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正确答案：
3 Pulp Co
(a) Identification of related parties
Related parties and associated transactions are often difficult to identify, as it can be hard to establish exactly who, or what,
are the related parties of an entity. IAS 24 Related Party Disclosures contains definitions which in theory serve to provide a
framework for identifying related parties, but deciding whether a definition is met can be complex and subjective. For example,
related party status can be obtained via significant interest, but in reality it can be difficult to establish the extent of influence
that potential related parties can actually exert over a company.
The directors may be reluctant to disclose to the auditors the existence of related parties or transactions. This is an area of
the financial statements where knowledge is largely confined to management, and the auditors often have little choice but to
rely on full disclosure by management in order to identify related parties. This is especially the case for a close family member
of those in control or having influence over the entity, whose identity can only be revealed by management.
Identification of material related party transactions
Related party transactions may not be easy to identify from the accounting systems. Where accounting systems are not
capable of separately identifying related party transactions, management need to carry out additional analysis, which if not
done makes the transactions extremely difficult for auditors to find. For example sales made to a related party will not
necessarily be differentiated from ‘normal’ sales in the accounting systems.
Related party transactions may be concealed in whole, or in part, from auditors for fraudulent purposes. A transaction may
not be motivated by normal business considerations, for example, a transaction may be recognised in order to improve the
appearance of the financial statements by ‘window dressing’. Clearly if the management is deliberately concealing the true
nature of these items it will be extremely difficult for the auditor to discover the rationale behind the transaction and to consider
the impact on the financial statements.
Finally, materiality is a difficult concept to apply to related party transactions. Once a transaction has been identified, the
auditor must consider whether it is material. However, materiality has a particular application in this situation. ISA 550
Related Parties states that the auditor should consider the effect of a related party transaction on the financial statements.
The problem is that a transaction could occur at an abnormally small, even nil, value. Determining materiality based on
monetary value is therefore irrelevant, and the auditor should instead be alert to the unusual nature of the transaction making
it material.

正确答案：
(b) Late filing of VAT returns
The late filing of two or more VAT returns within the period of one year will give rise to a default surcharge. This occurs when
either
– The return is late and/or
– The payment is late.
Customs & Excise will serve a surcharge liability notice on the taxpayer when a single return is filed late and/or the VAT due
is paid late. The surcharge period will run from the date of notice to the anniversary of the quarter end of the period in which
the trader is in default.
Any further defaults within the surcharge period will extend the surcharge period.
If there is a late payment of VAT in the surcharge period, a surcharge will be levied at the rate of 2% on the first occasion,
rising progressively to a maximum of 15% if there are several defaults. One complete year of correct compliance is necessary
to escape the default surcharge regime.
For Flop Ltd, the surcharge period originally ran to 31 December 2005 but was extended to 31 March 2006 as the second
return is late. This could be extended again if the June return is late. The second default (31 March return) will give rise to
a 2% surcharge, based on the tax paid late of ￡24,000. This gives a surcharge of ￡480. This exceeds the de minimus level
of ￡400, so will be collected.
To avoid a further surcharge, the VAT return to 30 June 2005 should be submitted by 31 July at the latest. This would save
5% x ￡8,250 = ￡412.
In addition, Flop Ltd should obtain a refund of the VAT on the bad debt. Relief is available where;
(i) the debt is more than six months old, and
(ii) the debt has been written off in the creditor’s accounts.
The claim must be made within three years. The amount of VAT repayable is 17·5% of ￡50,000 = ￡8,750. If this is claimed
though the VAT return to 30 June 2005, there should be a net VAT repayment of (￡8,250 - ￡8,750) = ￡500. Even if this
return is submitted late, the fact that no VAT is outstanding means that there will be no surcharge actually payable (as
calculated above), but the surcharge period will nevertheless be extended.

正确答案：
(b) An environmental report allows an organisation to communicate with different stakeholders. The benefits of an environmental
report include:
(i) evaluating environmental performance can highlight inefficiencies in operations and help to improve management
systems. Beth could identify opportunities to reduce resource use, waste and operating costs.
(ii) communicating the efforts being made to improve social and environmental performance can foster community support
for a business and can also contribute towards its reputation as a good corporate citizen. At present Beth has a poor
reputation in this regard.
(iii) reporting efforts to improve the organisation’s environmental, social and economic performance can lead to increased
consumer confidence in its products and services.
(iv) commitment to reporting on current impacts and identifying ways to improve environmental performance can improve
relationships with regulators, and could reduce the potential threat of litigation which is hanging over Beth.
(v) investors, financial analysts and brokers increasingly ask about the sustainability aspects of operations. A high quality
report shows the measures the organisation is taking to reduce risks, and will make Beth more attractive to investors.
(vi) disclosing the organisation’s environmental, social and economic best practices can give a competitive market edge.
Currently Beth’s corporate image is poor and this has partly contributed to its poor stock market performance.
(vii) the international trend towards improved corporate sustainability is growing and access to international markets will
require increasing transparency, and this will help Beth’s corporate image.
(viii) large organisations are increasingly requiring material and service suppliers and contractors to submit performance
information to satisfy the expectations of their own shareholders. Disclosing such information can make the company a
more attractive supplier than their competitors, and increase Beth’s market share.
It is important to ensure that the policies are robust and effective and not just compliance based.

正确答案：

(c) Continuing Professional Development (CPD)
CPD is defined5 as ‘the continuous maintenance, development and enhancement of the professional and personal knowledge
and skills which members of ACCA require throughout their working lives’.
All professional accountants need to maintain their competence and develop new skills to be effective in their current and
future employment. CPD helps keep accountants in practice employable and maintains their reputation with employers,
clients and the public. It also helps maintain the accounting profession’s reputation for producing and supporting high calibre
individuals. Therefore, CPD is something which professional accountants should take personal responsibility for, and be doing
as part of their everyday work.

Mandatory CPD for active members of IFAC member bodies (such as ACCA) was introduced with effect from 1 January 2005
onwards. ACCA has introduced CPD as a requirement for all active members, subject to the phasing-in dates (and waivers).
Tutorial note: IFAC issued International Education Standard (IES) 7, which requires the introduction of CPD for all active
members of IFAC member bodies.
ACCA practising certificate and insolvency licence holders are still required to participate in technical CPD training. All other
members will also be asked to state on their annual CPD return that they maintain competence in professional ethics.
The scheme is being introduced in phases:
■ phase 1 (2005) – members admitted since 1 January 2001, and all practising certificate and insolvency licence
holders;
■ phase 2 (2006) – members admitted between 1 January 1995 and 31 December 2000;
■ phase 3 (2007) – all remaining members.
Tutorial note: However, ACCA encouraged all members to adopt the scheme from 1 January 2005.
Affiliates join the CPD scheme on 1 January following their date of admittance to membership.
There are two routes to participation in ACCA’s CPD scheme:
(1) the unit scheme route (40 units approximate to 40 hours required each year); and
(2) the approved CPD employer route (i.e. where employers are recognised as effectively providing ACCA members with
CPD).
Tutorial note: Alternatively, if an ACCA member is also a member of another IFAC accounting body and that CPD scheme
is compliant with IFAC’s CPD IES 7, they may choose to follow that body’ s route.