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(ii) Set out the information required by Jane in connection with the administration of the company’s tax
affairs and identify any penalties that may already be payable. (3 marks)
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更多 “ (ii) Set out the information required by Jane in connection with the administration of the company’s taxaffairs and identify any penalties that may already be payable. (3 marks) ” 相关考题
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6 The accountant communicates information to others in reports and statements. Understanding the nature andimportance of communication is therefore an important part of the accountant’s role.Required:(a) Explain the importance of good communication. (5 marks)
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2 David Gould set up his accounting firm, providing accounting services to small businesses, in 2001. Within threeyears his fee income was in excess of ￡100K a year and he had nearly 100 clients most of whom had been gainedthrough word of mouth. David recognised that these small or micro businesses, typically employing ten or fewerpeople, were receiving less than satisfactory service from their current accountants. These accounting firms typicallyhad between five and ten partners and operated regionally and not nationally. Evidence of poor service includedlimited access to their particular accountant, poor response time to clients’ enquiries and failure to identifyopportunities to save clients money. In addition bad advice, lack of interest in business development opportunities forthe client and poor internal communication between the partners and their staff contributed to client dissatisfaction.David has deliberately kept the costs of the business down by employing three part-time accountants and relying onhis wife to run the office.David had recently met Ian King who ran a similar sized accounting firm. The personal chemistry between the twoand complementary skills led to a partnership being proposed. Gould and King Associates, subject to securing thenecessary funding, is to be launched in September 2006. David is to focus on the business development side of thepartnership and Ian on the core services provided. Indicative of their creative thinking is David’s conviction thataccounting services are promoted very inadequately with little attempt to communicate with clients using the Internet.He is also convinced that there are real opportunities for the partnership to move into new areas such as providingaccountancy services for property developers, both at home and abroad. Ian feels that the partnership should set upits own subsidiary in India, enjoying the benefits of much cheaper accountancy staff and avoiding the costs andcomplications of outsourcing their core accounting services. Ian sees fee income growing to ￡2 million in five years’time.David has been asked by his bank to provide it with a business plan setting out how the partnership intends to growand develop.Required:(a) Write a short report for David giving the key features that you consider to be important and that you wouldexpect to see in the business plan for the Gould and King partnership that David has to present to his bank.(12 marks)
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(c) the deferred tax implications (with suitable calculations) for the company which arise from the recognitionof a remuneration expense for the directors’ share options. (7 marks)
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3 Susan Paullaos was recently appointed as a non-executive member of the internal audit committee of Gluck andGoodman, a public listed company producing complex engineering products. Barney Chester, the executive financedirector who chairs the committee, has always viewed the purpose of internal audit as primarily financial in natureand as long as financial controls are seen to be fully in place, he is less concerned with other aspects of internalcontrol. When Susan asked about operational controls in the production facility Barney said that these were not theconcern of the internal audit committee. This, he said, was because as long as the accounting systems and financialcontrols were fully functional, all other systems may be assumed to be working correctly.Susan, however, was concerned with the operational and quality controls in the production facility. She spoke toproduction director Aaron Hardanger, and asked if he would be prepared to produce regular reports for the internalaudit committee on levels of specification compliance and other control issues. Mr Hardanger said that the internalaudit committee had always trusted him because his reputation as a manager was very good. He said that he hadnever been asked to provide compliance evidence to the internal audit committee and saw no reason as to why heshould start doing so now.At board level, the non-executive chairman, George Allejandra, said that he only instituted the internal audit committeein the first place in order to be seen to be in compliance with the stock market’s requirement that Gluck and Goodmanshould have one. He believed that internal audit committees didn’t add materially to the company. They were, hebelieved, one of those ‘outrageous demands’ that regulatory authorities made without considering the consequencesin smaller companies nor the individual needs of different companies. He also complained about the need to have aninternal auditor. He said that Gluck and Goodman used to have a full time internal auditor but when he left a yearago, he wasn’t replaced. The audit committee didn’t feel it needed an internal auditor because Barney Chester believedthat only financial control information was important and he could get that information from his managementaccountant.Susan asked Mr Allejandra if he recognised that the company was exposing itself to increased market risks by failingto have an effective audit committee. Mr Allejandra said he didn’t know what a market risk was.Required:(a) Internal control and audit are considered to be important parts of sound corporate governance.(i) Describe FIVE general objectives of internal control. (5 marks)
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(ii) Calculate the minimum target contribution to sales ratio (%) at which ‘Nellie the Elephant’ will befinancially viable, assuming that all other data remain unchanged. (4 marks)
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3 You are the manager responsible for the audit of Lamont Co. The company’s principal activity is wholesaling frozenfish. The draft consolidated financial statements for the year ended 31 March 2007 show revenue of $67·0 million(2006 – $62·3 million), profit before taxation of $11·9 million (2006 – $14·2 million) and total assets of$48·0 million (2006 – $36·4 million).The following issues arising during the final audit have been noted on a schedule of points for your attention:(a) In early 2007 a chemical leakage from refrigeration units owned by Lamont caused contamination of some of itsproperty. Lamont has incurred $0·3 million in clean up costs, $0·6 million in modernisation of the units toprevent future leakage and a $30,000 fine to a regulatory agency. Apart from the fine, which has been expensed,these costs have been capitalised as improvements. (7 marks)Required:For each of the above issues:(i) comment on the matters that you should consider; and(ii) state the audit evidence that you should expect to find,in undertaking your review of the audit working papers and financial statements of Lamont Co for the year ended31 March 2007.NOTE: The mark allocation is shown against each of the three issues.
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