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正确答案：

(b) Carrying out a systematic PESTEL analysis is a key step in developing alternative scenarios about the future. Johnson and
Scholes define scenarios as ‘detailed and plausible views of how the business environment of an organisation might develop
in the future based on groupings of key environmental influences and drivers of change about which there is a high level of
uncertainty’. In developing scenarios it is necessary to isolate the key drivers of change, which have the potential to have a
significant impact on the company and are associated with high levels of uncertainty. Development of scenarios enables
managers to share assumptions about the future and the key variables shaping that future. This provides an opportunity for
real organisational learning. They are then in a position to monitor these key variables and amend strategies accordingly. It
is important to note that different stakeholder groups will have different expectations about the future and each may provide
a key input to the process of developing scenarios. By their very nature scenarios should not attempt to allocate probabilities
to the key factors and in so doing creating ‘spurious accuracy’ about those factors. A positive scenario is shown below and

should provide a shared insight into the external factors most likely to have a significant impact on Airtite‘s future strategy.
For most companies operating in global environments the ability to respond flexibly and quickly to macro-environmental
change would seem to be a key capability.
The scenario as illustrated below, clearly could have a major impact on the success or otherwise of Airtite’s strategy for the
future. The key drivers for change would seem to be the link between technology and global emissions, fuel prices and the
stability of the global political environment. Through creating a process which considers the drivers which will have most
impact on Airtite and which are subject to the greatest uncertainty, Airtite will have a greater chance of its strategy adaptingto changing circumstances.

正确答案：

 

However, an exemption from corporation tax exists for any gain arising when a trading company (or member of a trading
group) sells the whole or any part of a substantial shareholding in another trading company.
A substantial shareholding is one where the investing company holds 10% of the ordinary share capital and is beneficially
entitled to at least 10% of the
(i) profits available for distribution to equity holders and
(ii) assets of the company available for distribution to equity holders on a winding up.
In meeting the 10% test, shares owned by a chargeable gains group may be amalgamated. The 10% test must have been
met for a continuous 12 month period during the 2 years preceding the disposal.
The companies making the disposals must have been trading companies (or members of a trading group) throughout the
12 month period, as well as at the date of disposal. In addition, they must also be trading companies (or members of a trading
group) immediately after the disposal.
The exemption is given automatically, and acts to deny losses as well as eliminate gains.
While Alantech Ltd has owned its holding in Mobile Ltd for 33 months, its ownership of the Boron holding has only lasted
for 10 months (at 1 June 2005) since Boron was acquired on 1 July 2004. Selling the shares in June 2005 will fail the
12 month test, and the gain will become chargeable.
It would be better for the companies to wait for a further month until July 2005 before selling the amalgamated shareholding.
By doing so, they will both be able to take advantage of the substantial shareholdings relief, thereby saving tax of ￡29,625
assuming a corporation tax rate of 19%.

正确答案：

You will be aware of the importance of accurate resource valuation to Worldwide Minerals (WM). Unfortunately, I have to
inform. you that the reserve of mallerite, one of our key minerals in a new area of exploration, was found to have been
overestimated after the purchase of a mine. It has been suggested that this information may have an effect on shareholder
value and so I thought it appropriate to write to inform. you of how the board intends to respond to the situation.
In particular, I would like to address two issues. It has been suggested that the overestimation arose because of issues with
the internal control systems at WM. I would firstly like to reassure you of the importance that your board places on sound
internal control systems and then I would like to highlight improvements to internal controls that we shall be implementing
to ensure that the problem should not recur.
(i) Importance of internal control
Internal control systems are essential in all public companies and Worldwide Minerals (WM) is no exception. If anything,
WM’s strategic position makes internal control even more important, operating as it does in many international situations
and dealing with minerals that must be guaranteed in terms of volume, grade and quality. Accordingly, your board
recognises that internal control underpins investor confidence. Investors have traditionally trusted WM’s management
because they have assumed it capable of managing its internal operations. This has, specifically, meant becoming aware
of and controlling known risks. Risks would not be known about and managed without adequate internal control
systems. Internal control, furthermore, helps to manage quality throughout the organisation and it provides
management with information on internal operations and compliance. These features are important in ensuring quality
at all stages in the WM value chain from the extraction of minerals to the delivery of product to our customers. Linked
to this is the importance of internal control in helping to expose and improve underperforming internal operations.
Finally, internal control systems are essential in providing information for internal and external reporting upon which, in
turn, investor confidence rests.
(ii) Proposals to improve internal systems at WM
As you may be aware, mineral estimation and measurement can be problematic, particularly in some regions. Indeed,
there are several factors that can lead to under or overestimation of reserves valuations as a result of geological survey
techniques and regional cultural/social factors. In the case of mallerite, however, the issues that have been brought to
the board’s attention are matters of internal control and it is to these that I would now like to turn.
In first instance, it is clear from the fact that the overestimate was made that we will need to audit geological reports at
an appropriate (and probably lower) level in the organisation in future.
Once a claim has been made about a given mineral resource level, especially one upon which investor returns might
depend, appropriate systems will be instituted to ask for and obtain evidence that such reserves have been correctly and
accurately quantified.
We will recognise that single and verbal source reports of reserve quantities may not necessarily be accurate. This was
one of the apparent causes of the overestimation of mallerite. A system of auditing actual reserves rather than relying
on verbal evidence will rectify this.
The purchase of any going concern business, such as the mallerite mine, is subject to due diligence. WM will be
examining its procedures in this area to ensure that they are fit for purpose in the way that they may not have been in
respect of the purchase of the mallerite mine. I will be taking all appropriate steps to ensure that all of these internal
control issues can be addressed in future.
Thank you for your continued support of Worldwide Minerals and I hope the foregoing goes some way to reassure you
that the company places the highest value on its investors and their loyalty.
Yours faithfully,
Tim Blake
Chairman

正确答案：
(c) Specific inquiries – accounting for construction contracts
Tutorial note: This answer is illustrative of the types of inquiry that should be made. Other relevant answer points will be
awarded similar credit. For each full mark to be earned an inquiry should address the specifics of Robson (e.g. that its
accounting policies are ‘generally less prudent’). The identification of asset overstatement/liability understatement may
reduce the purchase price offered by Prescott.
■ Are any constructions being undertaken without signed contracts?
Tutorial note: Any expenditure on constructions without contracts (e.g. of a speculative nature, perhaps to keep the
workforce employed) must be accounted for under IAS ‘Inventories’; revenue cannot be recognised nor profit taken.
■ Is full provision made for future losses foreseen on loss-making contracts?
Tutorial note: The information in the brief is that ‘provisions are made’. The level of provision is not indicated and
could be less than full.
■ Which contracts started during the year are likely to be/have been identified as loss-making (for which no provision has
yet been made)?
Tutorial note: Profits and losses are only determined by contract at each financial year end.
■ What are management’s assumptions and judgments on the likely future outcome on the Sarwar contract (and other
actual and contingent liabilities)?
Tutorial note: Robson would be imprudent if it underestimates the probability of an unfavourable outcome (or
overestimates the likelihood of successful recourse).
■ What claims history has Robson experienced? (What proportion of contracts have been subject to claims? What
proportion of claims brought have been successful? How have they been settled? Under insurance? Out-of-court
settlement?) How effective are the penalty clauses? (Is Robson having to pay penalties for overrunning on contracts?)
■ What are the actual useful lives of assets used in construction? What level of losses are made on disposal?
Tutorial note: If such assets are depreciated over useful lives that are estimated to be too long, depreciation costs
incurred to date (and estimated depreciation to be included in costs to completion) will be understated. This will result
in too much profit/too little loss being calculated on contracts.
■ What is the cause of losses on contracts? For example, if due to theft of building supplies Robson’s management is not
exercising sufficient control over the company’s assets.