FIN6002: Jane Goldsmith Plc, a listed company, is a leading UK retailer of up-market clothing, shoes and accessories: Audit Assignment, AU, UK
| University | Arden University (AU) |
| Subject | FIN6002: Audit Assignment |
Jane Goldsmith Plc, a listed company, is a leading UK retailer of up–market clothing, shoes and accessories sold primarily under the “Jane Goldsmith” brand name. The brand represents classic styles, updated to reflect current fashion trends. Company stores offer a full range of business and casual outfits, shoes and accessories coordinated as part of a total styling strategy. The company places a significant emphasis on customer service; sales associates are trained to assist customers in item selection and wardrobe coordination, helping them achieve a classic yet chic and current look, while maintaining the customers’ personal styles.
The company’s core business is focused on relatively affluent, fashion –conscious professional women with limited shopping time. Substantially all of the company’s merchandise is developed in–house by its product design and development teams. Production of merchandise is sourced to independent manufacturers in 14 countries. Approximately 35%, 15% and 5% of the company’s merchandise is manufactured in China, Thailand and Indonesia respectively.
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However, the company intends to focus on reducing its cost structure over the next financial year, in light of the volatile nature of the current economic environment.
Your firm, Holmes and Poirot, is in the initial planning phase of the audit for the year ended 31 January 2023. As the audit senior, you have been assigned responsibility for determining materiality. The audit partner has performed a preliminary analysis of the company and its performance and believes the likelihood of fraud is low.
Required:
a) Detail the matters to which you would pay particular attention in obtaining the required knowledge of the business and in developing your audit plan for the year ended 31 January 2013.
b)Identify and describe FOUR matters that give rise to audit risks associated with the of Jane Goldsmith Plc.
c)Explain the concept of “materiality” and its importance during the audit planning process.
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