ACA AA Notts by Nick Halstead https://padlet.com/kaplaneducation/6sg2imm0dtwdg816 en-us 2025-01-08 08:51:59 UTC 2025-04-24 07:36:25 UTC hello@padlet.com https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283737763 •£600k posted after employee left

•Description is that provision is too high, after lawyer confirmed likelihood of litigation outcome to be correct

•Adjustment is backdated, out of working hours and on a weekend

•Adjustment is a material amount

]]> 2025-01-08 11:14:21 UTC https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283737763 Created at 21:00, Provision was too high however notes stated by professional that it was likely needed to be full amount https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283737814 2025-01-08 11:14:25 UTC https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283737814 Employee Left on November 8th, created 2 months after year end on 28th Feb. Round figure. 600k is material. https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283738038 2025-01-08 11:14:44 UTC https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283738038 https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283738972 Backdated posting

]]> 2025-01-08 11:15:35 UTC https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283738972 https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283741021 Above materiality

]]> 2025-01-08 11:17:52 UTC https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283741021 https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283741145 The movements in the provision are material


]]> 2025-01-08 11:17:57 UTC https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283741145 800k posted on sunday https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283741709 2025-01-08 11:18:27 UTC https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283741709 https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283743256 Monetary impact of 35% shown on heat map, close to higher risk

]]> 2025-01-08 11:20:01 UTC https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283743256 https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283744797 Vague description for journal

]]> 2025-01-08 11:21:41 UTC https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283744797 https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283773850 Fair value adjustment of 700k however, there should be no revaluation due to there being no active market.


]]> 2025-01-08 11:53:09 UTC https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283773850 https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283774501 No Active market for the Intangible asset - subjective Useful Life/Scrap Value. Manual Adjustment. Round Figure. Material amount. Backposted almost 2 months after Year End. Employee left the business. Not a normal transaction. Always been capitalised, when did it leave the research phase?. On a Sunday at 3pm. Journal was Cr Sales Dr Depreciation - very unusual. Elevated Risk on Heatmap.

]]> 2025-01-08 11:53:56 UTC https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283774501 https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283775557 Fair value posting made on Sunday and backdated.

Lots of development costs posted in December compared to other months.

]]> 2025-01-08 11:55:00 UTC https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283775557 https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283776749 •Manual adjustment posted

•No revaluation is needed, therefore description is suspicious

•Adjustment posted by employee who left, and it is unusual as out of their normal scope

•It is a round number above materiality

•Posted outside of normal working hours (Sunday)


]]> 2025-01-08 11:56:13 UTC https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283776749 https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283778325 The jounal for the "fair value adjustment" was created by J Rahmans account on 26 Feb 22. Did employee leave the previous year?

]]> 2025-01-08 11:58:01 UTC https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283778325 amortisation credited revenue (increasing sales), and debitted the accumulated amortisation, reducing the liability (increasing asset) https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283778774 2025-01-08 11:58:29 UTC https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283778774 https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283779460 Fair value adjustment journal was posted against sales

]]> 2025-01-08 11:59:09 UTC https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283779460 https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283781086 Elevated risk on heat map

]]> 2025-01-08 12:01:02 UTC https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283781086 https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283808216 ·        Review documents provided by legal advisors confirming the amount of £800,000 and confirm this back to the financial statements.

]]> 2025-01-08 12:26:33 UTC https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283808216 https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283808558 Consult with an independent legal expert to review the litigation that has been provided for. Enquire and document whether they agree with the assessment from ACS' legal advisors as to the value of the claim and the likelihood of the claim being successful.

]]> 2025-01-08 12:27:00 UTC https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283808558 https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283808604 Observe the process of uploading a manual journal as a Test of Controls due to the transaction being posted by a Phantom employee and outside of working hours.

]]> 2025-01-08 12:27:03 UTC https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283808604 https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283808916 Speak with management asking why J Rahman account is still being used

]]> 2025-01-08 12:27:15 UTC https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283808916 https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283809513 Inspect the letter of correspondence mentioned from Carmel Retailers Ltd’s lawyers to assess valuation of the claim and the likelihood of its outcome (provision vs contingent liability).

]]> 2025-01-08 12:27:41 UTC https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283809513 https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283809526 Review correspondence with lawyers to understand the likelihood and value of their expected claim.

]]> 2025-01-08 12:27:42 UTC https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283809526 https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283809842 Enquire with the legal advisors as to the amount recommended for the provision, to identify if there has been a change to the estimated value of the claim since the initial valuation in October

]]> 2025-01-08 12:28:04 UTC https://padlet.com/kaplaneducation/6sg2imm0dtwdg816/wish/3283809842