In some cases, the Group may voluntarily cease marketing a product or face declining sales based on concerns about efficacy or safety, even in the absence of regulatory action. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year ended March 31, In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31,and its profit including other comprehensive incomeits cash flows and the changes in equity for the year ended on that date.
We conducted our audit of the standalone Ind AS financial statements in accordance with the Standards on Auditing specified under Section 10 of the Act and other applicable authoritative pronouncements issued by the Audit plan glaxosmithkline of Chartered Accountants of India.
Managing alliances and acquisitions Risk description: Table of Contents Product liability litigation Pre-clinical and clinical trials are conducted during the development of potential pharmaceutical, vaccine and consumer healthcare products to determine the safety and efficacy of the products for use by humans following approval by regulatory authorities.
Risk to the patient or consumer as a result of the failure by GSK, its contractors or suppliers to comply with good manufacturing practice regulations in commercial manufacturing or through inadequate governance of quality through product development Patients, consumers and healthcare professionals trust the quality of our products at the point of use.
When the firm has solid internal controls the auditors increase the materiality level, which reduces substantive testing.
Pharmaceutical and vaccine products are usually only protected from being copied by generic manufacturers during the period of exclusivity provided by an issued patent or related intellectual property rights such as Regulatory Data Protection or Orphan Drug status.
Such restructuring can also lead to the potential for creative accounting as the company will not wish for such a restructuring to be inefficient so therefore may overstate cost before the restructuring so that there can be a perceived increases in efficiency.
The failure to comply with applicable laws, rules and regulations in these jurisdictions may result in civil and criminal legal proceedings brought against the Group by governmental entities at the federal and state levels and by private plaintiffs.
Risks of failing to secure and protect intellectual property rights Failure to obtain effective intellectual property protection for our products.
If there is misstatement or omission on the sale, the general materiality level suggested being set under the following rules: In producing an audit report one is providing an assurance that the financial statement provide a true and fair view on the performance and situation with the entity is facing.
As well as provide technical advice on the suitability of the control in place in the production of the drugs. Those Standards and pronouncements require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the standalone Ind AS financial statements are free from material misstatement.
Also in the distribution of auditing staff to different area one must also consider whether the appropriate staff are being sent to perform the task. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS financial statements.
As a assessment of the technical advice to the accounting standards applied to GSK, one will have to assess whether one needs additional advice in the following areas, group reorganizations, financing structure and accounting for pension costs.
They are headquartered in London, UK. Porter, Simon, and Hatherly, The above procedures along with assurance from management are critical. In order to ensure that these dates are kept one has to consider how long each task is likely to take.
Pursuant to the programme, a portion of the fixed assets has been physically verified by the Management during the year and no material discrepancies have been noticed on such verification.
PwC also lost the Schroders audit earlier this year. As required by Section 3 of the Act, we report that: Physical examination of tangible assets. In exceptional cases where matters cannot be settled by agreement with tax authorities, the Group may have to resolve disputes through formal appeals or other proceedings.
Protecting intellectual property rights Risk description: This could have lead to an error being made in the new calculations for goodwill and intangible asset as both of these have increase considerably in the last period.
A company''s internal financial control over financial reporting includes those policies and procedures that 1 pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; 2 provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and 3 provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Product quality may be influenced by many factors including product and process understanding, consistency of manufacturing components, compliance with current Good Manufacturing Practice cGMPaccuracy of labelling, reliability and security of the supply chain, and the embodiment of an overarching quality culture.
Maintaining product supply Risk description:. GlaxoSmithKline Pharmaceuticals auditors report. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable.
GlaxoSmithKline Capital plc (Registered number: ) Directors’ report for the year ended 31 December 3 Directors’ indemnity Each of the Directors benefits from an indemnity given by the Company under its articles of association.
OF GLAXOSMITHKLINE CONSUMER HEALTHCARE LIMITED Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.
as at December (f) 3. and taken on record by the Board of Directors. For and on behalf of Price Waterhouse Chartered. The Glaxosmithkline audit amounted to million pounds.
As of the writing of this article, that equates to about $41 million US dollars. PwC has also lost some other significant audits this year in Europe. FY16 Annual Risk Assessment and Internal Audit Plan Report No.
SC 5 FY16 Risk Assessment and Annual Internal Audit Plan (Public Document).docx. Schedule 2 – Activity Report – Distribution of Net Available Hours, outlines the allocation of hours to direct and indirect categories. Audit Plan- GlaxoSmithKline (GSK) Key business and audit risk: In order to make the report more efficient we must identify the key areas of business risk and auditing risk.
Business risk can be defined as the risk, which could affect an organization’s ability to achieve its objectives (Gray and Manson, ).Audit plan glaxosmithkline