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Financial Reporting Analylis: French Connection Group PLC - Essay Example

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Financial Reporting Analylis: French Connection Group PLC

They specialize in fashion clothing and accessories for men, women and children as well. Apart from the French Connection brand, the group is also responsible for these international brands: YMC, Great Plains and Toast. French Connection remains the biggest contributor to their profits, bringing in more than 90% of the group’s revenues. Question 3: List the names of the members of the Board of Directors, showing the split between executive and non-executive directors. The French Connection PLC Board of Directors is made up of 3 executive Directors and 2 non-executive ones. Their details are as follows: Executive Directors: 1. Chairman and Chief Executive- Stephen Marks 2. Finance Director- Roy Naismith C.A 3. Operations Director- Neil Williams A.C.A Non-Executive Directors: 1. Claire Kent 2. Dean Murray Question 4: What does the report say about the duties of the Audit Committee?  The Annual Report of French Connection Group PLC outlines many duties of the Audit Committee. These are: 1. appointing an external auditor, 2. deciding the audit fee, 3. dealing with matters relates to resignation or discharge of the external auditors, 4. discussing the following issues with the external auditors before the commencement of the audit a. nature and scope of audit b. the cost-effectiveness of the audit c. the objectivity and independence of the external auditor, 5. reviewing any audited accounts in relation to: a. changes in accounting policies and practice b. any major adjustments that result from the audit c. the going concern assumption d. compliance with accounting standards, Stock Exchange and legal requirements, 6. discussing any issues that may arise during interim or final audits, 7. evaluating the external auditor’s management letter and management’s response to it, 8. examining the internal controls of the group before the Board of Directors publicly endorses it 9. making sure that the internal and external auditors work in tandem and are in possession of adequate resources, 10. taking into account the finding if any internal investigation and reviewing the groups policies related to operating and accounting practices, and 11. Reporting to the board on all these and other matters as defined by the board. Question 5 (a): Find the section on corporate and social responsibility and give some examples of what the company is doing to fulfil its role. According to the Annual report for 2010-2011, French Connection PLC has three major concerns when it comes to Corporate Social Responsibility. 1. the group should provide its employees and in-store customers with a safe and healthy environment 2. the groups impact on direct and indirect impact on environment should be as little as possible 3. And the suppliers’ social, employment and environmental practices must also be considered when making business decisions. In order to achieve these objectives French Connection Group PLC designs its stores and warehouses while taking into consideration the health and safety of its staff and customers. Electrical installation reviews, risk assessments and appropriate training for staff is all a part of this program. The company also decidedly manufactures products that utilize similar resources in order to make good use of the resources. Also, the power is bought from suppliers who have limited impact on the environment. Therefore, the company only buys power generated through the use of wind, bio-mass or other environment friendly resources. Question 5 (b): To what extent you do believe the ...Show more

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FINANCIAL REPORTING ANALYSIS: FRENCH CONNECTION GROUP PLC. REPORT AND ACCOUNTS TO 31 JANUARY 2011 Instructor University Financial Reporting Analysis: French Connection Group PLC Part A Question 1: What is the name of your company?…
Author : xavierferry
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