10h 30min, jan 21, 2025 y - Blanco Key WP Review

Description:

Controls-based audit
Hard-close to Nov
Goods & Service (installation is offered, warranty/repair)
Revenue TOC
- sample of 30 selection on turnover%
- no issues noted
- wp not recording delivery terms
- no cut-off issues
Accruals £3.3m
- 500k bonus accruals CY
- PY bonus utilisation 41% £125k
- check approval from Richard
- 830k rebate accrual
- 2022 utilisation 96%, 2023 72%
- Dilaps 800k external surveyors; released PY over accrual
- redundancies £100k Ee's notified
Journals testing
- no material issues noted
- additional procedures reclass journals between COS and SG&A, keyword searches (fraud, bribe, commission), journals by authoriser filtered for senior management
Inventory
- ageing profile to be calculated
- devaluation built into SAP based on outward movement in 12 months
- only 1 material trivial material item
Completion meeting at Stats

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