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Buy-to-let property insurance, some times also FREE ACCA BOOKS KAPLAN F7 EXAM KIT 2021-2022 - ACCA BOOKS Lsbf Video Lectures Free Download known as residential property owners insurance, is needed if you own houses and/or flats to tenants – either on a short-term or long-term basis. Ordinarily you can buy cheap buy-to-let property insurance in the event that you rent five or less properties in the UK than is the case if you rent more than five properties, as in the case of the former you are seen as a small time landlord with a small business, whereas in the latter you are seen as a full blown property-owning company.

Whether you plan to rent five or less properties, or five or more properties, is, however, a side issue, as in both cases you’ll need to ensure that you have at least the minimum level of required insurance in order to protect yourself. Consequently, the number of properties you own will have a bearing only insofar as the insurance premiums are concerned. That said, if you are looking to become a property owner with a letting business, then you need to ensure that FREE ACCA BOOKS KAPLAN F7 EXAM KIT 2021-2022 - ACCA BOOKS Lsbf Video Lectures Free Download you have the following minimum provisions in your insurance policy:

Fire

Insuring against any fire on the property

Natural Disaster (also known as tempest insurance)

Insuring against natural disasters that may FREE ACCA BOOKS KAPLAN F7 EXAM KIT 2021-2022 - ACCA BOOKS Lsbf Video Lectures Free Download occur, such as a storm where the winds tear off your roof or guttering

Theft

Which is especially important if you are renting out fully furnished properties. In the event that you are renting out unfurnished premises, you may wish to have a discussion with your tenants about whether or not they should have home contents insurance

Public Liability Insurance

This should be a must as it will protect you against any claims your tenants or any third parties (such as their guests) may have for injuries they suffer while on your property

Lost Earnings

There may well be times when your property remains empty; say, for example, while you look for new tenants. If you are relying on the rental income from your tenants to repay the money you borrowed to purchase the property, you need to ensure you have lost earnings insurance to compensate you during this period

Employee Liability Insurance

If you have employees who will visit the property for you to repair any damage, etc. or to collect the rental payments, then you need to make sure that you have employee liability insurance in case they get injured while carrying out their assigned task

Legal Expenses Insurance

As a property owner you may find the need from time to time to retain the services of a lawyer; for example, if your tenants refuse to pay their rent or move out of the property at a specified agreed time – when you may need to get an eviction notice. As legal expenses in the UK can be expensive, you should consider insuring against this risk by having in place a provision of legal expenses in your insurance policy.

Although the above are basically the bare minimums you need in your buy-to-let property insurance policy, you can also tailor these types of insurance policies to meet your particular needs, so make sure that you talk through your circumstances with your insurance provider, especially if you anticipate expanding the business in the near future.

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PAPER   F8  : AUDIT    AND   ASSURANCE

• The discovery of a significant free ACCA BOOKS books pdf  error  during  a re-evaluation   of the  work undertaken   by the  member
• Performing  a service for  a client  that  directly   affects  the  subject  matter  of an assurance  engagement.

Advocacy{googleads}

• Acting  as an advocate  on behalf  of a client  in litigation   or disputes
• Promoting   shares in a listed  audit  client
• Commenting   publicly  on future   events  in particular   circumstances
• Where  information    is incomplete   or advocating   an argument   which  is unlawful. Familiarity
• Long association   with  a client
• Acceptance  free ACCA BOOKS books download pdf of gifts  or preferential    treatment    (significant   value)
• Over familiarity   with  management
• Former  partner  of firm  being  employed   by client
• A person in a position  to  influence  financial   or non-financial    reporting   or business  decisions  having  an immediate   or close family  member  who  is in a position   to  benefit  from  that  influence.

Intimidation

• Threat  of litigation
• Threat  of removal exam preparation & tutoring as assurance firm
• Dominant  free ACCA BOOKS study materails personality   of client  director   attempting   to  influence   decisions
• Pressure to reduce  inappropriately    the  extent  of work  performed   in order  to reduce  fees

(b)       Ethical  threat

The audit  team  has in previous  years been offered   a staff  discount  of 10% on purchasing  luxury  mobile  phones.

This is a familiarity free accounting books  threat.   It would  need to be confirmed   if this discount   is to  be offered to this year's  team  as well,  as only goods  of an insignificant   value  are allowed  to  be accepted.  A discount   of 10% may not appear to  be significant,   but  as these  are luxury mobile  phones  then  this  may still  be a Significant  value.

An audit  senior  of Jones & Co has been on secondment   as the financial   controller   of LV Fones and is currently   part of the  audit team.

There  is a self-review   threat   if the  senior  has prepared  records  or schedules  that  support the year-end  financial  statements   and he then  audits  these  same documents Managing   risk

The audit  firm  should  ascertain  whether   the discount   is to  be of ACCA BOOKS study materailsfered  to staff  this year.

If it is then  the  discount  should  be reviewed for  significance.   If it is deemed  to  be of significant   value then  the  offer  of discount should  be declined.

The firm  should  clarify  exactly  what  areas the senior  assisted  the  client  on. If he worked   on areas not  related  to the  financial statements   then  he may be able to  remain in the  audit  team.{googleads}

However,  it is likely  that  he has worked  free download for pdf on some  related  schedules  and therefore   he should  be removed  from  the  audit  team  to ensure  that  independence   is not threatened.

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