ACCA考试中的审计策略是什么呢？

正确答案：
(c) (i) Organic Foods Ltd (OFL) with a market share of 6·66% is the market leader at 30 November 2005 and is forecast to
have a market share of 8% by 30 November 2007. Operating profits appear to be healthy and therefore it seems
reasonable to regard OFL as a current ‘strength’ of Diverse Holdings Plc. This is supported by the fact that OFL has built
up a very good reputation as a supplier of quality produce.
Haul Trans Ltd was acquired on 1 December 2005 and has a demonstrable record of recent profitability. It is noticeable
that the profitability of HTL is forecast to increase by 40% (excluding inflation) during its first two years of ownership.
No one organisation appears to dominate the market. Forecast profits are expected to grow significantly from an almost
static turnover and thus more information is required regarding how this increase in profitability is to be achieved.
Management may have identified opportunities for achieving significant cost savings and/or forming business
relationships with new and more profitable customers, while ceasing to service those customers who are less profitable.
Kitchen Appliances Ltd (KAL) has been identified as both a weakness and threat. KAL’s market is slowly contracting,
but its share is falling more quickly. It was almost the market leader at 30 November 2005. Judging by its fall in the
level of operating profit KAL is carrying heavy fixed costs which must make it more difficult to compete. Indeed, it is
forecast to make a loss during the year ending 30 November 2007. KAL has suffered from squeezed margins as a
consequence of competition from low cost imports. The situation may be further exacerbated as competition from abroad
intensifies.
Paper Supplies Ltd (PSL) has stood still in a growing market, one which is dominated by a single supplier. PSL appears
to be struggling to achieve any growth in turnover, profits and therefore cash flow. PSL cannot really compete with a
narrow range of products and only two customers.
Office Products Ltd (OPL) is growing but appears unable to increase its operating profit in % terms. It appears to be
operating in a high-growth market but unable to achieve a reasonable market share in spite of the fact that its products
are highly regarded by health and safety experts.

正确答案：
(ii) Principal audit procedures – recoverability of deferred tax asset
– Obtain a copy of Bluebell Co’s current tax computation and deferred tax calculations and agree figures to any
relevant tax correspondence and/or underlying accounting records.
– Develop an independent expectation of the estimate to corroborate the reasonableness of management’s estimate.
– Obtain forecasts of profitability and agree that there is sufficient forecast taxable profit available for the losses to be
offset against. Evaluate the assumptions used in the forecast against business understanding. In particular consider
assumptions regarding the growth rate of taxable profit in light of the underlying detrimental trend in profit before
tax.
– Assess the time period it will take to generate sufficient profits to utilise the tax losses. If it is going to take a number
of years to generate such profits, it may be that the recognition of the asset should be restricted.
– Using tax correspondence, verify that there is no restriction on the ability of Bluebell Co to carry the losses forward
and to use the losses against future taxable profits.
Tutorial note: in many tax jurisdictions losses can only be carried forward to be utilised against profits generated
from the same trade. Although in the scenario there is no evidence of such a change in trade, or indeed any kind
of restriction on the use of losses, it is still a valid audit procedure to verify that this is the case

正确答案：A

正确答案：
(d) Default surcharge
Although the VAT return was submitted on time (i.e. within one month of the end of the tax period), part of the quarterly VAT
liability has not yet been paid. As a result this payment will be made late and a surcharge liability notice will be issued on
the company. The surcharge period will run from the date of the notice until the anniversary of the end of the period for which
the VAT was paid late (i.e. until 31 March 2007). During this period any further default will extend the surcharge period and
any further late payments of VAT will attract a surcharge penalty of 2% on the first occasion, rising to 15% for successive late
payments.
Mis-declaration penalty
As the return understates the VAT payable, a potential mis-declaration penalty arises. The amount understated exceeds 30%
of the sum of the true input tax and output tax, known as the gross amount of tax (GAT) ((30% of (87,500 + 55,000) +
40,000) = 54,750). There has, thus, been a significant understatement of the true VAT return liability, resulting in a penalty
rate of 15% of the VAT which would have been lost had the error not been discovered. However, where an under declaration
arises out of a true error i.e. there is no intention to evade tax involved, and it is voluntarily disclosed, then a mis-declaration
penalty is not normally imposed. Although the company is still within the ‘period of grace’ allowed by HMRC for the correction
of errors in the next following VAT return, it would be advisable for Trent Limited to notify HMRC of the error immediately, in
writing, unless it has a ‘reasonable excuse’ for the error having occurred.
Default interest
Default interest is chargeable when an assessment to VAT arises for an amount that has been under declared in a previous
period, whether as a result of voluntary disclosure or as identified by HMRC. Interest is charged on a daily basis from the
date the under declaration should have been declared (i.e. 1 May 2006) to the date shown on the notice of assessment or
notice of voluntary disclosure. As given the size of the error the de minimis relief for voluntarily declared errors of less than
￡2,000 is not applicable, the only way for Trent Limited to minimise the interest charge is by means of early disclosure and
payment of the additional VAT due.