Sports Direct is the largest sporting goods retailer and operates a diversified policy of sports, fitness, fashion and lifestyle fascias and brands.
The Group provides a full multi-channel retail approach across its fascias in the UK, and increasingly across its fascias in continental Europe. The Group also licenses its brands to partners in the UK, continental Europe, the Americas and the Far East.
The Group operates through three strategic business segments : Sports Retail, Brands and Premium Lifestyle.
Extracts from Annual Report and Accounts 2016/ 17
– Group consolidated income statement for the 52 weeks ended
30 April 2017
– Consolidated statement of financial position as at 30 April
– Consolidated statement of cash flows for the 52 weeks ended
30 April 2017
– Independent auditor’s report to the members of Sports Direct International plc 19 July 2017
– Viability Statement July 2016 – FRC Guidance on Risk Management, Internal Control and Related Financial and Business Reporting, going concern
Access from Sports Direct website Corporate Governance Report incl. Audit Committee Report 2017
pp. 80 – 83
– Half-Year results 14 December 2017 , 26 weeks to 29 Oct. 2017
– Ft.com Dec. 2017 Sports Direct shares take a hit as debt swells
– Ft.com Dec. 2017 Sports Direct highlights ‘ spectacular ‘ performance despite 67% profits drop
– Ft.com Jan. 2017 Mike Ashley defies shareholders again over Sports Direct Chairman
– Economia Nov. 2016 FRC launches investigation into Grant Thornton over Sports Direct
Critically evaluate the risk-based approach to external audit with particular reference to the audit of Sports Direct
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 2017 audit of the company and factors affecting the company’s ‘control environment‘.
Identify those features of Sports Direct International plc’s results for 2015 – 2017, incl. the interim results to October 2016, which might indicate to you as the external auditor that the company was facing going concern problems.
Identify any qualitative factors or information in the annual reports and accounts for Sports Direct International plc for 2016/ 17, including the work 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.
With reference to the Independent auditors’ report of Sports Direct International plc and specifically the areas of particular audit focus identified by Grant Thornton discuss the factors which would influence you as the external auditor in forming an opinion on the financial statements of the Group for 2017.
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.
Overall structure and presentation, referencing and bibliography
In the Palace of Notre Dame in France there are five exceptionally prevalent ringers. One is known as the Bourdon chime, this ringer measures in excess of thirteen tons and it was put in the South Tower, it primarily was utilized for reporting the day hours for administrations and events. The other four chimes were put in the North Tower and they are also utilized for some, celebrations, administrations and different events. Those ringers worked physically previously, for them to be rung somebody needed to go and do that, however now it is extraordinary and they re rung by electric engines as it was later found that when those chimes were rung it could put the entire working in risk and influencing everything to vibrate which was viewed as a danger to the ringers unwavering quality. Besides, those ringers had hammers selected remotely that worked for tune playing that originates from a piano Piano or the Organ Over the time numerous things were being added to the Cathedral from which were the few organs that have been introduced, yet the initial a few ones were adequate for the building and did not fit splendidly. Francois Henri Clicquot was in charge of building the primary organ to be realized that was done by the eighteenth century. Today on the off chance that you visit the Notre Dame Palace in France you can find that Francois Henri Clicquot’s unique pipe work still sounds the same and it originates from the organ found in the pedal division. In the nineteenth century Aristide Cavaille Coll reconstructed the organ and completed the process of growing it. The situation for the head or boss organist at the Cathedral of Notre Dame in France has been viewed as great and a standout amongst the most luxurious and renowned posts in France notwithstanding the post of Saint Sulpice in France which was the biggest instrument worked by Aristide Cavaille Coll. There are 7800 channels found inside the organ and 900 of them are viewed as recorded. It additionally has 110 stops, 32 key pedal board and 56 key manuals. The organ was mechanized and controlled by three Local Area Networks (LANs) and it was completely wrapped up by December of the year 1992. Statements said by individuals “We should advise ourselves that these fantastic structures, in spite of the fact that they remain seriously alive, are simply the skeletons of the houses of prayer of medieval circumstances. Contrasted and what it was when initially made, the house of God, as we see it now, resembles a revered old woman whose respectable carriage scarcely recommends the striking debutante she more likely than not been in her childhood. We ought not just review the past magnificence of the house of God, the vast majority of whose outer decoration is currently lost, yet additionally endeavor to comprehend what the church building was amid the advance of its own creation; the part it played at the core of the city that saw its introduction to the world among the general population whose resolved or excited will alone caused its skyward push.” – Zoe Oldenbourg, ‘With Stone and Faith’ “Gothic design had a wonderful chance of improvement in the development of the colossal churches, which, in France, were altogether worked toward the finish of the twelfth and start of the thirteenth hundreds of years. These were considerate and additionally ministerial structures; actually, the refinement between the two territories was a thing obscure at the time, and is completely a cutting edge thought, which we never likely would have had aside from the distinctions in religious conviction which emerged among us at the Reformation. The state is simply the group acting in mix for those reasons in which consolidated activity is more advantageous than person. With us these are currently relatively bound to equity, police, war, and perhaps instruction. However, when religious conviction was uniform, as in the Middle Ages, state activity included religion. The priests and abbots were primitive nobles, with common ward; and, then again, all state activity had some religious character and endorse. The houses of prayer were the immense gathering spots of the city, utilized for common purposes, for example, the organization of equity, and notwithstanding for theatrical exhibitions (which, once more, were religious in character), and in addition formass.” – John J. Stevenson, Gothic Architecture; Harper’s New Monthly Magazine, 1876 “What’s more, the house of prayer was not just organization for him, it was simply the universe; nay, more, it was Nature itself. He never imagined that there were different hedgerows than the recolored glass windows in unending sprout; other shade than that of the stone foliage continually maturing, stacked with winged animals in the bushes of Saxon capitals; different mountains than the giant towers of the congregation; or different seas than Paris thundering at their feet.”>