) 5,100

Income remitted from a villa in Portugal (net of 45% withholding tax) 4,598

The total interest arising on the offshore account was ￡9,000 (gross). In addition, Jan has not remitted other

Portuguese rental income arising in the year, totalling a further ￡1,500 (gross).

Jan informs you that his employer is thinking of providing him with rented accommodation while he looks for a house

to buy. The accommodation would be a two bedroom flat, valued at ￡155,000 with an annual value of ￡6,000. It

would be made available from 6 August 2005. The company will pay the rent of ￡600 per month for the first six

months. All other bills will be paid by Jan.

Jan also informs you that he has 25,000 ordinary shares in Gilet Ltd (‘Gilet’), an unquoted UK trading company. He

has held these shares since August 1986 when he bought 2,500 shares at ￡4.07 per share. In January 1994, a

bonus issue gave each shareholder nine shares for each ordinary share held. In the last week all Gilet’s shareholders

have received an offer from Jumper plc (‘Jumper’) who wishes to acquire the shares. Jumper has offered the following:

– 3 shares in Jumper (currently trading at ￡3.55 per share) for every 5 shares in Gilet, and

– 25p cash per share

Required:

(a) Calculate Jan’s 2004/05 income tax (IT) payable. (11 marks)