Auditors' reports

Aggreko Plc Monitor

Aggreko Plc Annual Report 2016
CR Monitor Issue: 
2017/0909
Company covered: 
Aggreko Plc
Period End: 
31 December, 2016
Report issued on 19 September 2017 covered the following practice issues:
Restatement
Change in contract organisational management structure leads to restatement of segment disclosures.
Change
Segment disclosures expanded to include geographic breakdown of revenue and non-current assets.
Change
Change in depreciation life of tangible fixed asset accounted for prospectively.
Pronouncements
Expanded disclosure of future impending impacts of new standard IFRS 15 "Revenue from contracts with customers" without quantification.
Change
Auditors discussion of audit scope enhanced by inclusion of pie charts.
Change
Sensitivity analysis included in discussion of area of significant judgement and estimate in relation to taxation.

Schroders plc Monitor

Schroders plc Annual Report 2016
CR Monitor Issue: 
2017/0905
Company covered: 
Schroders plc
Period End: 
31 December, 2016
Report issued on 08 September 2017 covered the following practice issues:
Change
Disclosure of key risks split into 4 risk categories including new strategic risk category.
New
Brexit and the impact of Global terrorism identified as two key threats to overall risk profile.
Change
Presentation of deferred tax enhanced to show amounts separately for individual temporary differences.
Change
Detailed explanation of what goodwill acquired in business combination represents.
Divergence
Aggregate disclosure of revenue and profit contribution of multiple businesses acquired rather than separate disclosure.
Change
Auditors identify acquisition accounting as an area of audit focus.

Tesco PLC Monitor

Tesco PLC Annual Report 2017
CR Monitor Issue: 
2017/0904
Company covered: 
Tesco PLC
Period End: 
25 February, 2017
Report issued on 08 September 2017 covered the following practice issues:
Change
Auditors identify "Tesco Bank payment fraud" as a risk of material misstatement.
Change
Balance sheet format altered to correctly present assets and liabilities as either current or non-current.
Change
Impairment recognised as adjusting post balance sheet event as part of discontinued operations.
New
Discussion of critical judgements introduced.
Restatement
Restatement of carrying amount of non-current liabilities within material joint venture to reflect credit risk valuation adjustments.

SOCO International plc Monitor

SOCO International plc Annual Report 2016
CR Monitor Issue: 
2017/0903
Company covered: 
SOCO International plc
Period End: 
31 December, 2016
Report issued on 05 September 2017 covered the following practice issues:
Change
Impairments accounting policy extended to include disclosure of impairment indicators in respect of exploration and evaluation assets.
Change
Audit report enhanced by inclusion of summary of audit approach and tabular disclosure in respect of materiality.
Change
Geographic breakdown added in respect of exploration and evaluation intangible assets.
Change
Human resource, climate change, and cyber risk identified as new areas of principal risk.
New
Introduction of diagram showing risk management structure within risk management report section of the strategic report.

Pearson plc Annual Report

Pearson plc Annual Report 2016
CR Monitor Issue: 
2017/0814
Company covered: 
Pearson plc
Period End: 
31 December, 2016
Report issued on 29 August 2017 covered the following practice issues:
Change
Change in disclosed basis of valuation for Level 3 fair value measurements following disposal.
Pronouncements
Extended non-quantified disclosure of the future impacts of IFRS 15 “Revenue from contract with customers”.
Change
Identification of "major restructuring programme" and "major finance transformation programme" as new areas of audit focus.
Change
Presentation of tabular disclosure showing a maturity analysis of minimum sub-lease payments expected to be received.
Restatement
Segment reporting restated following changes in management responsibilities.

GlaxoSmithKline plc Monitor

GlaxoSmithKline plc Annual Report 2016
CR Monitor Issue: 
2017/0811
Company covered: 
GlaxoSmithKline plc
Period End: 
31 December, 2016
Report issued on 22 August 2017 covered the following practice issues:
Restatement
Change in composition of reporting segments linked to restructuring of the business.
Change
Identification of new areas of audit focus in relation to "Acquisition-related liabilities" and "Finance transformation".
Pronouncements
Disclosure of proposed changes in non-audit services policy in line with Financial Reporting Council’s (FRC’s) revised Ethical Standards and new EU Audit Regulation.
Pronouncements
IFRIC interpretation leads to change in presentation in respect of cash pooling arrangements.
Restatement
Analysis of defined benefit scheme assets and obligations restated to exclude defined contribution plan amounts.

Travis Perkins plc Monitor

Travis Perkins plc Annual Report 2016
CR Monitor Issue: 
2017/0808
Company covered: 
Travis Perkins plc
Period End: 
31 December, 2016
Report issued on 15 August 2017 covered the following practice issues:
Change
Disclosure of a new note on "revenue reconciliation and like-for-like sales".
Change
Identification of "UK decision to leave the European Union", "Legislation" and "Corporation tax" as new areas of principal risk.
Change
Disclosure of software “assets under construction” as a separate class of intangible asset.
Change
Introduction of graphical presentations to the audit report illustrating materiality and audit scope.
Restatement
Restatement of segment disclosure of capital expenditure without explanation.

Rightmove plc Monitor

Rightmove plc Annual Report 2016
CR Monitor Issue: 
017/0805
Company covered: 
Rightmove plc
Period End: 
31 December, 2016
Report issued on 08 August 2017 covered the following practice issues:
Pronouncements
Summarised non-quantified disclosure of the future impacts of new standards, IFRS 15 and IFRS 16.
Change
Qualitative disclosure of what goodwill recognised in a business acquisition represents.
Change
Introduction of extended information in respect of Non-GAAP performance measures.
Change
Audit report presentation enhanced by inclusion of graphics and tables.

Euromoney Institutional Investor PLC Monitor

Euromoney Institutional Investor PLC Annual Report 2016
CR Monitor Issue: 
2017/0806
Company covered: 
Euromoney Institutional Investor PLC
Period End: 
30 September, 2016
Report issued on 08 August 2017 covered the following practice issues:
Restatement
Segment reporting restated following implementation of new business strategy.
Change
Mutli-employer pension scheme accounted for as a defined benefit scheme for the first time.
Change
Auditors report extended by inclusion of disclosure of new areas of audit focus.
Change
Method of valuation disclosed in relation to business held for sale.
Change
Extended analysis of deferred income

OMV AG Monitor

OMV AG Annual Report 2016
CR Monitor Issue: 
2017/0801
Company covered: 
OMV AG
Period End: 
31 December, 2016
Report issued on 1 August 2017 covered the following practice issues:
Pronouncements
Disclosure of key audit matters in the auditors' report as per requirement of new audit standard.
Change
Reallocation of goodwill between cash generating units (CGUs) as a result of changes in managerial structure.
Change
Contribution of acquired business to revenue and profit dislosed.
New
Introduction of table disclosing major class of assets and liabilities of disposal groups.