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(c) Prepare brief notes for the proposed meeting with Charles and Jane. Clearly identify the further informationyou would need in order to advise them more fully and suggest appropriate personal financial planningprotection products, in respect of both de
题目
(c) Prepare brief notes for the proposed meeting with Charles and Jane. Clearly identify the further information
you would need in order to advise them more fully and suggest appropriate personal financial planning
protection products, in respect of both death and serious illness. (9 marks)
You should assume that the income tax rates and allowances for the tax year 2005/06 and the corporation tax
rates for the financial year 2005 apply throughout this question.
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第1题：
(b) State the immediate tax implications of the proposed gift of the share portfolio to Avril and identify an
alternative strategy that would achieve Crusoe’s objectives whilst avoiding a possible tax liability in the
future. State any deadline(s) in connection with your proposed strategy. (5 marks)
正确答案：
(b) Gift of the share portfolio to Avril
Inheritance tax
The gift would be a potentially exempt transfer at market value. No inheritance tax would be due at the time of the gift.
Capital gains tax
The gift would be a disposal by Crusoe deemed to be made at market value for the purposes of capital gains tax. No gain
would arise as the deemed proceeds will equal Crusoe’s base cost of probate value.
Stamp duty
There is no stamp duty on a gift of shares for no consideration.
Strategy to avoid a possible tax liability in the future
Crusoe should enter into a deed of variation directing the administrators to transfer the shares to Avril rather than to him. This
will not be regarded as a gift by Crusoe. Instead, provided the deed states that it is intended to be effective for inheritance tax
purposes, it will be as if Noland had left the shares to Avril in a will.
This strategy is more tax efficient than Crusoe gifting the shares to Avril as such a gift would be a potentially exempt transfer
and inheritance tax may be due if Crusoe were to die within seven years.
The deed of variation must be entered into by 1 October 2009, i.e. within two years of the date of Noland’s death. -
第2题：
5 You are the audit manager for three clients of Bertie & Co, a firm of Chartered Certified Accountants. The financial
year end for each client is 30 September 2007.
You are reviewing the audit senior’s proposed audit reports for two clients, Alpha Co and Deema Co.
Alpha Co, a listed company, permanently closed several factories in May 2007, with all costs of closure finalised and
paid in August 2007. The factories all produced the same item, which contributed 10% of Alpha Co’s total revenue
for the year ended 30 September 2007 (2006 – 23%). The closure has been discussed accurately and fully in the
chairman’s statement and Directors’ Report. However, the closure is not mentioned in the notes to the financial
statements, nor separately disclosed on the financial statements.
The audit senior has proposed an unmodified audit opinion for Alpha Co as the matter has been fully addressed in
the chairman’s statement and Directors’ Report.
In October 2007 a legal claim was filed against Deema Co, a retailer of toys. The claim is from a customer who slipped
on a greasy step outside one of the retail outlets. The matter has been fully disclosed as a material contingent liability
in the notes to the financial statements, and audit working papers provide sufficient evidence that no provision is
necessary as Deema Co’s lawyers have stated in writing that the likelihood of the claim succeeding is only possible.
The amount of the claim is fixed and is adequately covered by cash resources.
The audit senior proposes that the audit opinion for Deema Co should not be qualified, but that an emphasis of matter
paragraph should be included after the audit opinion to highlight the situation.
Hugh Co was incorporated in October 2006, using a bank loan for finance. Revenue for the first year of trading is
$750,000, and there are hopes of rapid growth in the next few years. The business retails luxury hand made wooden
toys, currently in a single retail outlet. The two directors (who also own all of the shares in Hugh Co) are aware that
due to the small size of the company, the financial statements do not have to be subject to annual external audit, but
they are unsure whether there would be any benefit in a voluntary audit of the first year financial statements. The
directors are also aware that a review of the financial statements could be performed as an alternative to a full audit.
Hugh Co currently employs a part-time, part-qualified accountant, Monty Parkes, who has prepared a year end
balance sheet and income statement, and who produces summary management accounts every three months.
Required:
(a) Evaluate whether the audit senior’s proposed audit report is appropriate, and where you disagree with the
proposed report, recommend the amendment necessary to the audit report of:
(i) Alpha Co; (6 marks)
正确答案：
5 BERTIE & CO
(a) (i) Alpha Co
The factory closures constitute a discontinued operation per IFRS 5 Non-Current Assets Held for Sale and Discontinued
Operations, due to the discontinuance of a separate major component of the business. It is a major component due to
the 10% contribution to revenue in the year to 30 September 2007 and 23% contribution in 2006. It is a separate
business component of the company due to the factories having made only one item, indicating a separate income
generating unit.
Under IFRS 5 there must be separate disclosure on the face of the income statement of the post tax results of the
discontinued operation, and of any profit or loss resulting from the closures. The revenue and costs of the discontinued
operation should be separately disclosed either on the face of the income statement or in the notes to the financial
statements. Cash flows relating to the discontinued operation should also be separately disclosed per IAS 7 Cash Flow
Statements.
In addition, as Alpha Co is a listed company, IFRS 8 Operating Segments requires separate segmental disclosure of
discontinued operations.
Failure to disclose the above information in the financial statements is a material breach of International Accounting
Standards. The audit opinion should therefore be qualified on the grounds of disagreement on disclosure (IFRS 5,
IAS 7 and IFRS 8). The matter is material, but not pervasive, and therefore an ‘except for’ opinion should be issued.
The opinion paragraph should clearly state the reason for the disagreement, and an indication of the financial
significance of the matter.
The audit opinion relates only to the financial statements which have been audited, and the contents of the other
information (chairman’s statement and Directors’ Report) are irrelevant when deciding if the financial statements show
a true and fair view, or are fairly presented.
Tutorial note: there is no indication in the question scenario that Alpha Co is in financial or operational difficulty
therefore no marks are awarded for irrelevant discussion of going concern issues and the resultant impact on the audit
opinion. -
第3题：
The finance director of Blod Co, Uma Thorton, has requested that your firm type the financial statements in the form
to be presented to shareholders at the forthcoming company general meeting. Uma has also commented that the
previous auditors did not use a liability disclaimer in their audit report, and would like more information about the use
of liability disclaimer paragraphs.
Required:
(b) Discuss the ethical issues raised by the request for your firm to type the financial statements of Blod Co.
(3 marks)
正确答案：
(b) It is not uncommon for audit firms to word process and typeset the financial statements of their clients, especially where the
client is a relatively small entity, which may lack the resources and skills to perform. this task. It is not prohibited by ethical
standards.
However, there could be a perceived threat to independence, with risk magnified in the case of Blod Co, which is a listed
company. The auditors could be perceived to be involved with the preparation of the financial statements of a listed client
company, which is prohibited by ethical standards. IFAC’s Code of Ethics for Professional Accountants states that for a listed
client, the audit firm should not be involved with the preparation of financial statements, which would create a self-review
threat so severe that safeguards could not reduce the threat to an acceptable level. Although the typing of financial statements
itself is not prohibited by ethical guidance, the risk is that providing such a service could be perceived to be an element of
the preparation of the financial statements.
It is possible that during the process of typing the financial statements, decisions and judgments would be made. This could
be perceived as making management decisions in relation to the financial statements, a clear breach of independence.
Therefore to eliminate any risk exposure, the prudent decision would be not to type the financial statements, ensuring that
Blod Co appreciates the ethical problems that this would cause.
Tutorial note: This is an area not specifically covered by ethical guides, where different audit firms may have different views
on whether it is acceptable to provide a typing service for the financial statements of their clients. Credit will be awarded for
sensible discussion of the issues raised bearing in mind other options for the audit firm, for example, it could be argued that
it is acceptable to offer the typing service provided that it is performed by people independent of the audit team, and that
the matter has been discussed with the audit committee/those charged with governance -
第4题：
()you prepare cross training plans, you need to consider both the company benefits and the employee benefits.
A. Although
B. Even if
C. As
答案：C
解析：本句意思：(当）你准备交叉培训计划时，你需要同时考虑公司的利益和员工的利益；although虽然，尽管，不过 even if 即使，虽然 as 当--时；根据句意，应选C -
第5题：
It can be argued, for example, that teaching can be () more effectively if teacher and student take their appropriate (合适的) roles.A.disciplined
B.handled
C.accomplished
D.proposed
答案：B
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第6题：
Which of the following cables would a technician make in order to identify a physical interfaceproblem?()A.Serial
B.Loopback
C.Rollover
D.Console
参考答案：B
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第7题：
We need to speak further about this.This sentence means we need to discuss the problem more.
A对
B错
对
略 -
第8题：
Which service component within the prepare phase recommends the appropriate technology strategy to address a business requirement of the customer？（）
- A、 identifying what a customer requires from a proposed solution
- B、 analyzes the customer s business requirements and recommends the appropriate Cisco technologies to meet business requirements
- C、 determining what end-user training a customer requires
- D、 addressinga customer s physical requirements
正确答案:B -
第9题：
Which of the following cables would a technician make in order to identify a physical interfaceproblem?（）
- A、Serial
- B、Loopback
- C、Rollover
- D、Console
正确答案:B -
第10题：
单选题According to the passage, we give school children difficult problems to solve in order to ______.Aencourage them to learn
Bteach them to fear the pain of solving the problem
Chelp them learn to deal with pain
Dteach them how to respect from the problem
正确答案： D解析：
文章的倒数第四行说到，we encourage the human ability to solve problems，just as in school we set problems for our children to resolve.所以我们让学生们做题的目的是让他们从中学习。因此A选项正确。 -
第11题：
问答题You and your classmates are going to have a party to celebrate the end of your course and you have offered to book a room for this event. You have seen the advertisement below, but you need to know more. Using the notes you have made, write to the Brideswell Inn giving relevant details and asking for further information. Write a letter of no fewer than 80 words in an appropriate style. Don’t write any addresses. Now write the letter on the answer sheet.正确答案：
Dear Sir or Madam,
As I want to book a room for a party on Friday, July 21st from 20:00 to 24:00. I am writing to ask for some more information about your inn which is not mentioned in your advertisement.
You have said that there are rooms of various sizes, while I’d like to know if there is a room big enough for 30 people. I also want to know what are included in evening meals and whether the meals for vegetarians are available or not. As for disco, I’d love to know if we can choose music by ourselves and how much it will cost. Moreover, I also want to know whether you can provide a variety of drinks and how much we will spend.
I am looking forward for your answers. Thank you.
Yours sincerely,
Jane解析： 暂无解析 -
第12题：
问答题Practice 2 ●You are the secretary of the manager of the Sales Department. A recent decline in sales volume worried the manager deeply and he wanted to hold a meeting to discuss the reasons at 4 p.m. today in the 2nd Meeting Hall. ●Write a note to all the staff of the Sales Department: ● informing them of the time, place and content of the meeting, ● asking them to sum up the reasons before hand, ● telling them to prepare to discuss in details. ●Write 30-40 words.正确答案： 【参考范文】
To: All the Sales Department Staff
From: Lucy Taylor
Date: 12 April 2009
Subject: Staff Meeting
Dear all,
Our manager is about to held a meeting about the recent decrease in sales volume on 12 April 2009 in the 2nd Meeting Hall at 4 p.m. Please sum up the reasons beforehand since you are expected to discuss them in details in the meeting.解析： 暂无解析 -
第13题：
Bob was fully occupied yesterday, otherwise he _______ to the meeting.
A. would come
B. had come
C. must have come
D. would have come
正确答案：D
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第14题：
(b) (i) Explain the matters you should consider, and the evidence you would expect to find in respect of the
carrying value of the cost of investment of Dylan Co in the financial statements of Rosie Co; and
(7 marks)
正确答案：
(b) (i) Cost of investment on acquisition of Dylan Co
Matters to consider
According to the schedule provided by the client, the cost of investment comprises three elements. One matter to
consider is whether the cost of investment is complete.
It appears that no legal or professional fees have been included in the cost of investment (unless included within the
heading ‘cash consideration’). Directly attributable costs should be included per IFRS 3 Business Combinations, and
there is a risk that these costs may be expensed in error, leading to understatement of the investment.
The cash consideration of $2·5 million is the least problematical component. The only matter to consider is whether the
cash has actually been paid. Given that Dylan Co was acquired in the last month of the financial year it is possible that
the amount had not been paid before the year end, in which case the amount should be recognised as a current liability
on the statement of financial position (balance sheet). However, this seems unlikely given that normally control of an
acquired company only passes to the acquirer on cash payment.
IFRS 3 states that the cost of investment should be recognised at fair value, which means that deferred consideration
should be discounted to present value at the date of acquisition. If the consideration payable on 31 January 2009 has
not been discounted, the cost of investment, and the corresponding liability, will be overstated. It is possible that the
impact of discounting the $1·5 million payable one year after acquisition would be immaterial to the financial
statements, in which case it would be acceptable to leave the consideration at face value within the cost of investment.
Contingent consideration should be accrued if it is probable to be paid. Here the amount is payable if revenue growth
targets are achieved over the next four years. The auditor must therefore assess the probability of the targets being
achieved, using forecasts and projections of Maxwell Co’s revenue. Such information is inherently subjective, and could
have been manipulated, if prepared by the vendor of Maxwell Co, in order to secure the deal and maximise
consideration. Here it will be crucial to be sceptical when reviewing the forecasts, and the assumptions underlying the
data. The management of Rosie Co should have reached their own opinion on the probability of paying the contingent
consideration, but they may have relied heavily on information provided at the time of the acquisition.
Audit evidence
– Agreement of the monetary value and payment dates of the consideration per the client schedule to legal
documentation signed by vendor and acquirer.
– Agreement of $2·5 million paid to Rosie Co’s bank statement and cash book prior to year end. If payment occurs
after year end confirm that a current liability is recognised on the individual company and consolidated statement
of financial position (balance sheet).
– Board minutes approving the payment.
– Recomputation of discounting calculations applied to deferred and contingent consideration.
– Agreement that the discount rate used is pre-tax, and reflects current market assessment of the time value of money
(e.g. by comparison to Rosie Co’s weighted average cost of capital).
– Revenue and profit projections for the period until January 2012, checked for arithmetic accuracy.
– A review of assumptions used in the projections, and agreement that the assumptions are comparable with the
auditor’s understanding of Dylan Co’s business.
Tutorial note: As the scenario states that Chien & Co has audited Dylan Co for several years, it is reasonable to rely on
their cumulative knowledge and understanding of the business in auditing the revenue projections. -
第15题：
(b) Given his recent diagnosis, advise Stuart as to which of the two proposed investments (Omikron plc/Omega
plc) would be the more tax efficient alternative. Give reasons for your choice. (3 marks)
正确答案：
(b) Both companies are listed. The only difference will be in the availability of inheritance tax relief – specifically business property
relief (BPR). If Stuart and Rebecca jointly hold in excess of 50% of the share capital of a listed company, BPR will apply at
the rate of 50%. Otherwise, no BPR is available.
Stuart can only buy 1,005,000 (￡422,100/￡0·42) shares in Omikron plc. This represents a shareholding of 2·00%
(1,005,000/50,250,000). As the shares in Omikron plc are listed, a 2% holding will not qualify for BPR.
At the moment, both Stuart and Rebecca own 2,400,000 shares in Omega plc. Their shareholdings are amalgamated for
IHT purposes under the related property rules. With a joint holding of 48%, BPR is not available. A further 200,001 shares
will be required to attain a 50% holding. Assuming Stuart and Rebecca can buy these shares, they must then hold their 50%
interest in the company for the period of at least two years in order to ensure that BPR applies.
On the basis that Stuart is expected to survive for two to three years, he should therefore buy further shares in Omega plc in
order to take advantage of the BPR available. -
第16题：
()view of the huge demand()this article, we would advise you to work fast and place an order with us the soonest possible.A、In⋯at
B、In⋯for
C、With⋯for
D、With⋯to
参考答案：B
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第17题：
A call logging process would be used by a technician in order to:()A. assign the appropriate status level for the problem.
B. create records which enable user authentication.
C. help maintain a balanced workload for the help desk technicians.
D. identify common problems among many users.
参考答案：D
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第18题：
To start with,we need to decide who will preside over the meeting.A: chair
B: attend
C: celebrate
D:prepare答案：A解析：句意：首先，我们需要决定由谁来主持会议。画线单词preside意为“主持，指挥”。A 项chair意为“主持”，与画线单词同义；B项attend意为“出席，参加”;C项celebrate意为 “庆祝”;D项prepare意为“准备”。故本题选A。 -
第19题：
We need to speak further about this.This sentence means we need to discuss the problem more.
正确答案:正确 -
第20题：
Which is the most accurate statement regarding the business requirements development service component in the prepare phase. Select exactly 1 answer（s） from the following：（）。
- A、Determine the appropriate cooling temperature for a customers server room
- B、Analyze the customers business requirements for a proposed solution
- C、Analyze a customers ongoing operational requirements
- D、Identify a customers technology requirements
正确答案:B -
第21题：
A call logging process would be used by a technician in order to:（）
- A、assign the appropriate status level for the problem.
- B、create records which enable user authentication.
- C、help maintain a balanced workload for the help desk technicians.
- D、identify common problems among many users.
正确答案:D -
第22题：
问答题Practice 14 ● You work for an advertising agency as the Project Consultant. You have received the following letter from Ms. Reeves, the PR Manager of your client, ABC Consulting Co.Dear Mr. Bridges, I am writing to you to propose a meeting with you on the 15th. At the proposed meeting, I would like to discuss with you how to organize an advertising campaign for our clients. I would like to have your advice on having an appropriate budget for such a project. Please let me know if you will be avail- able for the proposed meeting. I look forward to hearing from you soon.Sincerely,Marianne ReevesPR ManagerABC Consulting Co. ●Write a letter to Ms. Reeves: ● apologizing for being unable to attend the meeting ● explaining why you cannot attend the meeting ● suggesting another date (make it reasonably soon) ● asking her to contact your secretary to confirm the appointment ●Write 60-80 words Dear Ms. Reeves,正确答案： 【参考范文】
Dear Ms. Reeves,
Thank you for writing the letter. However, I must apologize to you and your colleagues for the fact that I am unable to come to the meeting on the 15th. I will be in Germany at that time, organizing a trade fair, and will not return until the 18th. However, I am then available from the 19th to the 21st. Can you confirm with my secretary which of those days will be suitable for you?
I look forward to seeing you soon.
Sincerely,
Jack Bridges
Project Consultant解析： 暂无解析 -
第23题：
单选题In order to make learners master this skill easily, you should introduce clearly _______they need to know.Athat
Bwhat
Cwho
Dwhich
正确答案： C解析：