First Intuition june 2011 exam tips

Sources of law delegated legislation
Offer and Acceptance
Contract terms exclusion clauses
The law of torts auditor negligence
Employment law constructive dismissal
Corporations and separate legal personality
Capital Maintenance
Fraudulent behaviour
Mix and yield/quantity variances
Target costing
Throughput accounting
Risk and uncertainty
Optimum pricing
Learning curves
Divisional performance and transfer pricing
Q1 Income tax with BIKs
Q2 Corporation tax (VAT, IBAs, CAs)
Q3 CGT (Rollover relief, gift relief & PPR relief)
Q4 Partnerships with opening year rules
Q5 – IHT
Qn 1 Consolidation- Revenue statement with goodwill computation
Qn 2 Single company accounts with, lease, non current asset, tax and sale or return
Qn 3 Cash flow and report writing
Qn 4 The framework with contingent liabilities and Financial instruments
Qn 5 EPS
Qn 1 : Qn on substantive audit procedures and tests of control on a key area of the Statement of Financial Position e.g. inventories or receivables
Q2 : short 10-marker on ISAs e.g. audit reports, fraud & error
Q3 : Qn on identifying and explaining the threats to auditor independence and ways of managing them
Q4 : Mgt letter : identifying the weaknesses, consequences and recommendations in a particular company
Q5 : subsequent events
Discussion of the economic environment and the impact on interest and exchange rates
Working Capital Management
Investment Appraisal & Cost of Capital
Business Valuations
Kohlberg, Risk assessment and TARA risk framework.
Role of audit committee, chairman, CEO.
Corporate social responsibility
Gray, Owen and Adams, normative, and Instrumentalists view of stakeholders.
Risk quantification
Qn 1 = Group question on foreign subsidiaries
Revenue Recognition current issue
IFRS 9 Financial Instruments
Deferred Tax
Share based payments
Related parties
Section A
Environmental Analysis, People with Financial Analysis
Section B
Project Management
Strategic Action
Information Technology Pricing Strategy
Q1 Post merger valuation and share for share exchange
Q2 Hedging Interest rate risk.
Q3 Impact on WACC following change in credit rating.
Q4 Currency SWAP scenario
Q5 Written question theoretical and practical aspects of managing risk
Transfer pricing and divisional performance
Quality and quality costs
Performance measures linked to corporate strategy
Risk attitudes
Mission and objectives
Financial and non-financial performance assessment
Salary or BIKS package
Badges of trade
Cessation of trade (IT, VAT, IHT)
UK property profit
Close investment companies
Overseas company trading in UK
Non trading loan relationships
Corporate long period of account
Consortium relief
De-grouping charge
Internal reconstruction of corporate group
Double tax relief for groups of companies
CGT losses in year of death
PPR and gift relief
CGT shares and takeovers
Substantial shareholding exemption
VAT de-registration
VAT capital goods scheme
Flat rate scheme
IHT related property
Business property relief
EIS/VCT schemes
Business Risks and Financial Statement risks in a scenario
Identifying ethical and other professional issues in a scenario
Audit reports
Group audits
Money laundering

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