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AuditingSelect a company quoted on the UK stock exchange. Obtain, or download a copy of, the company's last annual report c
Finance & Accounting
Pages 8 (2008 words)
Name: Institution: Professor: Date: Auditing- Stage Coach Group Stage Couch Group is an international transport company which operates trains, buses, trams, ferries and express coaches. The company was founded in 1980 in Perth; Scotland. Stage Coach Group provides smarter, greener and better value transport to over 3 million customers across the United Kingdom and North America…
This report will touch on the key areas of audit risk that have heightened in the audit report for the year ending 30th April 2012. The main sources of information will be the annual report, respective audit procedures and any other relevant sources. Areas of increased risk a) Revenue Stage Couch Group’s revenues are generated from the three main divisions (continuing operations) which include Rail, UK Bus and North America as a number of joint ventures. Revenue is a key area of concern as it is used in assessing the group’s overall growth and performance (Stage Couch Group Annual report 2012). As pointed out in the company’s annual report for the year ending 30th April 2012, the overall performance was as a result of increased sales in all the three divisions. The revenue increased by 7.76 per cent in 2012 from the 2011 financial team. There are times when the management of a company may misstate the revenue with the aim of impressing investors, the top level managers or the board of directors. The group recognizes revenue share amounts payable or receivable in its income statement at the same period in which related revenue is recognized. ...
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