differences between External and Internal audit

Question 1
⦁ Describe differences between External and Internal audit in term of:
⦁ Roles
⦁ Legal Basis
⦁ Scope of Work
⦁ Approach
⦁ Status (5 x 1 mark)

⦁ Explain the relationship between accounting and the following business functions
⦁ Marketing (8 marks)

⦁ Production (12 marks)

Question 2
⦁ Define the term “sustainability” (5 marks)

⦁ Plastic Ltd is a manufacturing company that produces and sells plastic containers to businesses in the food industry. The company is growing fast and is considering building a new factory in the town of XYZ. XYZ is a small and quiet town in the countryside famously known for its beautiful landscape and rich wildlife. In a statement made during an interview with the local newspaper, the managing director of Plastic Ltd stated: “The new plant factory will bring jobs and will be a tremendous boost to the local economy”. However, some of the residents of XYZ have raised concerns with regards to the impact the factory could have on their way of life and the environment.

(i) Identify and explain some of the potential effects that new factory could have on the environment (10 marks)

(ii) Suggest some steps/actions the management team of Plastic Ltd could take to mitigate the impact of the new factory on the environment (10 marks)

Question 3
⦁ Define and distinguish the terms “recruitment” and “selection” (5 marks)

⦁ The processes of recruitment and selection require the involvement of several groups of people.

⦁ What are the different groups of people in charge of the recruitment and selection ? (4 x 1 mark)

⦁ Describe some of the responsibilities of each group of people in charge of the recruitment and selection (4 x 4 marks)

Section B

Question 1
“It is the company as a separate person that owns the company’s property and enters into contracts and incurs debts. This has been affirmed in many different contexts”. p124 Mayson, Ryan & French: Company Law; 29th Edition, OUP
Discuss with particular reference to group companies.
(25 marks)

Question 2
Priory Asset Management Ltd is a company in liquidation and Pranav has been appointed as liquidator. The company’s assets consist of the company’s business premises valued at £200,000, and other assets valued at £50,000. Pranav has discovered the following liabilities owed by the company:

⦁ A floating charge over the company’s assets created three months before the company went into liquidation. The charge was granted in favour of Sam, who is a director and shareholder in the company and it was granted to secure a loan of £50,000 made by Sam to the company a year ago. The full amount of £50,000 is still owed by the company.

⦁ A fixed charge over the business premises in favour of North Western Bank PLC to secure a loan of £220,000 made by the bank simultaneously with the creation of the charge. The charge was created one month before the company went into liquidation, and the full amount of the loan is still owed by the company.

⦁ £50,000 in arrears of salary owed to the company’s employees.

⦁ £20,000 owed to HMRC in respect of unpaid corporation tax

⦁ Trade debts owed to three creditors in the respective sums of £25,000, £15,000 and £10,000.

⦁ Liquidators fees and costs of £10,000.

Advise Pranav of the validity of the liabilities owed by the company and the security granted for them, and of the order in which the assets of the company should be distributed (you should assume that the charges have been properly registered).
(25 marks)

Question 3

Your client, Maxwell Ltd. (‘M Ltd.’), a leading manufacturer of washing machine components with factories in Manchester and the North East instructs you that it has arranged a £900,000 loan facility with Lancashire Bank. The loan is to be secured by fixed and floating charges over all M Ltd’s assets, including its book debts, which normally vary between £50,000 and £100,000.

Referring to relevant case law and statute, advise M Ltd. in relation to the following (each sub-question bears equal marks):
⦁ How a floating charge differs from a fixed charge

⦁ Whether the book debts will be subject to fixed or floating charges, and why

⦁ What is meant by the ‘priority’ of charges, and

⦁ What registration requirements must be complied with once the charge documentation has been completed and what the effect of not complying with those requirements would be.

(25 marks)


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