(ii) Describe the claim of each of the four identified stakeholders. (4 marks)
(ii) Describe the claim of each of the four identified stakeholders. (4 marks)
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(ii) Describe the basis for the calculation of the provision for deferred taxation on first time adoption of IFRSincluding the provision in the opening IFRS balance sheet. (4 marks)
(d) Draft a letter for Tim Blake to send to WM’s investors to include the following:(i) why you believe robust internal controls to be important; and(ii) proposals on how internal systems might be improved in the light of the overestimation of mallerite atWM.Note: four professional marks are available within the marks allocated to requirement (d) for the structure,content, style. and layout of the letter.(16 marks)
(b) Using the TARA framework, construct four possible strategies for managing the risk presented by Product 2.Your answer should describe each strategy and explain how each might be applied in the case.(10 marks)
(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 resultsobtained using the previous and revised methods of overhead allocation. (5 marks)
(b) Discuss FOUR factors that distinguish service from manufacturing organisations and explain how each ofthese factors relates to the services provided by the Dental Health Partnership. (5 marks)
(ii) Briefly discuss FOUR non-financial factors which might influence the above decision. (4 marks)
(e) Briefly discuss FOUR initiatives that management might consider in order to further enhance profitability.(4 marks)
(b) Using sensitivity analysis, estimate by what percentage each of the under-mentioned items, taken separately,would need to change before the recommendation in (a) above is varied:(i) Initial outlay;(ii) Annual contribution. (4 marks)
(ii) evaluates the relative performance of the four depots as indicated by the analysis in the summary tableprepared in (i); (5 marks)
(b) The management of Division C has identified the need to achieve cost savings in order to become morecompetitive. They have decided that an analysis and investigation of quality costs into four sub-categories willprovide a focus for performance measurement and improvement.Required:Identify the FOUR sub-categories into which quality costs can be analysed and provide examples (whichmust relate to Division C) of each of the four sub-categories of quality cost that can be investigated in orderthat overall cost savings might be achieved and hence the performance improved. (8 marks)
(c) State any reliefs Bob could claim regarding the fall in value of his shares in Willis Ltd, and describe how theoperation of any such reliefs could reduce Bob’s taxable income. (4 marks)Relevant retail price index figures are:September 1990 129·3April 1998 162·6December 2004 189·9
(ii) Briefly outline the tax consequences for Henry if the types of protection identified in (i) were to beprovided for him by Happy Home Ltd compared to providing them for himself. You are not required todiscuss the corporation tax (CT) consequences for Happy Home Ltd. (4 marks)
(ii) Explain, with reasons, the relief available in respect of the fall in value of the shares in All Over plc,identify the years in which it can be claimed and state the time limit for submitting the claim.(3 marks)
(ii) Audit work on after-date bank transactions identified a transfer of cash from Batik Co. The audit senior hasdocumented that the finance director explained that Batik commenced trading on 7 October 2005, afterbeing set up as a wholly-owned foreign subsidiary of Jinack. No other evidence has been obtained.(4 marks)Required:Identify and comment on the implications of the above matters for the auditor’s report on the financialstatements of Jinack Co for the year ended 30 September 2005 and, where appropriate, the year ending30 September 2006.NOTE: The mark allocation is shown against each of the matters.
4 (a) ISA 701 Modifications to The Independent Auditor’s Report includes ‘suggested wording of modifying phrasesfor 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)
(c) (i) Identify and describe FOUR quality control procedures that are applicable to the individual auditengagement; and (8 marks)
(ii) Describe the evidence you would seek to support the assertion that development costs are technicallyfeasible. (3 marks)
(ii) Describe the procedures to verify the number of serious accidents in the year ended 30 November 2007.(4 marks)
(b) Describe the potential benefits for Hugh Co in choosing to have a financial statement audit. (4 marks)
(a) List and explain FOUR methods of selecting a sample of items to test from a population in accordance with ISA 530 (Redrafted) Audit Sampling and Other Means of Testing. (4 marks)(b) List and explain FOUR assertions from ISA 500 Audit Evidence that relate to the recording of classes oftransactions. (4 marks)(c) In terms of audit reports, explain the term ‘modified’. (2 marks)