Marks and Spencer 2016 Annual Report Download - page 87

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ANNUAL REPORT AND FINANCIAL STATEMENTS 2016
OUR BUSINESSOUR PERFORMANCEFINANCIAL STATEMENTS GOVERNANCE
Ian Waller (Senior statutory auditor)
for and on behalf of Deloitte LLP
Chartered Accountants and Statutory Auditor
London, United Kingdom
24 May 2016
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITOR
SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS
Adequacy of explanations received
and accounting records
Under the Companies Act 2006 we are
required to report to you if, in our opinion:
> We have not received all the information
and explanations we require for our
audit; or
> Adequate accounting records have
not been kept by the parent company,
or returns adequate for our audit have
not been received from branches not
visited by us; or
> The parent company fi nancial
statements are not in agreement with
the accounting records and returns.
We have nothing to report in respect of
these matters.
Directors’ remuneration
Under the Companies Act 2006 we are also
required to report if in our opinion certain
disclosures of directors’ remuneration have
not been made or the part of the Directors’
Remuneration Report to be audited is not
in agreement with the accounting records
and returns. We have nothing to report
arising from these matters.
Corporate Governance Statement
Under the Listing Rules we are also required
to review part of the Corporate Governance
Statement relating to the company’s
compliance with certain provisions of the
UK Corporate Governance Code. We have
nothing to report arising from our review.
Our duty to read other information in
the Annual Report
Under International Standards on Auditing
(UK and Ireland), we are required to report
to you if, in our opinion, information in the
annual report is:
> Materially inconsistent with the
information in the audited fi nancial
statements; or
> Apparently materially incorrect based
on, or materially inconsistent with, our
knowledge of the Group acquired in the
course of performing our audit; or
> Otherwise misleading.
In particular, we are required to
consider whether we have identifi ed any
inconsistencies between our knowledge
acquired during the audit and the directors’
statement that they consider the annual
report is fair, balanced and understandable
and whether the annual report
appropriately discloses those matters that
we communicated to the audit committee
which we consider should have been
disclosed. We confi rm that we have not
identifi ed any such inconsistencies or
misleading statements.
As explained more fully in the Directors’
Responsibilities Statement, the directors
are responsible for the preparation of the
fi nancial statements and for being satisfi ed
that they give a true and fair view. Our
responsibility is to audit and express an
opinion on the fi nancial statements in
accordance with applicable law and
International Standards on Auditing
(UK and Ireland). We also comply with
International Standard on Quality Control 1
(UK and Ireland). Our audit methodology
and tools aim to ensure that our quality
control procedures are e ective,
understood and applied. Our quality
controls and systems include our dedicated
professional standards review team and
independent partner reviews.
This report is made solely to the company’s
members, as a body, in accordance with
Chapter 3 of Part 16 of the Companies Act
2006. Our audit work has been undertaken
so that we might state to the company’s
members those matters we are required to
state to them in an auditor’s report and for
no other purpose. To the fullest extent
permitted by law, we do not accept or
assume responsibility to anyone other than
the company and the company’s members
as a body, for our audit work, for this report,
or for the opinions we have formed.
An audit involves obtaining evidence about
the amounts and disclosures in the fi nancial
statements su cient to give reasonable
assurance that the fi nancial statements 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 signifi cant
accounting estimates made by the
directors; and
> The overall presentation of the
fi nancial statements.
In addition, we read all the fi nancial and
non-fi nancial information in the annual
report to identify material inconsistencies
with the audited fi nancial statements
and to identify any information that is
apparently materially incorrect based on,
or materially inconsistent with, the
knowledge acquired by us in the course
of performing the audit. If we become
aware of any apparent material
misstatements or inconsistencies we
consider the implications for our report.