Auditors' reports

Renishaw plc Monitor

Renishaw plc Annual report 2017
CR Monitor Issue: 
2018/0209
Company covered: 
Renishaw plc
Period End: 
30 June, 2017
Report issued on 20 February 2018 covered the following practice issues:
Restatement
Prior year restatement following discovery of accounting error in respect of hedge accounting.
Change
Results of discontinued operations highlighted in a separate line item on the face of the income statement.
Change
Auditors report enhanced by inclusion of overview of audit approach section and audit scope diagrams.
Change
Alternative performance measures note added to the financial statements.

DS Smith plc Monitor

DS Smith plc Annual Report 2017
CR Monitor Issue: 
2018/0108
Company covered: 
DS Smith plc
Period End: 
30 April, 2017
Report issued on 20 February 2018 covered the following practice issues:
Change
Disclosure of a post balance sheet business acquisition in a subsequent events note.
Pronouncements
Enhanced disclosure explaining the expected impact on adoption of IFRS 15 and IFRS 16.
Change
Enhanced tabular disclosure of principal risks.
Change
Additional disclosure in respect of non-GAAP performance measures.
Change
Audit report presentation enhanced by inclusion of diagrams illustrating audit scope and materiality.

easyJet plc Monitor

easyJet plc Annual Report 2017
CR Monitor Issue: 
2018/0207
Company covered: 
easyJet plc
Period End: 
30 September, 2017
Report issued on 20 February 2017 covered the following practice issues:
Change
Multi-column income statement format employed highlighting separately headline and non-headline items.
Change
Additional disclosure of earnings per share on a headline earnings basis.
Change
Change in the treatment of maintenance costs in respect of sale and leaseback assets.
Change
Tabular disclosure of key audit matters included in auditors report.

Thomas Cook Group plc Monitor

Thomas Cook Group plc Annual Report 2017
CR Monitor Issue: 
2018/0206
Company covered: 
Thomas Cook Group plc
Period End: 
30 September, 2017
Report issued on 13 February 2018 covered the following practice issues:
Restatement
Correction of accounting errors result in prior year adjustments.
Change
Key audit matters section included in auditors report.
Change
Risk disclosures enhanced by disclosure of link to strategy and movements compared to the prior year.
Change
New financing agreement highlighted in post balance sheet events note.

Marks & Spencer group plc Monitor

Marks and spencer group plc Annual Report 2017
CR Monitor Issue: 
2018/0203
Company covered: 
Marks & Spencer Group plc
Period End: 
1 April, 2017
Report issued on 2 February 2018 covered the following practice issues:
Change
Identification of new principal risk factors relating to "talent & succession", "UK store estate", and "third party management".
Change
Auditors' report presentation enhanced by inclusion of audit approach summary.
Change
New key audit risk identified in respect of "Accounting for exit costs of certain wholly owned international businesses".
Change
Past service cost recognised on closure of defined benefit pension plan to future accrual.
Change
Disclosure of proposed changes to directors remuneration policy.

Genus plc Monitor

Genus plc Annual Report 2017
CR Monitor Issue: 
2018/0202
Company covered: 
Genus plc
Period End: 
30 June, 2017
Report issued on 6 February 2018 covered the following practice issues:
Change
Discussion of alternative performance measures added to the financial statements.
Restatement
Change in segment reporting to reflect management structure.
Change
Financial instrument disclosures expanded to include table illustrating the ageing of trade receivables that are past due but not impaired.
Change
Identification of new risk factor in respect of "hiring and retaining talented people".
Change
Identification of new key audit matter related to "Orphan pension scheme liabilities related to the Milk Pension Fund".
Change
Presentation of audit report enhanced by inclusion of diagrams.

Kingfisher PLC Monitor

Kingfisher PLC Annual Report 2017
CR Monitor Issue: 
2018/0114
Company covered: 
Kingfisher PLC
Period End: 
31 January, 2017
Report issued on 30 January 2018 covered the following practice issues:
Pronouncements
Extended disclosure on the impacts of IFRS 15, IFRS 16 and IFRS 9.
Change
Auditors' report enhanced by inclusion of a tabular summary of the audit approach.
Change
Disclosure of non-GAAP measures extended to include underlying as well as adjusted measures.
Change
Reconciliation of movements in provisions shows release of an unused amount following changes to restructuring plans.
New
Fair value gains recycled from other comprehensive income form part of profit on disposal.
Restatement
Analysis of deferred tax assets and liabilities by type restated to reflect more appropriate allocation of balances.

Associated British Foods plc Monitor

Associated British Foods plc Annual Report 2017
CR Monitor Issue: 
2018/0112
Company covered: 
Associated British Foods plc
Period End: 
16 September, 2017
Report issued on 23 January 2018 covered the following practice issues:
Change
Change in length of reporting period results in lack of comparability.
Change
Aggregate information disclosed in respect of business combinations.
Change
Disposal gain on sale of two businesses previously classified as held for sale separately highlighted on the face of the income statement.
Change
Tabular disclosure of principal risks includes new risk factor in respect of "Socio-political uncertainty".
Change
Key audit matters section included in the auditors' report.

QinetiQ Group plc Monitor

QinetiQ Group plc Annual Report 2017
CR Monitor Issue: 
2018/0110
Company covered: 
QinetiQ Group plc
Period End: 
31 March, 2017
Report issued on 23 January 2018 covered the following practice issues:
Change
Recognition of additional intangible assets following business acquisitions.
Change
Additional pension disclosures linked to IFRIC 14 introduced.
Change
Auditors report presentation enhanced by the inclusion of new information.
New
Annual report section added discussing alternative performance measures.

Go-Ahead Group plc Monitor

Go-Ahead Group plc Annual Report 2017
CR Monitor Issue: 
2018/0111
Company covered: 
Go-Ahead Group plc
Period End: 
1 July, 2017
Report issued on 23 January 2018 covered the following practice issues:
Change
Change in accounting policy in respect of franchise adjustments in relation to the rail pension scheme.
Change
Presentation of auditors' report enhanced by inclusion of a summary of the audit approach and a diagram illustrating the application of materiality.
Change
Identification of new key audit matter linked to rail franchise.
Pronouncements
Summarised non-quantitative disclosure of the expected future impacts of new accounting standards on revenue, leases and financial instruments.