Audit committee report

Rightmove plc Monitor

Rightmove plc Annual Report 2017
CR Monitor Issue: 
2018/0703
Company covered: 
Rightmove plc
Period End: 
31 December, 2017
Report issued on 03 July 2018 covered the following practice issues:
Pronouncements
Disclosure of the impact of new standards including quantification in respect IFRS 16 "Leases".
Change
Disclosure of financial statement key significant issues in audit committee report.
Change
Assets in progress identified as separate class of property plant and equipment.
Restatement
Restatement of investing cash flows within cash flow statement.
Change
Discussion of key audit matters included in audit report.

United Utilities Group PLC Monitor

United Utilities Group PLC Annual Report 2017
CR Monitor Issue: 
2018/0316
Company covered: 
United Utilities Group PLC
Period End: 
31 March, 2017
Report issued on 27 March 2018 covered the following practice issues:
Pronouncements
Disclosure of proposed changes to non-audit services policy.
Pronouncements
Extended disclosure on the future impact of IFRS 9 "Financial instruments".
Pronouncements
Disclosure on the future impact of IFRS 15 "Revenue from contracts with customers".
Pronouncements
Quantified information as to the future impact of IFRS 16 "Leases".
Change
Summarised disclosure in respect of proposed changes in directors' remuneration policy.
Change
Disclosure of derivatives included in pension scheme asset categories.

AVEVA Group plc

AVEVA Group plc Annual Report 2017
CR Monitor Issue: 
2018/0303
Company covered: 
AVEVA Group plc
Period End: 
31 March, 2017
Report issued on 06 March 2018 covered the following practice issues:
Change
Defined benefit pension scheme surplus presented separately on the face of the balance sheet.
Change
Deferred revenue disclosed separately from trade and other payables.
Change
Deferred tax classification altered.
Change
Detailed narrative description of proposed changes to directors' remuneration
Pronouncements
Revised FRC ethical standard results in change to non-audit services policy.
Change
Exceptional gain recognised in relation to a prior year business acquisition

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.

Grainger plc Monitor

Grainger plc Annual Report 2016
CR Monitor Issue: 
2017/0809
Company covered: 
Grainger plc
Period End: 
30 September, 2016
Report issued on 15 August 2017 covered the following practice issues:
Change
Businesses disposed of reflected as discontinued operations
Change
Movements in investment in joint venture no longer disclosed separately for net assets and loans.
Divergence
No presentation of reconciliations of movements in property, plant & equipment, intangible assets and provisions.
Change
Disclosure of significant accounting policies in each individual relevant note.
Pronouncements
Disclosure of change in non-audit services policy in line with FRC guidance
Change
Directors’ remuneration policy revised to align with strategic goals.

Britvic plc Monitor

Britvic plc Annual Report 2016
CR Monitor Issue: 
2017/0803
Company covered: 
Britvic plc
Period End: 
02 October, 2016
Report issued on 1 August 2017 covered the following practice issues:
Change
Change in fair value of deferred consideration between acquisition date and the year end.
Change
Past service credit and curtailment gain recognised in relation to defined benefit pension scheme.
Change
Principal risk disclosures enhanced by linkage to strategic priorities
Change
Detailed description of audit tender process.
Pronouncements
Change in the non-audit service fees policy on account of new pronouncement.
Change
Assets under construction disclosed separately within property plant and equipment note.

Ocado Group plc Monitor

Ocado Group plc Annual Report 2016
CR Monitor Issue: 
2017/0612
Company covered: 
Ocado Group plc
Period End: 
27 November, 2016
Report issued on 27 June 2017 covered the following practice issues:
Restatement
Restatement of statement of other comprehensive income brings presentation into line with IFRS.
New
Disclosure of the external-audit tender process.
Change
Tabular disclosure of principal risks extended to identify Brexit as a new principal risk factor.
Change
Disclosure of proposed changes in remuneration policy and the rationale behind the changes.

Marston's PLC Monitor

Marston's PLC Annual Report 2016
CR Monitor Issue: 
2017/0307
Company covered: 
Marston's PLC
Period End: 
1 October, 2016
Report issued on 21 March 2017 covered the following practice issues:
Change
Tabular disclosure of principal risks extended to include new risk factors in respect of “business continuity” and “health and safety, including food hygiene”.
Change
Deferred tax liabilities and deferred tax assets are presented in the balance sheet after offsetting.
Pronouncements
Disclosure of changes in non-audit services policy.
Change
Clarity of corporate governance disclosures enhanced through the use of a diagram showing the governance framework.

Barratt Developments PLC Monitor

Barratt Developments PLC Annual Report 2016
CR Monitor Issue: 
2017/0211
Company covered: 
Barratt Developments PLC
Period End: 
30 June, 2016
Report issued on 27 February 2017 covered the following practice issues:
Pronouncements
Disclosure of changes in auditor independence and non-audit fees policy in light of European Union audit legislation reforms.
Change
Change in presentation of financial statements by dividing notes to the financial statement into seven sections and presenting accounting policy statements within individual relevant notes to the accounts.
Change
Clarity of share capital note improved with introduction of tabular disclosures.

Diploma PLC Monitor

Diploma PLC Annual Report 2016
CR Monitor Issue: 
2017/0204
Company covered: 
Diploma PLC
Period End: 
30 September, 2016
Report issued on 13 February 2017 covered the following practice issues:
Change
Maturity analysis of operating lease commitments extended to include amounts in respect of non-land and buildings leases.
Change
Disclosure of currency risk sensitivity analysis introduced to the financial statements.
Pronouncements
Consideration of new EU regulation added to discussion of non-audit services policy.