2020年ACCA考试审计与认证业务(基础)精选考点(8)
发布时间:2020-10-18
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1. COMMON PAYROLL FRAUDS
Even companies that appear to have good
internal controls can suffer from instances of fraud. The most common payroll
frauds include:
a) The inclusion of fictitious (ghost)
employees on the payroll
b) Deliberate timing errors
c) Requesting a cheese for net wages in
excess of the required amount.
d) Payment of unauthorized/invalid overtime
2. AUDIT WORK ON WAGES
Most of the audit work on the wages system
should be performed during the interim audit but some substantive procedures to
confirm payroll costs and wage accruals should normally form part of the final
audit.
Interim audit work on wages should involve
the normal stages of recording, evaluating and testing internal controls.
3. WAGES CONTROL OBJECTIVES
Typical control objectives for wages
include the following:
a) To ensure that employees are only paid
for work done.
b) To ensure that wages are only paid to
valid employees.
c) To ensure that all wages are authorized
d) To ensure that wages are paid at the
correct rates of pay
e) To ensure that wages are correctly
calculated.
f) To ensure all wages transactions are
correctly recorded in the books of account.
g) To ensure that all payroll deductions
are paid over to appropriate third parties (for example, tax authorities)
4. EVALUATION OF THE INTERNAL CONTROL
SYSTEM
The evaluation should be performed by
considering if controls exist to ensure specified control objectives are met.
Auditors often complete questionnaires to
assist in system evaluation. Internal Control Questionnaires (ICQs) ask
specific questions about controls relevant to each control objective. The
alternative is an Internal Control Evaluation Questionnaire (ICEQs), sometimes
referred to as key or control questions, which focus on risks rather than
objectives. They cover the same areas as control objectives and typical
examples include:
a) Can employees be paid for work not done?
b) Can wages be paid to fictitious
employees?
c) Can unauthorized wages be paid?
d) Can errors occur in wage calculations?
e) Can wage costs be incorrectly recorded?
5. STAGES IN A WAGES SYSTEM
Five stages are shown below and typical
controls identified are linked to relevant control objectives.
(i) Setting up master file data
(ii) Recording wages due
(iii) Calculation of wages
(iv) Payment of wages
(v) Accounting for wage costs and
deductions
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3 Palm plc recently acquired 100% of the ordinary share capital of Nikau Ltd from Facet Ltd. Palm plc intends to use
Nikau Ltd to develop a new product range, under the name ‘Project Sabal’. Nikau Ltd owns shares in a non-UK
resident company, Date Inc.
The following information has been extracted from client files and from a meeting with the Finance Director of Palm
plc.
Palm plc:
– Has more than 40 wholly owned subsidiaries such that all group companies pay corporation tax at 30%.
– All group companies prepare accounts to 31 March.
– Acquired Nikau Ltd on 1 November 2007 from Facet Ltd, an unrelated company.
Nikau Ltd:
– UK resident company that manufactures domestic electronic appliances for sale in the European Union (EU).
– Large enterprise for the purposes of the enhanced relief available for research and development expenditure.
– Trading losses brought forward as at 1 April 2007 of £195,700.
– Budgeted taxable trading profit of £360,000 for the year ending 31 March 2008 before taking account of ‘Project
Sabal’.
– Dividend income of £38,200 will be received in the year ending 31 March 2008 in respect of the shares in Date
Inc.
‘Project Sabal’:
– Development of a range of electronic appliances, for sale in North America.
– Project Sabal will represent a significant advance in the technology of domestic appliances.
– Nikau Ltd will spend £70,000 on staffing costs and consumables researching and developing the necessary
technology between now and 31 March 2008. Further costs will be incurred in the following year.
– Sales to North America will commence in 2009 and are expected to generate significant profits from that year.
Shares in Date Inc:
– Nikau Ltd owns 35% of the ordinary share capital of Date Inc.
– The shares were purchased from Facet Ltd on 1 June 2003 for their market value of £338,000.
– The sale was a no gain, no loss transfer for the purposes of corporation tax.
– Facet Ltd purchased the shares in Date Inc on 1 March 1994 for £137,000.
Date Inc:
– A controlled foreign company resident in the country of Palladia.
– Annual chargeable profits arising out of property investment activities are approximately £120,000, of which
approximately £115,000 is distributed to its shareholders each year.
The tax system in Palladia:
– No taxes on income or capital profits.
– 4% withholding tax on dividends paid to shareholders resident outside Palladia.
Required:
(a) Prepare detailed explanatory notes, including relevant supporting calculations, on the effect of the following
issues on the amount of corporation tax payable by Nikau Ltd for the year ending 31 March 2008.
(i) The costs of developing ‘Project Sabal’ and the significant commercial changes to the company’s
activities arising out of its implementation. (8 marks)
(a) Nikau Ltd – Effect on corporation tax payable for the year ending 31 March 2008
(i) Project Sabal
Research and development expenditure
The expenditure incurred in respect of research and development will give rise to an enhanced deduction for the
purposes of computing the taxable trading profits of Nikau Ltd. The enhanced deduction is 125% of the qualifying
expenditure as Nikau Ltd is a large enterprise for this purpose.
The expenditure will reduce the profits chargeable to corporation tax of Nikau Ltd by £87,500 (£70,000 x 1·25) and
its corporation tax liability by £26,250 (£87,500 x 30%).
The budgeted expenditure will qualify for the enhanced deduction because it appears to satisfy the following conditions.
– It is likely to qualify as research and development expenditure within generally accepted accounting principles as
it will result in new technical knowledge and the production of a substantially improved device for use in the
industry.
– It exceeds £10,000 in Nikau Ltd’s accounting period.
– It relates to staff costs, consumable items or other qualifying expenditure as opposed to capital items.
– It will result in further trading activities for Nikau Ltd.
Use of brought forward trading losses
The development of products for the North American market is likely to represent a major change in the nature and
conduct of the trade of Nikau Ltd. This is because the company is developing new products and intends to sell them in
a new market. It is a major change as sales to North America are expected to generate significant additional profits.
Because this change will occur within three years of the change in the ownership of Nikau Ltd on 1 November 2007,
any trading losses arising prior to that date cannot be carried forward beyond that date.
Accordingly, the trading losses brought forward may only be offset against £158,958 ((£360,000 – £87,500) x 7/12)
of the company’s trading profits for the year. The remainder of the trading losses £36,742 (£195,700 – £158,958) will
be lost resulting in lost tax relief of £11,023 (£36,742 x 30%).
Tutorial note
The profits for the year ending 31 March 2008 will be apportioned to the periods pre and post 1 November 2007 on
either a time basis or some other basis that is just and reasonable.
5 (a) ‘In the case of an assurance engagement it is in the public interest and, therefore, required by this Code of Ethics,
that members of assurance teams … be independent of assurance clients’.
IFAC Code of Ethics for Professional Accountants
Required:
Define the term ‘assurance team’. (3 marks)
5 ETHICS COLUMN
(a) ‘Assurance team’
■ All members of the engagement team (for the assurance engagement);
■ All others within a firm who can directly influence the outcome of the assurance engagement, for example:
– those who recommend the compensation of, or who provide direct supervisory, management or other oversight of
the assurance engagement partner in connection with the performance of the assurance engagement;
– those who provide consultation regarding technical or industry specific issues, transactions or events for the
assurance engagement; and
– those who provide quality control for the assurance.
(b) Determine whether your decision in (a) would change if you were to use each of the Maximin and Minimax
regret decision criteria.
Your answer should be supported by relevant workings. (6 marks)
(b) Both divisions have recognised the need for a strategic alliance to help them achieve a successful entry into
European markets.
Critically evaluate the advantages and disadvantages of the divisions using strategic alliances to develop their
respective businesses in Europe. (15 marks)
(b) Johnson, Scholes and Whittington define a strategic alliance as ‘where two or more organisations share resources and
activities to pursue a strategy’. There are a number of types of alliance ranging from a formal joint venture through to networks
where there is collaboration but no formal agreement. The type of strategic alliance will be affected by how quickly market
conditions are changing – swift rates of change may require flexible less formal types of alliance and determine whether
specific dedicated resources are required or whether the partners can use existing resources. Johnson, Scholes and
Whittington argue that for an alliance to be successful there needs to be a clear strategic purpose and senior management
support; compatibility between the partners at all levels – this may be complicated if it is a cross-border alliance; time spent
defining and meeting performance expectations including clear goals, governance and organisational arrangements; and
finally trust both in terms of respective competences and trustworthiness.
6D–ENGAA
Paper 3.5
6D–ENGAA
Paper 3.5
The advantages that may be gained by a successful strategic alliance include creating a joint operation that has a ‘critical
mass’ that may lead to lower costs or an improved offer to the customer. It may also allow each partner to specialise in areas
where they have a particular advantage or competence. Interestingly, alliances are often entered into where a company is
seeking to enter new geographical markets, as is the case with both divisions. The partner brings local knowledge and
expertise in distribution, marketing and customer support. A good strategic alliance will also enable the partners to learn from
one another and develop competences that may be used in other markets. Often firms looking to develop an e-business will
use an alliance with a partner with experience in website development. Once its e-business is up and running a firm may
eventually decide to bring the website design skills in-house and acquire the partner.
Disadvantages of alliances range from over-dependence on the partner, not developing own core competences and a tendency
for them not to have a defined end date. Clearly there is a real danger of the partner eventually becoming a competitor.
In assessing the suitability for each division in using a strategic alliance to enter European markets one clearly has to analyse
the very different positions of the divisions in terms of what they can offer a potential partner. The earlier analysis suggests
that the Shirtmaster division may have the greater difficulty in attracting a partner. One may seriously question the feasibility
of using the Shirtmaster brand in Europe and the competences the division has in terms of manufacturing and selling to large
numbers of small independent UK clothing retailers would seem inappropriate to potential European partners. Ironically, if
the management consultant recommends that the Shirtmaster division sources some or all of its shirts from low cost
manufacturers in Europe this may provide a reason for setting up an alliance with such a manufacturer.
The prospects of developing a strategic alliance in the Corporate Clothing division are much more favourable. The division
has developed a value added service for its corporate customers, indeed its relationship with its customers can be seen as a
relatively informal network or alliance and there seems every chance this could be replicated with large corporate customers
in Europe. Equally, there may be European workwear companies looking to grow and develop who would welcome sharingthe Corporate Clothing division’s expertise.
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