2020年ACCA考试审计与认证业务（基础）精选考点(2)

发布时间：2020-10-18

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AUDIT RISK

valuation of inventory – when, for example, there are considerable levels of aged inventory completeness of liabilities – this could arise if provisions have been incorrectly treated as contingent liabilities completeness of revenue – this could be relevant where the entity being audited has significant cash sales.

Responses to audit risks

Having identified the audit risk candidates are often required to identify the relevant response to these risks. A common mistake made by candidates is to provide a response that management would adopt rather than the auditor. From Question 3b June 2011, in relation to the risk of valuation of receivables, as Donald Co had a number of receivables who were struggling to pay, many candidates suggested that management needed to chase these outstanding customers. This is not a response that the auditor would adopt, as they would be focused on testing valuation through after date cash receipts or reviewing the aged receivables ledger.

Auditor’s responses should focus on how the team will obtain evidence to reduce the risks identified to an acceptable level. Their objective is confirming whether the financial statement assertions have been adhered to, and whether the financial statements are true and fair.

Responses are not as detailed as audit procedures; instead they relate to the approach the auditor will adopt to confirm whether the transactions or balances are materially misstated. Therefore, in relation to the risk of going concern, the response is to focus on performing additional going concern procedures, such as reviews of cash flow forecasts.

Also, auditor responses should not be too vague such as ‘increase substantive testing’ without making it clear how, or in what area, this would be addressed.

In addition, candidates’ must ensure that they do not provide impractical responses. A common example of this is to request directly from the company’s bank as to whether the bank will provide a loan or renew a bank overdraft. The bank is not going to provide this type of information to the auditor, especially if they have not yet informed the company, and therefore this response will not generate any marks.

Limited range of risks identified In order to score well in risk questions it is advisable to aim to identify a breadth of points from the question scenario. If the question asks for a specific number of audit risks, such as five, then it is not sufficient to identify just one or two risks. In addition, a common mistake is to identify a risk such as going.

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下面小编为大家准备了 ACCA考试 的相关考题，供大家学习参考。

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(ii) Using the previous overhead allocation basis (as per note 4), calculate the budgeted profit/(loss)

attributable to each type of service for the year ending 31 December 2006 and comment on the results

obtained using the previous and revised methods of overhead allocation. (5 marks)

正确答案：

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22 Which of the following statements about limited liability companies’ accounting is/are correct?

1 A revaluation reserve arises when a non-current asset is sold at a profit.

2 The authorised share capital of a company is the maximum nominal value of shares and loan notes the company

may issue.

3 The notes to the financial statements must contain details of all adjusting events as defined in IAS10 Events after

the balance sheet date.

A All three statements

B 1 and 2 only

C 2 and 3 only

D None of the statements

正确答案：D

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3 Damian is the finance director of Linden Limited, a medium sized, unquoted, UK trading company, with a 31 July

year end. Damian personally owns 10% of the ordinary issued share capital of Linden Limited, for which he paid

￡10,000 in June 1998. He estimates that the current market value of Linden Limited is ￡9 million and that the

company will make taxable profits of ￡1·4 million in the forthcoming year to 31 July 2007.

(a) Damian believes that Linden Limited should conduct its activities in a socially responsible manner and to this

end has proposed that in future all cars purchased by the company should be low emission vehicles. The sales

director has stated that several of his staff, who are the main recipients of company cars, other than the directors,

are extremely unhappy with this proposal, perceiving it as downgrading their value and status.

The cars currently provided to the sales staff have a list price of ￡19,600, on which Linden Limited receives a

bulk purchase discount of 6% from the dealer, and a CO2 emission rate of 168 grams/kilometre. The company

pays for up to ￡400 of accessories, of the salesmen’s own choice to be fitted to the cars and all of the running

costs, including private petrol. The cars are replaced every three years and the ‘old’ cars are sold at auction,

because they are high mileage vehicles.

The low emission cars it is proposed to purchase will have the same list price as the current cars, but the dealer

is only prepared to offer a bulk discount of 5% on these vehicles. Damian does not propose to make any other

changes to Linden Limited’s company car policy or practice.

Required:

(i) Explain the tax consequences of the proposed move to low emission vehicles for both the individual

salesmen and Linden Limited, illustrating your answer by means of relevant calculations of the tax and

national insurance (NIC) savings arising. (9 marks)

正确答案：
(a) (i) Individual salesmen
The taxable benefit is determined by the list price of the vehicle plus the cost of the accessories (￡20,000) and the CO2
emission rate. The current vehicles have a CO2 emission rate of 168 grams/kilometre, so the benefit will be calculated
at the rate of 20% ((168 – 140)/5 + 15), resulting in a total annual car and car fuel benefit charge of ￡6,880 (20,000
x 20% + 14,400 x 20%). The low emission vehicles will be chargeable at the basic percentage rate of 15% resulting
in a total annual car and fuel benefit charge of ￡5,160 (20,000 x 15% + 14,400 x 15%). The salesmen will thus
make an annual income tax saving at their marginal rate of tax, i.e. ￡378 (1,720 x 22%) if they are basic rate taxpayers
and ￡688 (1,720 x 40%) if they are higher rate taxpayers.
Linden Limited
The current vehicles will be classed as ‘expensive’ cars based on the discounted list price plus the cost of the accessories
of ￡18,824 (19,600 x 94% + 400). The annual writing down allowances will thus be restricted to ￡3,000 throughout
the period of ownership, but there will be no restriction of the balancing allowance available on disposal. The low
emission vehicles will be eligible for a 100% first year allowance of ￡19,020 (19,600 x 95% + 400), but there will
also be a balancing charge on disposal equivalent to the sales proceeds. Therefore, the total of the allowances available
over the life of the cars will be effectively the same in both cases. As a single company with taxable profits of
￡1·4 million, Linden Limited will pay corporation tax at the small companies marginal rate of 32·75% in the year to
31 July 2007, giving a tax benefit in that year of ￡5,247 for each low emission car purchased ((19,020 – 3,000) x
32·75%).
The company will also make an annual saving in terms of the Class 1A national insurance contributions payable on the
salesmen’s benefits of ￡220 ((6,880 – 5,160) x 12·8%). But, as these Class 1A contributions are deductible for
corporation tax, the net saving will only be ￡205 (220 x (100 – 32·75)%).
As the VAT liability payable on the provision of private fuel is based on engine capacity (not the CO2 emission rate) this
will not necessarily be affected.

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