National Grid 2014 Annual Report Download - page 82

Responsibilities for the financial statements
and theaudit
Our responsibilities and those of the directors
As explained more fully in the Statement of Directors’ Responsibilities
set out on page 76, the directors are responsible for the preparation
of the Group and Company financial statements and for being
satisfied that they give a true and fair view.
Our responsibility is to audit and express an opinion on the Group
and Company financial statements in accordance with applicable
law and ISAs (UK & 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.
Nicholas Blackwood (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London
21 May 2014
Directors’ remuneration
Under the Companies Act 2006 we are required to report to you
if,in our opinion, certain disclosures of directors’ remuneration
specified by law have not been made. We have no exceptions to
report arising from this responsibility.
Corporate Governance statement
Under the Companies Act 2006, we are required to report to you
if, in our opinion, a corporate governance statement has not been
prepared by the Company. We have no exceptions to report
arising from this responsibility.
Under the Listing Rules we are required to review the part of the
Corporate Governance statement relating to the Company’s
compliance with nine provisions of the UK Corporate Governance
Code (the Code). We have nothing to report having performed
ourreview.
On page 76 of the Annual Report, as required by the Code
Provision C.1.1, the directors state that they consider the Annual
Report taken as a whole to be fair, balanced and understandable
and provides the information necessary for members to assess
the Group’s performance, business model and strategy. On page
50, as required by C3.8 of the Code, the Audit Committee has
setout the significant issues that it considered in relation to the
financial statements, and how they were addressed. Under ISAs
(UK & Ireland) we are required to report to you if, in our opinion:
• the statement given by the directors is materially inconsistent
with our knowledge of the Group acquired in the course of
performing our audit; or
• the section of the Annual Report describing the work of the
Audit Committee does not appropriately address matters
communicated by us to the Audit Committee.
We have no exceptions to report arising from this responsibility.
Other information in the Annual Report
Under ISAs (UK & 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
financial statements; or
• apparently materially incorrect based on, or materially
inconsistent with, our knowledge of the Group and Company
acquired in the course of performing our audit; or
• is otherwise misleading.
We have no exceptions to report arising from this responsibility.
Independent
auditors’ report
to the Members of National Grid plc continued
80 National Grid Annual Report and Accounts 2013/14