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Hi,
I recently became an ACCA affiliate and I’m thinking of doing my degree for this May submission. I’m currently looking for a mentor but i have no idea who to pick. Is there like a list of mentor recommendations with higher rate of mentee pass rate?
i did qs 3 and 4. i think qs 3 was okay…q4 vat partial exemption…ive no idea whether if that was correct or not.
i dont know how much i screwed up, but at least i know i got one mark in qs2 for not putting the annual exemption amount in lolGifts that have no GR.
for example, gifts no qualified for GR. not a qualifying asset or something.CGT: 31st of January
If installments:
1. proceeds over £18m: 1/ spread over 8 years or 2/ period over payment of disposal proceeds
2: gifts (no GR): 10 equal installmentsSDLT: withing 1m after completion date
IT: 31 january
VAT: 1m and 7 days of end of return period
NICS: Employer primary and secondary class 1 at weekly/ monthly pay date. End of PAYE month.
Class 1A: anually by 19th Julyi feel…depressed. reading all of y’all’s answers…i don’t think i even wrote that..
qs 1 asks about the FS risks during planning the group audit. i think we have to take the restructuring of the audit into consideration.
there was acq of sub so for the risk, i talked about the forex translation and their inappropriate treatment which could result to an overstatement or understatement of asset.now for cash in transit…i ruined that, it should’ve been intragroup consolidation, but i talked about theft during transit and inventory may be overstated.
about the disposal…that was abit tricky…it asked about the principal audit procedures regarding the disposal of sub.
it says that someone else became the principal auditor of that subsidiary so i talked about that the group auditor should communicate with the prospective auditor regarding any matters arising from the disposal sub?due diligience part b..i think i lost my mind. i had no idea what i wrote in there. i talked about financial statements, comparing trends.
i talked about some numbers may be incorrect and therefore needs to recalculate. i talked about the bank balance of $500 000 and that there may be a possible CF problems since the wages are high due to its specialist nature of work.qs 3… that coal mining…
i think i messed up with part 1. it asked about matters to consider when reviewing the draft FS and working papers.
i talked about non compliance to the law and regulations. the H&S…i talked alot about the regulations and prof skepticism.
audit evidence was probably alot easier.and the last part was asking for the auditor’s responsibilites and what they should do since the management is not disclosing the accident to the regulatory body.
so i talked about idenfitying non compliance, obtain suffiicient appropriate evidence, discuss with governance and consider resigning if this is not solved. talked about confidentiality so reporting to regulatory body due to the laws and public interest.what do you think? 🙁 not hopeful at my end here
thank you! better explanation than my text book!
does PSC and ir35 mean the same thing?i remember my teacher explained this in f7. i can’t remember what she said but she said those finance cost is added in operating activities and deducted in the other section. i think thats all you need to know and not worry about the deets. not at this time anyway.
i would think that if there’s no mention of OCE, then there’s no need to create one unless the qs dictate otherwise
OCI relates to profit and loss and Retained earnings relates to the SFP?
OCI includes revaluation of gain, forex translations etc which may be included in the OCE or RE so maybe that’s where you misunderstand.
I think anyway.
because of the group structure. there are only 2 associates in the group Hail is in.
matters is basically just a list of things.
when you see it, look at the timeline in the question. if it’s at the planning stage, then you should consider materiality, risk etc.qualified opinion i think when you confirm that the FS is true and fair view except for…
if the FS is not true and fair view, then you need to modify your opinion which can result to adverse opinion or disclaimeraudit procedure: AEIOU: analytical procedure, enquiries, inspection, observation, recalculation.
audit work: i believe thats the same as audit approach. if system is strong, then test of controls. if system is weak, then substantive procedures
expectation gap is what clients expects auditors supposed to do. they might assume that auditors needs to detect every material misstatement or design system controls etc when that should’ve been the management’s job.
we can bridge that gap by using engagement letter which list out auditor’s reponsibilites and director’s responsibilites so there’ll be no misunderstanding and therefore avoid any potential ligitations aganst the firmaudit strategy is the overview of audit.
so firm will see if they have competent staff, make sure threats are safeguarded, KOB, understanding client, deadlines, budgets etcthen they’ll do a more detail plan which is called audit plan. includes description of nature, timing and extent of risk procedures sufficient to assess risks of material misstatements, audit procedures, allocation of work to team members etc
if employee contributes to the cost of car, then deduct that from the list price.
if the employee contributes every month for owning that car, then you deduct that after working out (list price x %)
maximum contribution is 5000 i think so i doubt it will exceed the car price25% is just a shortcut calculation. (i can’t remember how they work it out)
its the same thing with 24%- marginal relief.work out basis of assesment. overlap profits mostly happen when you start trading. read the rules for basis of assesment.
first year of trade, you would always work out from start date of trading to the next april of the following year.
second year, must always be 12 months i believe. so in this second year, you would include some of the months from your first year to calculate taxable profit of that second year.
so therefore, you’re paying tax for those overlap months included in first year calculation and second year calculation. therefore, you’ll be paying tax twice on those overlap months.
zero rated supplies is when you can claim input vat from your purchases but you dont charge vat to your customers. so why do we need to calculate vat payable to hmrc when we don’t charge vat to our customers?
overview of vat: you don’t pay vat. your customers pay vat. you’re just the middle man between your customers and hmrc. hmrc collects vat from the customers via you.i cant remember too…but its always january or april so if in doubt, pick one of them.
in fact if in doubt, just write all of the dates. there’s no negative marking in acca so the marker will have to put 0 for the wrong answers but will give you a mark for the right one.
PET is lifetime transfer/gift of asset to an individual.
CLT is transfer of asset to trust.PET is exempt from IHT during donor’s lifetime unless donor dies within 7 years after the gift. Then it becomes chargeable.
CLT is chargeable during donor’s lifetime and also additional charges when at his death. Tax at 25% for donor or 20% if donee agrees to pay tax.