14h 39min, feb 12, 2026 y - Greiner Bio-One Key WP Review

Description:

Medical supplies (syringes etc.)
Gloucester (Paula & Shabir)
Goods only
Distribution only
Completely substantive
Auditing Local PM £218k, Group £650k
KPMG is GA - ITGC (received)
9+3 audit

GR review
-IFRS 16 workings
-Paula Drummer journals should have been tested

Revenue
-completeness testing fine
-cut-off fine
-line item conclusions

FA
-building LR confirmation

Inventory
-stock count error not extrapolated
-provisions insufficient skepticism; need to select a sample of items and ask for movements report to validate nil provision

Receivables
-ageing CY vs PY

3rd party borrowings BNP Paribas
covenents testing - no covenants
balance confirmation agreed


PY Notes:
PPE converted Building from AUC £7m; sold old building for £2.2m profit £1.6m
Stock similar to PY at £2.6m
Cash +£2m due to property disposal
BNP Paribas external loan £3.5m PY £4.2m
IC payable +£800k confirmed
Outstanding invoices accrual -£200k
Revenues +£3m due to unfulfilled competitor volume
Staff costs -£400k ????
In COS 'other exp merchandise'+£300k
Interest expense doubled to £300k PY partial???
Profit after tax £3.4m

Review
Sales
- Sample size risk criteria wrong
- no consideration of VAT in TOD or walkthrough

Added to timeline:

Date: