Auditor Reporting Standards Implementation: Key Audit Matters

Dawn McGeachy, Christopher Arnold | December 13, 2017 |

In January 2015, the new and revised Auditor Reporting standards were issued by the International Audit and Assurance Standards Board. These standards are effective for audits of financial statements for periods ending on or after December 15, 2016.

Key Audit Matters

One significant change with the Auditor Reporting standards is the new International Standard on Auditing (ISA) ISA 701, Communicating Key Audit Matters in the Independent Auditor’s Report. The ISA applies both to audits of financial statements of listed entities and in circumstances when the auditor otherwise decides to communicate key audit matters in the auditor’s report. This ISA also applies when the auditor is required by law or regulation to communicate key audit matters in the auditor’s report. It may therefore be relevant to different sized entities and all practitioners, including small- and medium-sized practices (SMPs).

The standard is intended to address both the auditor’s judgment as to what to communicate in the auditor’s report and the form and content of such communication. The purpose of communicating key audit matters is to enhance the communicative value of the auditor’s report by providing greater transparency about the audit that was performed. Key Audit Matters (KAM) are defined as “Those matters that, in the auditor’s professional judgment, were of most significance in the audit of the financial statements of the current period. Key audit matters are selected from matters communicated with those charged with governance.”

In determining KAM, the auditor takes into account:

(a)   Areas of higher assessed risk of material misstatement, or significant risks identified in accordance with ISA 315 (Revised), Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment;

(b)   Significant auditor judgments relating to areas in the financial statements that involved significant management judgment, including accounting estimates that have been identified as having high estimation uncertainty; and

(c)   The effect on the audit of significant events or transactions that occurred during the period.

The description of each KAM in the auditor’s report shall include a reference to the related disclosure(s), if any, in the financial statements and will address:

(a)   Why the matter was considered to be one of most significance in the audit and, therefore, determined to be a key audit matter; and

(b)   How the matter was addressed in the audit.

 

Approaching KAM

In drafting KAM, it is important to keep the users of the auditor’s report in mind. This includes the audience’s knowledge and understanding of auditing and accounting terms, and the objective of communicating the KAM: to communicate with report users about the audit. KAM should be relevant and succinct yet insightful.

Timely engagement and discussion with those charged with governance (TCWG) is important to the process of identifying KAM, as well as drafting KAM. This allows those charged with governance TCWG to consider how the KAM may be addressed in the disclosures in the financial statements, or elsewhere in the annual report (e.g., a discussion by TCWG in their report, regardless of whether this is prescribed by the jurisdiction).

When relevant, effective communication between the group engagement team and component auditors is important in ensuring that:

  • Matters identified by the group engagement team as potential KAM are communicated to the component auditors to ensure that these are appropriately addressed, and that the necessary feedback on how the matters were addressed by the component auditors is provided to the group engagement team for inclusion in the auditor’s report.
  • Component auditors highlight matters that should be communicated to TCWG of the group on a timely basis, as these matters could ultimately qualify as KAM.

ISA 220, Quality Control for an Audit of Financial Statements, establishes requirements for the engagement partner in relation to undertaking appropriate consultation on difficult or contentious matters. This includes discussing significant matters arising during the audit engagement with the engagement quality control reviewer (ECQR) for audits of financial statements of listed entities, and those other audit engagements, if any, for which the firm has determined that an EQCR is required. More rigorous quality reviews of the auditor’s report may be appropriate, particularly in the first year of implementation.

Communicating KAM is in the context of the auditor having formed an opinion on the financial statements as a whole and is intended to provide insights into the audit. Communicating KAM is not, for example, a separate opinion on individual matters or a substitute for disclosures in the financial statements that the applicable financial reporting framework requires management to make, or that are otherwise necessary to achieve fair presentation.

It is essential that the auditor’s description in the auditor’s report of how the key audit matter was addressed in the audit correlates with the work performed and is supported by the documentation in the working papers.

 

IAASB Auditor Reporting Implementation Working Group

The IAASB established an Auditor Reporting Implementation Working Group to promote awareness and aid understanding and support. It has performed extensive outreach across numerous jurisdictions to encourage its stakeholders adopt and support effective implementation of the standards (see previous Gateway article, “Engagement and Outreach in Support of the New Auditor’s Report”).

The Working Group has been monitoring activities globally regarding the adoption of the standards, including early adoption. The UK and the Netherlands mandated enhanced auditor’s reports ahead of the IAASB standards’ effective date. Early adoption of the standards also took place on a number of engagements in several jurisdictions, including Australia, Germany, Hong Kong, Poland, South Africa, Singapore, and Switzerland.

There are also some jurisdictions that are encouraging, or mandating, more extensive application of ISA 701, i.e., the inclusion of KAM for entities other than listed entities. For example, South Africa is requiring the communication of KAM for entities in certain industries (medical schemes, collective investment schemes, and managers of collective investment schemes, as well as for entities in the public sector) and New Zealand has extended the requirement to entities with higher public accountability. The EU 2014 Regulation, Specific Requirements Regarding Statutory Audit of Public-Interest Entities, has taken effect for June 2017 year ends and applies to audits of public interest entities. It requires a description of the most significant assessed risks of material misstatement as well as a summary of the auditor’s response to those risks and, where relevant, key observations arising from those risks and reference to the disclosure in the financial statements.

The Working Group has also explored whether there are additional reporting requirements in jurisdictions that go beyond the requirements of the ISAs. For example:

  • The UK requires auditors to communicate about audit scope and materiality;
  • The EU 2014 Regulation requires the disclosure of key observations, where relevant, as well as matters relating to the auditor’s appointment, the consistency of the auditor’s opinion with the report to the audit committee, and statements regarding auditor independence and the provision of non-audit services; and
  • South Africa and New Zealand have requirements to communicate matters related to independence.

The IAASB have developed a number of publications to support the implementation of Auditor Reporting standards.

In 2015, the Institut der Wirtschaftsprüfer (IDW) in Germany published Analysis of Auditor Reporting on Key Audit Matters (KAM) in the UK and the Netherlands, which included a number of audit reports from the Big 4. It noted that the visual impact of the auditors’ reports varied considerably, with differences observed in content order, degree of detail presented, and table and diagram use. It also found that the range in quantity of KAMs varied quite considerably. There was also less evidence of the use of apparent “boiler plate” language than might originally have been anticipated.

In the UK, the Financial Reporting Council has published two reports on the auditor reporting status:  in March 2015 Extended Auditor’s Reports – A Review of Experience, published in March 2015, covers 153 reports from the first year of adoption and Extended Auditor’s Reports – A Further Review of Experience, published in January 2016, covers 278 audit reports from the second year of adoption.

The IFAC SMP Committee’s Implementation Guidance Task Force also discussed whether further support could be developed to assist SMPs with the changes. As any auditor can elect to disclose KAM it agreed that it would be helpful if links to audit reports that include KAM could be shared. The examples are intended to guide practitioners in developing KAM, which should be relevant and tailored to the circumstances of each entity and engagement.

IFAC and the SMP Committee welcome additional links to other publicly available audit reports that include KAM, in particular from small- and medium-sized entities (SMEs). 

Please note that this selection is limited and not intended to be globally representative:

 

open close

Property Investment/ Valuations

Accounting for property transactions

J Sainsbury plc (p. 77)

2014

Valuation of property, plant and equipment at Xiamen Airport

Hong Kong Aircraft Engineering Company Limited (p. 55)

2016

Valuation of investment properties

Swire Pacific Limited (p. 117)

2016

Valuation of investment properties

Kiwi Property Group Limited (p. 93)

2016

Valuation of investment properties and care homes

Metlifecare Limited (p. 61)

2016

Valuation of investment property

Attacq Limited (p. 9)

2016

Valuation of investment property

Asia Pacific Data Centre Holdings Limited (p. 51)

2016

Over valuation of the property estate

Enterprise Inns pld (p. 134)

2016

Valuation of investment property—development properties

Precinct Properties Limited (p. 61)

2016

Valuation of the property portfolio

Great Portland Estates PLC (p. 168)

2017

Valuation of assets held for sale

Tesco PLC (p. 65)

2014

open close

Property, Plant and Equipment

Capitalization of software assets and carrying value of legacy systems

Carrying value of non-current assets

InterContinental Hotels Group PLC (p. 86)

2016

Capitalization and asset lives

Vodafone Group plc (p. 91)

2017

Carrying value of natural gas assets

AGL Energy Limited (p. 77)

2016

Capitalization of property, plant, and equipment

Mondi Limited (p. 136)

2016

Assessing the carrying value of aircraft and related equipment

Cathy Pacific Airways Limited (p. 57)

2016

Capitalized product development

XP Power Limited (p. 65)

2016

Sale of non-core assets

Ausdrill Limited (p. 117)

2016

Carrying value of property, plant, and equipment and intangible assets, including goodwill

AGL Energy Limited (p. 77)

2016

Cut-off between development and production phase of mining

Royal Bafokeng Platinum Limited (p. 9)

2016

Valuation of generation assets

Genesis Energy Limited (p. 37)

2016-17

open close

Acquisitions

Accounting and related disclosures of the acquisition of Teachers Provident Society Limited

Liverpool Victoria Friendly Society Limited’s Group (p. 112)

2016

Capitalization practices and asset lives for property, plant, and equipment and software intangible assets

BT Group plc (p. 118)

2014

Acquisitions and disposals, specifically the disposal of Rathbone Square

Great Portland Estates PLC (p. 168)

2017

Acquisition of Utility Service Partners Inc

Homeserve PLC (p. 118)

2017

Acquisition of Trustwave—purchase price allocation

Singapore Telecommunications Limited

2016

Acquisition of BG, specifically the judgements around the purchase price allocation

BG GROUP PLC

2016

Fair value estimates of assets and liabilities acquired in the Spirit business combination

Greene King plc (p. 71)

2016

Acquisition accounting: new risk identified this year

BBA Aviation PLC (p. 82)

2016

Acquisition accounting

Royal Mail plc (p. 89)

2016/17

Deferred acquisition costs

Prudential plc (p. 319)

2016

Acquisition accounting

Genesis Energy Limited (p. 37)

2016-17

open close

Impairment

Assessment of impairment for non-current assets

Ausdrill Limited (p. 117)

2016

Impairment of property, plant, and equipment

Polski Koncern Naftowy ORLEN Spolka Akcyjna

2015

Impairment of tangible and intangible assets and adequacy of property lease provisions

Rank Group Plc (p. 86)

2016

Impairment of non-current and current assets

Noble Group Limited (p. 48)

2016

Store impairments

Moss Bros Group PLC (p. 53)

2016/17

Impairment of property, plant, and Equipment

Tesco PLC (p. 65)

2014

Impairment of land and stores under construction

J Sainsbury plc (p. 77)

2014

Impairment assessment of HAECO Americas and HAECO Landing Gear Services

Hong Kong Aircraft Engineering Company Limited (p. 55)

2016

Valuation and impairment of property, plant, and equipment

Assessing the carrying value of aircraft and related equipment

Swire Pacific Limited (p. 117)

2016

Compensation related to accident on installation for ethylene production in subsidiary UNIPETROL RPA s.r.o.

Polski Koncern Naftowy ORLEN Spolka Akcyjna

2015

open close

Goodwill and Other Intangible Assets

Valuation of goodwill

Aviva plc (p. 112)

2014

Assessment of the carrying value of goodwill in the BT Global Services line of business

BT Group plc (p. 118)

2014

Goodwill impairment assessment

ASX Limited (p. 65)

2016

Appropriateness of goodwill carrying value (Energy & Water)

Service Stream Limited (p. 21)

2016

Goodwill impairment assessment of HAECO Americas

Swire Pacific Limited (p. 117)

2016

Valuation of goodwill in North America

QBE Insurance Group Limited (other information)

2016

Goodwill

XP Power Limited (p. 65)

2016

Impairment of goodwill and intangible assets

Attacq Limited (p. 9)

2016

Rombat and Mutlu Goodwill and Other Indefinite Life Intangibles Impairment Assessments (Group level)

Metair Limited (p. 116)

2016

Impairment of goodwill

Royal Bafokeng Platinum Limited (p. 9)

2016

Goodwill

HSBC holdings plc (p. 178)

2016

Recoverability of intangible assets in the civil aerospace business

Rolls Royce Holdings plc (p. 176)

2016

Value of goodwill

Downer EDI Limited (p. 44)

2016

Recoverable amounts of exploration and production assets, goodwill, and Upstream and Integrated Gas joint ventures and associates

BG GROUP PLC

2016

Asset impairment considerations in relation to the trading estate and associated goodwill

Greene King plc (p. 71)

2016

Assessment of the carrying value of goodwill and intangible assets with indefinite life

John Menzies plc (p. 52)

2016

Failure to impair goodwill when required

Enterprise Inns plc (p. 134)

2016

Impairment of the goodwill and intangible assets

Telstra Corporation Limited (p. 156)

2016

Goodwill impairment

Worley Parsons Limited (p. 97)

2016

Goodwill impairment

United Overseas Bank Limited (p. 151)

2016

Carrying value of goodwill

Vodafone Group plc (p. 91)

2017

Goodwill impairment

BBA Aviation PLC (p. 82)

2016

Goodwill impairment

Balfour Beatty PLC (p. 100)

2016

Carrying value of goodwill and other intangible assets

Homeserve PLC (p. 118)

2017

Goodwill impairment review

Bharti Airtel—goodwill impairment evaluation and regulatory and tax disputes

Singapore Telecommunications Limited

2016

Assessment of the carrying value of goodwill

Datatec Limited (p. 98)

2016

Valuation of goodwill

Imperial Limited (p. 2)

2016

Impairment of goodwill and property, plant, and equipment

Mondi Limited (p. 136)

2016

open close

Investments

Valuation of difficult to value investments included in financial assets held at fair value through income

Liverpool Victoria Friendly Society Limited’s Group (p. 112)

2016

Valuation of investments

QBE Insurance Group Limited (other information)

2016

Impairment of investments in subsidiaries (company level)

Metair Limited (p. 116)

2016

Investment in bank of communications company, Ltd (BoCom)

HSBC holdings plc (p. 9)

2016

Valuation of hard to value investments

Aviva plc (p. 112)

2014

Valuation of foreign associates

Attacq Limited (p. 9)

2016

Valuation of investments

Prudential plc (p. 319)

2016

open close

Inventory

Inventory Existence

Ausdrill Limited (p. 117)

2016

Carrying value of inventories and profit recognition

The Berkeley Group Holdings plc (p. 54)

2016

Estimation of oil and gas reserves, including reserves used in the calculation of depreciation, depletion, and amortization

BG GROUP PLC

2016

Carrying value of inventory

BBA Aviation PLC (p. 82)

2016

Valuation of inventory and related provisions

Moss Bros Group PLC (p. 53)

2016/17

open close

Debtors

Valuation of Trade Receivables

Worley Parsons Limited (p. 97)

2016

Fair value assessment of trade receivables

Datatec Limited (p. 98)

2016

open close

Derivatives/Financial Instruments

Valuation of complex or illiquid trading portfolio assets and liabilities, financial assets and liabilities, and derivative financial instruments held at fair value

Barclays PLC (p. 249)

2014

Valuation of a put option over a non-controlling interest in a subsidiary company

Hong Kong Aircraft Engineering Company Limited (p. 55)

2016

Valuation of financial instruments held at fair value

Leonteq Limited (p. 80)

2016

Application of hedge accounting

HSBC holdings plc (p. 178)

2016

Hedge accounting

Cathy Pacific Airways Limited (p. 136)

2016

Valuation of illiquid or complex financial instruments

United Overseas Bank Limited (p. 151)

2016

Financial instruments

Electricity hedging contract

AGL Energy Limited (p. 77)

2016

Hedge accounting

Swire Pacific Limited (p. 117)

2016

Valuation and existence of available-for-sale financial assets

ASX Limited (p. 65)

2016

Valuation of electricity derivatives and cross currency interest rate swaps

Genesis Energy Limited

2016-17

open close

Provisions

Regulatory and other provisions

BT Group plc (p. 118)

2014

Provisions

The Berkeley Group Holdings plc (p. 54)

2016

Assessment of provisions for taxation, litigation and claims

Assessing aircraft maintenance provisions

Cathy Pacific Airways Limited (p. 136)

2016

Estimation of decommissioning and restoration provisions

BG GROUP PLC

2016

Provisions and contingent liabilities

Vodafone Group plc (p. 91)

2017

Cancellation provision and revenue deferrals

Homeserve PLC (p. 188)

2017

Provisions and reserves in Tesco Bank

Tesco PLC (p. 65)

2014

Valuation of net outstanding claims (gross discounted central estimate, reinsurance and other recoveries, risk margins and probability of adequacy)

QBE Insurance Group Limited (other information)

2016

Provisions for the cost of conduct remediation

Barclays PLC (p. 249)

2014

Industrial disease claims provision

Royal Mail plc (p. 89)

2016/17

Assessing aircraft maintenance provisions

Swire Pacific Limited (p. 117)

2016

Impairment of the carrying value of loans and advances to banks and to customers held at amortized cost

Barclays PLC (p. 249)

2014

Impairment of loans and advances

HSBC holdings plc (p. 178)

2016

Debt repayment and liquidity

Noble Group Limited (p. 48)

2016

Impairment of loans to customers

United Overseas Bank Limited (p. 151)

2016

open close

Pensions and Employee Entitlements

Valuation of the pension scheme obligations and unquoted investments

BT Group plc (p. 178)

2014

Pension liabilities

HSBC holdings plc (p. 178)

2016

Assessment of the valuation of defined benefit pension scheme assets and liabilities

John Menzies plc (p.52)

2016

Valuation of pension scheme liabilities

Royal Mail plc (p. 89)

2016/17

Employee entitlements and post-employment benefits

Telstra Corporation Limited (p. 156)

2016

Defined benefit pension scheme obligations

ITV plc (p. 108)

2016

open close

Other Liabilities

Valuation of life insurance contract liabilities

Valuation of non-life insurance contract liabilities

Aviva plc (p. 112)

2014

The valuation of long-term insurance contract liabilities

The valuation of general insurance claims liabilities

Liverpool Victoria Friendly Society Limited’s Group (p. 112)

2016

Borrowings

Pioneer Credit Limited (p. 99)

2016

Liabilities arising from customer financing arrangements

Rolls Royce Holdings plc (p. 176)

2016

The valuation of the future redemption of IHG Rewards Club (IRC) points liability

InterContinental Hotels Group PLC (p. 86)

2016

Estimating the fair value of purchased debt portfolios (PDPs)

Pioneer Credit Limited (p. 99)

2016

Presentation of working capital facilities

Datatec Limited (p. 98)

2016

Maintenance and warranty contracts

Imperial Limited (p. 2)

2016

Ofcom investigation contingent liability

Royal Mail plc (p. 89)

2016/17

Policyholder liabilities

Prudential plc (p. 319)

2016

open close

Litigation and Regulation

Litigation and regulatory claims

Barclays PLC (p. 249)

2014

Compliance with Laws and Regulations

The Berkeley Group Holdings plc (p. 54)

2016

Litigation and regulatory enforcement actions

Impact of the deferred prosecution agreement (DPA)

HSBC holdings plc (p. 178)

2016

Litigation and claims

Polski Koncern Naftowy ORLEN Spolka Akcyjna

2015

Accounting for legal and other contractual claims

Monadelphous Group Limited (p. 48)

2016

open close

Revenue

Recognition of commercial income

Risk of fraud in revenue recognition

Tesco PLC (p. 65)

2014

Revenue Recognition

BT Group plc (p. 118)

2014

Revenue Recognition

J Sainsbury plc (p. 77)

2014

Revenue recognition

Recoverability of accrued revenue

Service Stream Limited (p. 21)

2016

Recognition of fee income

Leonteq Limited (p. 80)

2016

Revenue recognition

The Berkeley Group Holdings plc (p. 54)

2016

Net Advertising Revenue (NAR)

Other Review streams (Non NAR revenue)

ITV plc (p. 108)

2016

The pressure on and incentives for management to meet revenue and profit targets

The basis of accounting for revenue and profit in the Civil Aerospace business

The measurement of revenue and profit in the Civil Aerospace business

Rolls Royce Holdings plc (p. 176)

2016

Recognition of revenue

Downer EDI Limited (p. 44)

2016

Revenue recognition

Cathy Pacific Airways Limited (p. 136)

2016

Revenue recognition relating to unrealised trading gains and losses

BG GROUP PLC

2016

Revenue recognition, including fraud risks and risk of management override

Greene King plc (p. 71)

2016

Revenue recognition

Rank Group Plc (p. 86)

2016

Deferred revenue associated with advance customer payments arising from stamps sold

Royal Mail plc (p. 89)

2016/17

Recognition of revenues and profits on long-term contracts

Monadelphous Group Limited (p. 48)

2016

Revenue recognition

Telstra Corporation Limited (p. 156)

2016

Recognition and measurement - professional services and construction & fabrication revenue

Worley Parsons Limited (p. 97)

2016

Property Revenue

Precinct Properties Limited (p. 61)

2016

Accounting for long term commodity contracts

Noble Group Limited (p. 48)

2016

Revenue recognition – accuracy of revenue recorded given the complexity of systems

Vodafone Group plc (p. 91)

2017

Revenue recognition

BBA Aviation PLC (p.82)

2016

Revenue recognition

Great Portland Estates PLC (p. 168)

2017

Revenue recognition in relation to hire and Tailor Me deposits and the provision for customer returns

Moss Bros Group PLC (p. 53)

2016/17

Unbilled revenue

AGL Energy Limited (p. 77)

2016

Revenue recognition

Singapore Telecommunications Limited

2016

Revenue recognition

Swire Pacific Limited (p. 117)

2016

open close

Expenses

Accounting for the hotel assessments collected as part of the revenue cycle and the allocation of expenditures related to the marketing, advertising and loyalty programmes (the System Fund)

InterContinental Hotels Group PLC (p. 86)

2016

Unbilled distribution costs

AGL Energy Limited (p. 77)

2016

open close

Taxation

Recognition and measurement of potential tax exposures and tax assets

BT Group plc (p. 118)

2014

Provision for uncertain tax positions

Barclays PLC (p. 249)

2014

Assessment of recoverability of deferred tax assets in Australia

Ausdrill Limited (p. 117)

2016

Recoverability of deferred tax assets in North America

QBE Insurance Group Limited

2016

Deferred tax on unremitted earnings

XP Power Limited (p. 65)

2016

Deferred taxation

Attacq Limited (p. 9)

2016

Provisions for indirect taxes

Leonteq Limited (p. 80)

2016

The recognition and valuation of deferred tax assets (DTA)

BG GROUP PLC

2016

Uncertain tax positions

Greene King plc (p. 71)

2016

Deferred tax on the revaluation of the estate

Enterprise Inns plc (p. 134)

2016

Indirect tax risk exposures and claims

Rank Group Plc (p. 86)

2016

Deferred taxation assets related to assessed losses

Massmart Holdings Limited

2016

Taxation matters

Vodafone Group plc (p. 91)

2017

Deferred tax asset relating to tax losses

AGL Energy Limited (p. 77)

2016

Taxation

Singapore Telecommunications Limited

2016

Income tax and deferred tax

Imperial Limited (p. 2)

2016

Taxation

Mondi Limited (p. 136)

2016

Assessment of provisions for taxation, litigation and claims

Swire Pacific Limited (p. 117)

2016

open close

Management Override of Control

Risk of management override of internal controls

Tesco PLC (p. 65)

2014

Risk of management override of internal controls

BT Group plc (p. 118)

2014

Risk of management override of internal controls

J Sainsbury plc (p. 77)

2014

Risk of misstatement due to management override, fraud and error specifically around revenue recognition

John Menzies plc (p. 52)

2016

open close

Financial Statement Presentation

Acquisition accounting for Sainsbury’s Bank

J Sainsbury plc (p. 77)

2014

Accounting policy of recording purchased debt portfolios (PDPs) at fair value

Pioneer Credit Limited (p. 99)

2016

The presentation of ‘underlying profit’

Disclosure of the effect on the trend in profit of items which are uneven in frequency or amount

Rolls Royce Holdings plc (p.176)

2016

Changes in Group’s presentation currency

Vodafone Group plc (p. 91)

2017

Presentation of earnings

BBA Aviation PLC (p. 82)

2016

Contract accounting

Balfour Beatty PLC (p. 100)

2016

The measurement and accounting for share-based payments

The accounting for property leases

Moss Bros Group PLC (p. 53)

2016/17

open close

IT

IT systems and controls

Barclays PLC (p. 249)

2014

IT access management

HSBC holdings plc (p. 178)

2016

Data security incidents

InterContinental Hotels Group PLC (p. 86)

2016

IT systems and controls

Vodafone Group plc (p. 91)

2017

Reliance on automated processes and controls

Telstra Corporation Limited (p. 156)

2016

Portfolio and risk management system

Leonteq Limited (p. 80)

2016

open close

Other

Supplier incentives, rebates and discounts

J Sainsbury plc (p. 77)

2014

Major contracts in BT Global Services and BT Wholesale

BT Group plc

2014

Re-segmentation

Barclays PLC (p. 249)

2014

Significant one-off transactions

Vodafone Group plc (p. 91)

2017

Business combination

XP Power Limited (p. 65)

2016

Cut-off between development and production phase of mining

Royal Bafokeng Platinum Limited (p. 9)

2016

Share-based payment recognition

The Berkeley Group Holdings plc (p. 54)

2016

Bribery and corruption

Rolls Royce Holdings plc (p. 176)

2016

First year audit transition

BG GROUP PLC

2016

Migration of data to the new online gaming platform

Rank Group Plc( p. 86)

2016

Working capital financing programs

Noble Group Limited (p. 48)

2016

 

Dawn McGeachy

Principal, Colby McGeachy Professional Corporation

Dawn McGeachy is a licensed public accountant, and is the accounting and assurance partner in the firm Colby McGeachy Professional Corporation, an independent member firm of Porter Hétu International, where she also serves on the National Standards Committee. She has over 30 years of public practice and audit-related experience. Dawn has served on both the Public Accountants Council of Ontario for a three-year term, as well as the Public Accounting Licensing Board for the Certified General Accountants Association of Ontario. See more by Dawn McGeachy

Christopher Arnold

Director

Christopher Arnold is Director and the head of SME/SMP and Research at IFAC. He was previously an Audit Manager for Deloitte and qualified as an accountant in a mid-tier accountancy practice in London (now called PKF-Littlejohn). Christopher started his career as a Small Business Policy Adviser at the Association of Chartered Certified Accountants (ACCA). See more by Christopher Arnold

 

Explore More On...

 

Join the Conversation

To leave a comment below, login or register with IFAC.org

 

Thank you for your interest in our publications. These valuable works are the product of substantial time, effort and resources, which you acknowledge by accepting the following terms of use. You may not reproduce, store, transmit in any form or by any means, with the exception of non-commercial use (e.g., professional and personal reference and research work), translate, modify or create derivative works or adaptations based on such publications, or any part thereof, without the prior written permission of IFAC.

Our reproduction and translation policies, as well as our online permission request and inquiry system, are accessible on the Permissions Information web page.

For additional information, please read our website Terms of Use. ALL RIGHTS RESERVED.

Agree