Topic wise KAMs extracted from Annual Reports of Retail Companies of other Jurisdictions where the model similar to the new Auditors Report has already been adopted is given as follows:
- Compliance with laws and regulations
- Inventory
- Provisions and reserves in Tesco Bank
- Store impairment review
- Recognition of commercial income
- Pension obligation valuation and accounting for the pension curtailment
- Management override of controls
- Retail technology environment, including IT security
- Retirement benefits
- Inventory valuation and provisions
- Supplier rebate
- Presentation of non-GAAP measures
- Impairment of Property, Plant and Equipment (PP&E) and intangible assets
- Revenue recognition – gift cards, loyalty schemes and returns
- Inventory provisioning
- Recognition of supplier rebates
- Store impairment and lease based provisioning
- Impairment of goodwill
- Taxation