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Hurm, the last question I posted here was a week ago. I saw the other student’s question in case of duplication but the question is different even though from the same topic.
However, I’m glad that you answer my question and I am sorry for my impatience. Please accept my apology. Thank you. 🙂
1. More like familiarity threat, i will be too sympathetic to my brother and therefore will make a judgement to his interest instead.
I also will be less scepticism to my brother because i know he is a good lad. (But you can’t do this for audit)
Also, consider if it is your father, it will be intimidation threat. (It is true if it was my father, lol) so i will be under pressured and therefore my objectivity is impaired.2. Employment is self review, because if i work with my audit client, then i will be reviewing my own work. Therefore i will not appropriately review my own work like i will ,if it were done by (say) you.
3. Assurance: whenever you make an opinion saying it is true or not. Eg:audit, review engagement,
Non assurance: whenever you dont express an opinion.. Eg: forensic audit, due diligence investigation (you search for fact instead of saying the fact is true)4. I believe, we dont set audit fees, we only set the basis of calculation of audit fees.. Not sure though..
But is not that for Gain group you can transfer chargeable loss as well as chargeable gain ?
Sorry but I don’t quite understand.
I hope you can answer my question:
A ltd owns B ltd of 100% OSC.
LL: 300/2 = 150,000
UL: 1,500/2= 750,000A ltd:
Has trading loss of (£100,000) and chargeable gains of £30,000.
Therefore A is small company and pay tax @ 20%.
[previous year, A was medium company with TTP of £600,000]B ltd:
Has taxable total profits of £20,000.The question is maximise the tax saved of trading loss.
Therefore I would like to save the previous year profit paid @ medium rate first which is 25%.
However, in order to bring loss back, I need to deduct against chargeable gains in A first right ?What if, I TRANSFER chargeable gains of A ltd to B ltd, to be paid at 20%. THEN A doesn’t have any gains in the year.
Therefore, the whole £100,000 loss can be straight away brought back to previous year to save tax @ 25%.
The major difference is ISAE is you give assurance while ISRS is a fact finding.
Thank you..
wow, I am doing last minute ratio..haha..
btw, I want to do PE ratio..how do i get the price for the year ? is it the average price for the whole year or just closing price ??Thank you so much..
Thank you.. 🙂
Is the same principle applies to NIC Class 2 & 4 ?
Eg: same person has 2 separate business ? Therefore 2 separate NIC rate ?
Hi, I am new to this and hoping can participate in the next session on 7th of October. How can I do so ? Thank you.
preconditions for an audit
-the f/s has been prepared accordance to relevant and applicable framework
-mgmt will provide the auditor with all required information and explanation
-one more i forgotcode of ethics
-objectivity
-prof behaviour
-prof competence and due care
-intergrity
-confidentialty
2 extra very popular -independence and conflict of interest..can you please send me p7 mind maps. here mayb1991_03@yahoo.com ..thank you..
In working 2 of net asset..the fair value of net asset of hail is 60..this comprise of 20 of share capital and 16 of retain earning at acq date..so the question said that the balance is fv of land..doing the calculation you willget 60-16-20 = 24 for hail..same thing for zinc..if you don’t understand tell me, i will explain further..
Btw, take note don’t do last past year too much as there is a lot of changes of standard..however the q you asked has not been any changes for tomorrow paper.. 🙂