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(b) Explain the need for a first time group auditor to analyse the group structure. (5 mar
(b) Explain the need for a first time group auditor to analyse the group structure. (5 marks)
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(b) Explain the need for a first time group auditor to analyse the group structure. (5 marks)
A.Give me money back.
B.I need to see your manager.
C.I can't stand it
D.Can you explain it to me?
(c) To correct the problems at Flavours Fine Foods, explain to Alan Jones:
(i) the need for delegation; (3 marks)
Required:
(a) Explain the purpose of the selection interview. (4 marks)
(ii) Explain the organisational factors that determine the need for internal audit in public listed companies.
(5 marks)
(c) (i) Explain the capital gains tax (CGT) implications of a takeover where the consideration is in the form. of
shares (a ‘paper for paper’ transaction) stating any conditions that need to be satisfied. (4 marks)
(c) (i) Explain the inheritance tax (IHT) implications and benefits of Alvaro Pelorus varying the terms of his
father’s will such that part of Ray Pelorus’s estate is left to Vito and Sophie. State the date by which a
deed of variation would need to be made in order for it to be valid; (3 marks)
5 All managers need to understand the importance of motivation in the workplace.
Required:
(a) Explain the ‘content theory’ of motivation. (5 marks)
Assume that the corporation tax rates for the financial year 2004 apply throughout.
(b) Explain the corporation tax (CT) and value added tax (VAT) issues that Irroy should be aware of, if she
proceeds with her proposal for the Irish subsidiary, Green Limited. Your answer should clearly identify those
factors which will determine whether or not Green Limited is considered UK resident or Irish resident and
the tax implications of each alternative situation.
You need not repeat points that are common to each situation. (16 marks)
(a) Define the ‘three Es’ of a value for money audit. (3 marks)
(b) ISA 230 Audit Documentation requires auditors to prepare audit documentation for an audit of financial statements on a timely basis.
Required:
Describe FOUR benefits of documenting audit work. (4 marks)
(c) ISA 530 Audit Sampling applies when the auditor has decided to use sampling to obtain sufficient and appropriate audit evidence.
Required:
Define what is meant by ‘audit sampling’ and explain the need for this. (3 marks)
Required:
(a) Discuss the particular difficulties encountered when budgeting in public sector organisations compared with budgeting in private sector organisations, drawing comparisons between the two types of organisations. (5 marks)
(b) Explain the terms ‘incremental budgeting’ and ‘zero-based budgeting’. (4 marks)
(c) State the main stages involved in preparing zero-based budgets. (3 marks)
(d) Discuss the view that ‘there is no longer a place for incremental budgeting in any organisation, particularly public sector ones,’ highlighting any drawbacks of zero-based budgeting that need to be considered. (8 marks)