ACCA和注会哪个考试的难度比较大呢？

正确答案：
(c) Extent of reliance on analytical procedures as audit evidence
Tutorial note: In the requirement ‘… reliance … as audit evidence’ is a direction to consider only substantive analytical
procedures. Answer points concerning planning and review stages were not asked for and earn no marks.
■ Although there is likely to be less reliance on analytical procedures than if this had been an existing audit client, the fact
that this is a new assignment does not preclude placing some reliance on such procedures.
■ Analytical procedures will not be relied on in respect of material items that require 100% testing. For example, additions
to property is likely to represent a very small number of transactions.
■ Analytical procedures alone may provide sufficient audit evidence on line items that are not individually material. For
example, inventory (less than 1/2% revenue and less than 1% total assets) may be shown to be materially correctly
stated through analytical procedures on consumable stores (i.e. fuel, lubricants, materials for servicing vehicles etc).
■ Substantive analytical procedures are best suited to large volume transactions (e.g. revenue, materials expense, staff
costs). If controls over the completeness, accuracy and validity of recording transactions in these areas are effective then
substantive analytical procedures showing that there are no unexpected fluctuations should reduce the need for
substantive detailed tests.
■ The extent of planned use will be dependent on the relationships expected between variables. (e.g. between items of
financial information and between items of financial and non-financial information). For example, if material costs rise
due to an increase in the level of business then a commensurate increase in revenue and staff costs might be expected
also.
■ ‘Proofs in total’ (or reasonableness tests) provide substantive evidence that income statement items are not materially
misstated. In the case of Yates these might be applied to staff costs (number of employees in each category ×
wage/salary rates, grossed up for social security, etc) and finance expense (interest rate × average monthly overdraft
balance).
■ However, such tests may have limited application, if any, if the population is not homogenous and cannot be subdivided.
For example, all the categories of non-current asset have a wide range of useful life. Therefore it would be
difficult/meaningless to apply an ‘average’ depreciation rate to all assets in the class to substantiate the total depreciation
expense for the year. (Although it might highlight a risk of potential over or understatement requiring further
investigation.)
■ Substantive analytical procedures are more likely to be used if there is relevant information available that is being used
by Yates. For example, as fuel costs will be significant, Yates may monitor consumption (e.g. miles per gallon (MPG)).
■ Analytical procedures may supplement alternative procedures that provide evidence regarding the same assertion. For
example, the review of after-date payments to confirm the completeness of trade payables may be supplemented by
calculations of average payment period on a monthly basis.
Tutorial note: Credit will be given for other relevant points drawn from the scenario. For example, the restructuring during
the previous year is likely to have caused fluctuations that may result in less reliance being placed on analytical procedures.

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.

正确答案：

SWOT analysis, including his personal liability to manage the strategic change would be useful. There may be a significant
investment in new technology and employee training to make the new blocks. In effect he will be forming a strategic alliance
with the international company and making significant changes to both the value chain and value system. There will be no
need to invest in sales and marketing as this will be the responsibility of its larger partner. As a major strategic option there
is a need to address issues of its suitability, acceptability and feasibility. In terms of suitability the option seems to address
many of the strategic problems attached to his current product range. It is a product that can be sold all year round and into
a much wider geographical market area. It is in terms of acceptability that the dilemma reveals itself and the impact on the
different stakeholders involved – he may find stakeholder mapping and scenario building useful in coming to a decision. As
the owner of the business he needs to assess the risk involved against the likely returns. Feasibility looks reasonably sound– new resources and skills will be needed but affordable and achievable with the support of the partner.