Marks and Spencer 2002 Annual Report Download - page 27

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Auditors’ report
Auditors’ report to the members of Marks and Spencer Group p.l.c.
We have audited the financial statements on pages 26 to 51.
Respective responsibilities of directors and auditors
The directors are responsible for preparing the Annual Report. As described on page 21, this includes responsibility
for preparing the financial statements, in accordance with applicable United Kingdom accounting standards. Our
responsibilities, as independent auditors, are established in the United Kingdom by statute, the Auditing Practices
Board, the Listing Rules of the Financial Services Authority.
We report to you our opinion as to whether the financial statements give a true and fair view and are properly
prepared in accordance with the United Kingdom Companies Act. We also report to you if, in our opinion, the
directors’ report is not consistent with the financial statements, if the Company has not kept proper accounting
records, if we have not received all the information and explanations we require for our audit, or if information
specified by law or the Listing Rules regarding directors’ remuneration and transactions is not disclosed.
We read the other information contained in the Annual Report and consider the implications for our report if we
become aware of any apparent misstatements or material inconsistencies with the financial statements.
We review whether the statement on pages 11 to 13 reflects the Company’s compliance with the seven provisions
of the Combined Code specified for our review by the Financial Services Authority, and we report if it does not.
We are not required to consider whether the Board’s statements on internal control cover all risks and controls,
or to form an opinion on the effectiveness of the Group’s corporate governance procedures or its risk and
control procedures.
Basis of audit opinion
We conducted our audit in accordance with Auditing Standards issued by the Auditing Practices Board. An audit
includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial
statements. It also includes an assessment of the significant estimates and judgements made by the directors in the
preparation of the financial statements, and of whether the accounting policies are appropriate to the Company’s
circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered
necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements
are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion
we also evaluated the overall adequacy of the presentation of information in the financial statements.
Opinion
In our opinion the financial statements give a true and fair view of the state of affairs of the Company and the
Group at 30 March 2002 and of the profit and cash flows of the Group for the year then ended and have been
properly prepared in accordance with the Companies Act 1985.
PricewaterhouseCoopers
Chartered Accountants and Registered Auditors
London
20 May 2002
www.marksandspencer.com 25