Part 2

2.1

Managing Information Systems

• Business strategy and IS/IT strategy
• Legacy systems
• Accounting for IS/IT costs
• Staff roles and responsibilities  
• Project management and control
• Centralisation/decentralisation

Designing Information Systems

• Methodologies
• Modelling
• External design: data capture  
• Invitation to tender
• Prototyping and 4GL

Evaluating Information Systems

• Security/legislation
• Quality
• Documentation  
• Maintenance

2.2

• EC law
• Courts  
• Offer & acceptance
• Consideration (including Pinnel's case)
• Exclusion clauses
• Discharge by performance
• Remedies for breach (including liquidated damages clauses & privity)
• Memorandum of Association (especially name clause)  
• Reductions of capital
• Dividends
• Debentures and charges
• Directors (especially types & duties)
• Auditors
• Minority protection  
• Insolvency
• Common law duties of employer & employee
• Dismissal
• Dissolution of the partnership
• Liability of partners to outsiders

2.3

SECTION A

Corporation Tax          Q1        Adjustment of profits with capital     
                                               allowances & industrial buildings  
                                               allowance and some calculation of
                                               chargeable gain. CTSA. Long period 
                                               of account.

           
Income Tax                Q2         Trading income assessment , Employment Income leading to income tax and possible gains tax payable.

SECTION B

 VAT                           Q3         VAT return - calculation of VAT payable
                                                Compulsory registration
                                                Tax point

                                               
                                               
CGT                            Q4         Capital Gains Tax
                                                Rollover and Gift Relief
Capital losses

As from June 2005 exam, the format of the exam has changed and questions 5 to 7 can now be set on any topic
           
Groups – losses or Gains group
Partnership with losses
Choice of business medium/extraction of profits
Disposal of business with capital allowances, CGT and some planning
Income tax losses [ Sec 380/385 and 72]
Terminal loss relief for Sole Traders has not been examined

2.4

• Investment Appraisal; NPV to include relevant costs, tax and inflation, and possibly capital rationing and/or sensitivity analsysis  
• Working capital management, possibly to include stock
• Costing systems (ABC ?)
• Budgeting and Budgetary control
• Long term finance and gearing

2.5

• Groups
• Restated financial statement
• Substance
• Provisions
• Cash flow
• Interpretation

2.6 (INT and UK)

• New Client Appointment / Conflicts of Interest
• Practical Audit Risk
• Engagement Letters  
• Materiality
• Management Letter - purchases / computer controls
• Sampling
• Substantive Testing of Receivables / Payables
• Audit Report scenarios
• Role of Audit Committees  
• Responsibilities for fraud