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COURSEWORKHome Retail Group plcwww.homeretailgroup.com.docx

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COURSEWORK
Home Retail Group plc
www.homeretailgroup.com
Home Retail Group Investor Centre
http://www.homeretailgroup.com/...
The Financial Services business makes it easy for customers to
buy the products they want.
www.homeretailgroup.com
Extract...
Independent auditor’s report to the members of Home Retail
Group plc
30 April 2014
- Audit committee report
May 2014
-
Hal...
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COURSEWORKHome Retail Group plcwww.homeretailgroup.com.docx

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COURSEWORK

Home Retail Group plc

www.homeretailgroup.com


Home Retail Group Investor Centre

http://www.homeretailgroup.com/investor-centre/






This coursework contributes 50% to you overall module mark.



All material submitted must be the students own work.

Plagiarism or copying is a University assessment offence.


Home Retail Group plc are one of the UK’s leading home and general retailers, bringing together some of the UK’s most recognisable UK brands.

It comprises three divisions, Argos, Homebase and Financial Services.

Argos is the UK’s leading multi-channel retailer and Homebase is a leading home-enhancement retailer.

The Financial Services business makes it easy for customers to buy the products they want.

www.homeretailgroup.com


Extracts from Annual Report and Accounts

2013/ 14


-

Group consolidated income statement

for the 52 weeks ended


1 March 2014
-

Consolidated statement of financial position

as at

1 March


2014
-

Consolidated statement of cash flows for the 52 weeks ended

1 March 2014
-

Independent auditor’s report to the members of Home Retail


Group plc

30 April 2014

- Audit committee report


May 2014


-

Half-Year results

22 October 2014 ,

26 weeks to 30 Aug. 2014


-

Homebase to close one in four stores

The Telegraph


22 October 2014




www.lexisnexis.com



SOURCES


-

Auditing and Assurance

Services

Third International Edition

Eilifsen & Messier

McGraw Hill

2014

Chapters 17 and 18

-

Auditing

Millichamp & Taylor

10
th

edition

Cengage

2013

Chapters

14, 26 and 27

-

The Audit Process

Gray & Manson

5
th

edition

Thomson
2012


Chapters

14, 16 and 17



-

Principles of External Auditing

Porter, Simon & Hatherly

4
rd
edition

Wiley

2013


Chapters

9, 13 and 14



-

relevant APB / IAASB ISA’s and professional body
websites

(

APB ISA’s revised October 2009 )
see

www.frc.org.uk/apb


ISA 700

( UK and Ireland

Revised September 2014 )



The auditor’s report on financial statements


ISA705


( Revised October 2012 )

Modifications to opinions


ISA 706


( Revised October 2012 )

Emphasis of matter paragraphs


ISA 315

( revised June 2013 )


Obtaining an understanding of the entity and its

environment and assessing the risks of a material

misstatement

ISA 500

Audit evidence

ISA 520

Analytical procedures

ISA 570

( Revised September

2014 )

Going concern


-

newspaper articles from

Nexis UK website










TASKS


1.

Critically evaluate the risk-based approach to external audit

with particular reference to the audit of Home Retail Group plc.



You should give examples of how you might collect

evidence

and assess the degree of business risk (

obtaining

an understanding of the entity and its environment and

assessing the risks of a material misstatement )

in the 2014

audit of the company and factors affecting the company’s





control environment

‘.


(

20%

)



2.

Identify those features of Home Retail Group plc’s .

COURSEWORK

Home Retail Group plc

www.homeretailgroup.com


Home Retail Group Investor Centre

http://www.homeretailgroup.com/investor-centre/






This coursework contributes 50% to you overall module mark.



All material submitted must be the students own work.

Plagiarism or copying is a University assessment offence.


Home Retail Group plc are one of the UK’s leading home and general retailers, bringing together some of the UK’s most recognisable UK brands.

It comprises three divisions, Argos, Homebase and Financial Services.

Argos is the UK’s leading multi-channel retailer and Homebase is a leading home-enhancement retailer.

The Financial Services business makes it easy for customers to buy the products they want.

www.homeretailgroup.com


Extracts from Annual Report and Accounts

2013/ 14


-

Group consolidated income statement

for the 52 weeks ended


1 March 2014
-

Consolidated statement of financial position

as at

1 March


2014
-

Consolidated statement of cash flows for the 52 weeks ended

1 March 2014
-

Independent auditor’s report to the members of Home Retail


Group plc

30 April 2014

- Audit committee report


May 2014


-

Half-Year results

22 October 2014 ,

26 weeks to 30 Aug. 2014


-

Homebase to close one in four stores

The Telegraph


22 October 2014




www.lexisnexis.com



SOURCES


-

Auditing and Assurance

Services

Third International Edition

Eilifsen & Messier

McGraw Hill

2014

Chapters 17 and 18

-

Auditing

Millichamp & Taylor

10
th

edition

Cengage

2013

Chapters

14, 26 and 27

-

The Audit Process

Gray & Manson

5
th

edition

Thomson
2012


Chapters

14, 16 and 17



-

Principles of External Auditing

Porter, Simon & Hatherly

4
rd
edition

Wiley

2013


Chapters

9, 13 and 14



-

relevant APB / IAASB ISA’s and professional body
websites

(

APB ISA’s revised October 2009 )
see

www.frc.org.uk/apb


ISA 700

( UK and Ireland

Revised September 2014 )



The auditor’s report on financial statements


ISA705


( Revised October 2012 )

Modifications to opinions


ISA 706


( Revised October 2012 )

Emphasis of matter paragraphs


ISA 315

( revised June 2013 )


Obtaining an understanding of the entity and its

environment and assessing the risks of a material

misstatement

ISA 500

Audit evidence

ISA 520

Analytical procedures

ISA 570

( Revised September

2014 )

Going concern


-

newspaper articles from

Nexis UK website










TASKS


1.

Critically evaluate the risk-based approach to external audit

with particular reference to the audit of Home Retail Group plc.



You should give examples of how you might collect

evidence

and assess the degree of business risk (

obtaining

an understanding of the entity and its environment and

assessing the risks of a material misstatement )

in the 2014

audit of the company and factors affecting the company’s





control environment

‘.


(

20%

)



2.

Identify those features of Home Retail Group plc’s .

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COURSEWORKHome Retail Group plcwww.homeretailgroup.com.docx

  1. 1. COURSEWORK Home Retail Group plc www.homeretailgroup.com Home Retail Group Investor Centre http://www.homeretailgroup.com/investor-centre/ This coursework contributes 50% to you overall module mark. All material submitted must be the students own work. Plagiarism or copying is a University assessment offence. Home Retail Group plc are one of the UK’s leading home and general retailers, bringing together some of the UK’s most recognisable UK brands. It comprises three divisions, Argos, Homebase and Financial Services. Argos is the UK’s leading multi-channel retailer and Homebase is a leading home-enhancement retailer.
  2. 2. The Financial Services business makes it easy for customers to buy the products they want. www.homeretailgroup.com Extracts from Annual Report and Accounts 2013/ 14 - Group consolidated income statement for the 52 weeks ended 1 March 2014 - Consolidated statement of financial position as at 1 March 2014 - Consolidated statement of cash flows for the 52 weeks ended 1 March 2014 -
  3. 3. Independent auditor’s report to the members of Home Retail Group plc 30 April 2014 - Audit committee report May 2014 - Half-Year results 22 October 2014 , 26 weeks to 30 Aug. 2014 - Homebase to close one in four stores The Telegraph 22 October 2014 www.lexisnexis.com
  4. 4. SOURCES - Auditing and Assurance Services Third International Edition Eilifsen & Messier McGraw Hill 2014 Chapters 17 and 18 - Auditing Millichamp & Taylor 10 th edition Cengage 2013
  5. 5. Chapters 14, 26 and 27 - The Audit Process Gray & Manson 5 th edition Thomson 2012 Chapters 14, 16 and 17 - Principles of External Auditing Porter, Simon & Hatherly 4 rd edition
  6. 6. Wiley 2013 Chapters 9, 13 and 14 - relevant APB / IAASB ISA’s and professional body websites ( APB ISA’s revised October 2009 ) see www.frc.org.uk/apb ISA 700 ( UK and Ireland Revised September 2014 ) The auditor’s report on financial statements ISA705
  7. 7. ( Revised October 2012 ) Modifications to opinions ISA 706 ( Revised October 2012 ) Emphasis of matter paragraphs ISA 315 ( revised June 2013 ) Obtaining an understanding of the entity and its environment and assessing the risks of a material misstatement ISA 500 Audit evidence ISA 520 Analytical procedures ISA 570
  8. 8. ( Revised September 2014 ) Going concern - newspaper articles from Nexis UK website TASKS 1. Critically evaluate the risk-based approach to external audit with particular reference to the audit of Home Retail Group plc. You should give examples of how you might collect evidence
  9. 9. and assess the degree of business risk ( obtaining an understanding of the entity and its environment and assessing the risks of a material misstatement ) in the 2014 audit of the company and factors affecting the company’s ‘ control environment ‘. ( 20% ) 2. Identify those features of Home Retail Group plc’s results for 2012 – 2014
  10. 10. which might indicate to you as the external auditor that the company was facing going concern problems. ( 40 % ) 3. Identify any qualitative factors or information in the annual reports and accounts for Home Retail Group plc for 2013/ 14 , including the report of the audit committee, that you as the external auditor would consider that might suggest that the company would be able to continue in business for the foreseeable future. (
  11. 11. 15% ) 4. With reference to the Independent auditors’ report of Home Retail Group plc and specifically the areas of particular audit focus identified by PwC discuss the factors which would influence you as the external auditor in forming an opinion on the financial statements of Home Retail Group plc for 2014. Indicate briefly the form that your opinion might take including any emphasis of matters paragraph that you may consider making in relation to the appropriateness of the going concern basis.
  12. 12. ( 20% ) Overall structure and presentation, referencing and bibliography ( 5% ) ASSESSMENT CRITERIA - Your coursework should be 1500 words long +/- 10% - The coursework must be clearly presented with an introduction, structured headings and sections and a fully referenced bibliography -
  13. 13. You must relate the specific practical issues arising from the audit of the company to relevant ISA’s, to the audit process and to articles from the accounting literature - You should highlight the external auditors approach to the assessment of audit risk in planning the overall audit programme - You should clearly identify the range of sources you have used in obtaining evidence

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