13h 10min, mar 3, 2026 y - Tyco Electronics UK Key WP Review

Description:

Manufacturing electronic connectors, sensors, relays, cables etc.
12 month complete
PM £2.2m, Auditing to local
No GR
FRS 102
DB scheme, SBP, no derivatives
IC trading 90%+, cash-pooling
No services, goods only
IC confirms received debtors, creditors
TOC
GA comfort - AUC, GITC, cash confirmations

Journals
-tab3; 160bn worth of bookings due to error
-tab6,7,8 good corroboration

Revenue cut-off
-checked quantity movements; need to update WP

Purcahses cut-off:
-checked quantity movements need to update WP

Inventory
-WIP; BOM system labour allocated on hours but we haven't documented how they capture the hours
-O/H absorp; budgeted rate used based on PY actual
-provision tested adequately
-utilisation missing

PPE
-production usage of machines
-calibration of the machines

Receivables
-£152m of £183m is IC
-no work done on IC recoverability potential

Accruals
-bonus £5.3m; utilisation 80%
-rest is opex
-utilities to check 12 months billing

DB scheme
-Virgin media case documented by actuary

SBP
-Black scholes model; checked and recalculated
-strong WP

Trend analysis for Opex
payroll reconciled

Waiting for TP adjustments
completeness of interest calcs checked

PY File:
Sales TOC+Substantive
TOC sample is 30 checked dispatch linked to invoice
50 substantive risk assessment set to Medium initially
T/O £190m of which £170m is IC

Added to timeline:

Date: