National Grid 2008 Annual Report Download - page 293

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 34857
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.B.6.1, Doc: 6, Page: 87
Description: EXH 2(B).6.1
0/3691.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/691/3*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 34857
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.B.6.1, Doc: 6, Page: 87 Description: EXH 2(B).6.1
0/3691.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/691/3*
Report of Independent Registered Public Accounting Firm
To the Stockholder and Board of Directors of National Grid USA:
In our opinion, the accompanyin
g
consolidated balance sheets and the related consolidated statements of income, of
comprehensive income, of retained earnin
g
s and of cash flows present fairly, in all material respects, the financial position of
National Grid USA and its subsidiaries at March 31, 2007 and March 31, 2006, and the results of their operations and their cash
flows for each of the two years in the period ended March 31, 2007 in conformity with accountin
g
principles
g
enerally accepted
in the United States of America. These financial statements are the responsibility of the Company’s mana
g
ement. Our
responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these
statements in accordance with the standards of the Public Company Accountin
g
Oversi
g
ht Board (United States). Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examinin
g
, on a test basis, evidence supportin
g
the amounts and
disclosures in the financial statements, assessin
g
the accountin
g
principles used and si
g
nificant estimates made by
mana
g
ement, and evaluatin
g
the overall financial statement presentation. We believe that our audits provide a reasonable
basis for our opinion.
As described in Note F to the financial statements, the Company adopted a new principle of accountin
g
pension and
postretirement benefit plans in accordance with Financial Accounting Standards Board Statement No. 158, Employers’
Accountin
g
for Defined Benefit Pension and Other Postretirement Plans. In accordance with the provision of FASB No. 158, the
2007 financial statements include the adjustment to initially apply this new accounting principle as of March 31, 2007.
PricewaterhouseCoopers LLP
July 12, 2007
F-2