EasyJet 2011 Annual Report Download - page 66

Independent auditors’ report
to the members of easyjet plc
We have audited the accounts of easyJet plc
for the year ended 30 September 2011 which
comprise the Consolidated income statement,
Consolidated statement of comprehensive
income, Consolidated statement of financial
position, Consolidated statement of changes in equity,
Consolidated statement of cash flows, Company
statement of financial position, Company statement
of changes in equity, Company statement of cash
flows, and the related notes. The financial reporting
framework that has been applied in their preparation is
applicable law and International Financial Reporting
Standards (IFRSs) as adopted by the European Union
and, as regards the Company accounts, as applied in
accordance with the provisions of the Companies
Act 2006.
Respective responsibilities of Directors
and auditors
As explained more fully in the Statement of Directors’
responsibilities set out on page 62, the Directors are
responsible for the preparation of the accounts and
for being satisfied that they give a true and fair view.
Our responsibility is to audit and express an opinion on
the accounts in accordance with applicable law and
International Standards on Auditing (UK and Ireland).
Those standards require us to comply with the Auditing
Practices Board’s Ethical Standards for Auditors.
This report, including the opinions, has been prepared
for and only for the Company’s members as a body in
accordance with Chapter 3 of Part 16 of the
Companies Act 2006 and for no other purpose. We
do not, in giving these opinions, accept or assume
responsibility for any other purpose or to any other
person to whom this report is shown or into whose
hands it may come save where expressly agreed by
our prior consent in writing.
Scope of the audit of the accounts
An audit involves obtaining evidence about the
amounts and disclosures in the accounts sufficient to
give reasonable assurance that the accounts are free
from material misstatement, whether caused by fraud
or error. This includes an assessment of: whether the
accounting policies are appropriate to the Group’s and
the Company’s circumstances and have been
consistently applied and adequately disclosed; the
reasonableness of significant accounting estimates
made by the Directors; and the overall presentation of
the accounts. In addition, we read all the financial and
non-financial information in the Annual Report to
identify material inconsistencies with the audited
accounts. If we become aware of any apparent
material misstatements or inconsistencies we consider
the implications for our report.
Opinion on accounts
In our opinion:
−the accounts give a true and fair view of the state
of the Group’s and of the Company’s affairs as at
30 September 2011 and of the Group’s profit and
the Group’s and Company’s cash flows for the
year then ended
−the Group accounts have been properly prepared
in accordance with IFRSs as adopted by the
European Union
−the Company accounts have been properly
prepared in accordance with IFRSs as adopted by
the European Union and as applied in accordance
with the provisions of the Companies Act 2006; and
−the accounts have been prepared in accordance
with the requirements of the Companies Act
2006 and, as regards the Group accounts, Article
4 of the lAS Regulation
Opinion on other matters prescribed by the
Companies Act 2006
In our opinion:
−the part of the Report on Directors’ remuneration
to be audited has been properly prepared in
accordance with the Companies Act 2006; and
−the information given in the Directors’ report for
the financial year for which the accounts are
prepared is consistent with the accounts
Matters on which we are required to report
by exception
We have nothing to report in respect of the following:
Under the Companies Act 2006 we are required to
report to you if, in our opinion:
−adequate accounting records have not been kept
by the Company, or returns adequate for our
audit have not been received from branches not
visited by us; or
−the Company accounts and the part of the
Report on Directors’ remuneration to be audited
are not in agreement with the accounting records
and returns; or
−certain disclosures of Directors’ remuneration
specified by law are not made; or
−we have not received all the information and
explanations we require for our audit
Under the Listing Rules we are required to review:
−the Directors’ statement, set out on page 25, in
relation to going concern
−the parts of the Corporate Governance Statement
relating to the Company’s compliance with the
nine provisions of the UK Corporate Governance
Code specified for our review; and
−certain elements of the report to shareholders by
the Board on Directors’ remuneration
John Minards (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
St Albans, Hertfordshire
14 November 2011
64
easyJet plc
Annual report
and accounts 2011