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正确答案：
(c) Tax implications of there being a loan from Flores Ltd to Banda
Flores Ltd should have paid tax to HMRC equal to 25% of the loan, i.e. ￡5,250. The tax should have been paid on the
company’s normal due date for corporation tax in respect of the accounting period in which the loan was made, i.e. 1 April
following the end of the accounting period.
The tax is due because Flores Ltd is a close company that has made a loan to a participator and that loan is not in the ordinary
course of the company’s business.
HMRC will repay the tax when the loan is either repaid or written off.
Flores Ltd should have included the loan on Banda’s Form. P11D in order to report it to HMRC.
Banda should have paid income tax on an annual benefit equal to 5% of the amount of loan outstanding during each tax
year. Accordingly, for each full year for which the loan was outstanding, Banda should have paid income tax of ￡231
(￡21,000 x 5% x 22%).
Interest and penalties may be charged in respect of the tax underpaid by both Flores Ltd and Banda and in respect of the
incorrect returns made to HMRC
Willingness to act for Banda
We would not wish to be associated with a client who has engaged in deliberate tax evasion as this poses a threat to the
fundamental principles of integrity and professional behaviour. Accordingly, we should refuse to act for Banda unless she is
willing to disclose the details regarding the loan to HMRC and pay the ensuing tax liabilities. Even if full disclosure is made,
we should consider whether the loan was deliberately hidden from HMRC or Banda’s previous tax adviser.
In addition, companies are prohibited from making loans to directors under the Companies Act. We should advise Banda to
seek legal advice on her own position and that of Flores Ltd.

正确答案：
(b) Continuous auditing
Continuous auditing is a methodology that enables independent auditors to give written assurance on a subject matter (e.g.
inventory levels, receivables balances, financial statements) using a series of auditor’s reports issued simultaneously with (or
a short period of time after) the occurrence of events underlying the subject matter. Thus it increases the frequency of
reporting (e.g. may be issued daily, weekly).
Technological development is making increasingly sophisticated information systems available to more entities at a decreasing
cost. This has promoted a more widespread dependence on technology to produce more timely information. This has
increased the demand for timely assurance on the information provided. Auditors have had to respond with highly automated
procedures and audit tools that are integrated with the entity’s systems and controls.
Tutorial note: XBRL (eXtensible Business Reporting Language) increases the viability of continuous auditing. It provides a
widely agreed-upon set of descriptors for elements in a business report that can be read and interpreted by computer
systems. It allows an auditor to review data at any stage and determine the origin of the information and the controls that
have been incorporated.
Results of automated audit procedures must be communicated promptly, particularly if anomalies or errors identified require
that follow-up procedures be performed by audit personnel. Secure electronic communication links are therefore essential.
As entities’ reporting has moved from annual and interim reports to the monthly/daily/weekly reporting of key performance
indicators (‘KPIs’)/critical success factors (‘CSFs’), the professional accountant’s assignment has expanded from the audit of
financial statements. For example, to review reports (e.g. on interim financial statements), special purpose reports (e.g. on
the effectiveness of [outsourced] control procedures) to continuous auditing reports.
For continuous audits, auditors’ reports need to be produced automatically and safeguarded against unauthorised changes.
Reports may be ‘evergreen’ (i.e. always available to users and dated at the time of access to the information) or ‘on demand’
(i.e. available when specifically requested and dated at the time of request).
Auditors must be technically proficient to handle any engagement undertaken. For continuous audit assurance engagements
that will require a high level of expertise in various aspects of information technology as well as a sound grasp of the subject
matter being audited.
Continuous audit work requires the frequent or continuous use of audit tools integrated with the client’s systems. For example
embedded audit modules (EAMs) are subroutines that perform. control or audit procedures concurrently with the client’s
normal application processing.

正确答案：
2 Overview:
The accountant is frequently the manager or group leader. An understanding of leadership theory and practice is therefore an
important part of an accountant’s training.
Part (a):
Robert Blake and Jane Mouton in their Ohio State Leadership Studies, observed two basic leadership dimensions that were
apparent from their studies; concern for the task and concern for people.
They recognised that it was possible for concern for the task to be independent of concern for people. It was therefore possible for
a leader to be strong on one and weak on the other, strong on both, weak on both or any variation in between.
They devised a series of questions, the answers to which enabled them to plot these two basic leadership dimensions. These two
dimensions were placed as the axes on a grid structure now known as the Managerial Grid. A person who scores 7 on ‘concern
for production’ (the x axis) and 5 on ‘concern for people’ (the y axis) is known as a 7,5 leader.