Audit and assurance

| March 25, 2015

Audit and assurance


COURSEWORK   Home Retail Group plc




Home Retail Group 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.



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  


– 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






  • Auditing and Assurance Services Third International Edition Eilifsen & Messier   McGraw Hill   2014


Chapters 17 and 18


–   Auditing   Millichamp & Taylor   10th edition   Cengage   2013


Chapters 14, 26 and 27


–   The Audit Process   Gray & Manson 5th edition Thomson



Chapters 14, 16 and 17




–   Principles of External Auditing   Porter, Simon & Hatherly

4rd edition     Wiley   2013


Chapters 9, 13 and 14



–   relevant APB / IAASB ISA’s and professional body

websites ( APB ISA’s revised October 2009 )



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



ISA 500   Audit evidence


ISA 520   Analytical procedures


ISA 570 ( Revised September 2014 )  Going concern


–   newspaper articles from Nexis UK website












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% )



  1. Identify those features of Home Retail Group plc’s results for

2012 – 2014 which might indicate to you as the external auditor

that the company was facing going concern problems.


( 40 % )




  1. 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.


(   15% )


  1. 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.


( 20% )



Overall structure and presentation, referencing and bibliography


(   5% )




  • 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


  • 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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