National Grid 2015 Annual Report Download - page 86

Financial Statements
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 78, the Directors are responsible for the preparation
of the 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 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.
What an audit of financial statements involves
An audit involves obtaining evidence about the amounts and
disclosures in the financial statements sufficient to give reasonable
assurance that the financial 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 significant accounting estimates made
bythe Directors; and
• the overall presentation of the financial statements.
We primarily focus our work in these areas by assessing the
Directors’ judgements against available evidence, forming our
ownjudgements, and evaluating the disclosures in the financial
statements.
We test and examine information, using sampling and other
auditing techniques, to the extent we consider necessary to
provide a reasonable basis for us to draw conclusions. We obtain
audit evidence through testing the effectiveness of controls,
substantive procedures or a combination of both.
In addition, we read all the financial and non-financial information
inthe Annual Report to identify material inconsistencies with the
audited financial 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.
Nicholas Blackwood (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London 20 May 2015
to the Members of National Grid plc continued
Independent auditors’ report
Adequacy of accounting records and information and
explanations received
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
Company, or returns adequate for our audit have not been
received from branches not visited by us; or
• the Company financial statements and the part of the
Directors’Remuneration Report to be audited are not
inagreement with the accounting records and returns.
We have no exceptions to report arising from this responsibility.
Directors’ remuneration
Directors’ Remuneration Report – Companies Act 2006 opinion
In our opinion, the part of the Directors’ Remuneration Report
tobeaudited has been properly prepared in accordance with
theCompanies Act 2006.
Other Companies Act 2006 reporting
Under the Companies Act 2006 we are required to report to you
if,in our opinion, certain disclosures of Directors’ remuneration
specified by law are not made. We have no exceptions to report
arising from these responsibilities.
Corporate Governance statement
Under the Listing Rules we are required to review the part of the
Corporate Governance statement relating to the Company’s
compliance with 10 provisions of the Code. We have nothing to
report having performed our review.
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