National Grid 2016 Annual Report Download - page 93

Other required reporting
Consistency of other information
Companies Act 2006 opinions
In our opinion, the information given in the Strategic Report and
theDirectors’ Report for the financial period for which the financial
statements are prepared is consistent with the financial statements.
ISAs (UK & Ireland) reporting
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
– otherwise misleading.
• The statement given by the Directors on page 84, in accordance
with provision C.1.1 of the UK Corporate Governance Code
(the‘Code’), 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 and
Company’s position and performance, business model and
strategy is materially inconsistent with our knowledge of the Group
and Company acquired in the course of performing our audit.
• The section of the Annual Report on pages 54 to 58, as required
by provision C.3.8 of the Code, 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.
The directors’ assessment of the prospects of the Group
andofthe principal risks that would threaten the solvency
orliquidity of the Group
Under ISAs (UK & Ireland) we are required to report to you if we
haveanything material to add or to draw attention to in relation to:
• the Directors’ confirmation on page 66 of the Annual Report,
inaccordance with provision C.2.1 of the Code, that they have
carried out a robust assessment of the principal risks facing the
Group, including those that would threaten its business model,
future performance, solvency or liquidity; or
• the disclosures in the Annual Report that describe those risks
andexplain how they are being managed or mitigated; or
• the Directors’ explanation on page 66 of the Annual Report,
inaccordance with provision C.2.2 of the Code, as to how they
have assessed the prospects of the Group, over what period
theyhave done so and why they consider that period to be
appropriate, and their statement as to whether they have a
reasonable expectation that the Group will be able to continue
inoperation and meet its liabilities as they fall due over the period
of their assessment, including any related disclosures drawing
attention to any necessary qualifications or assumptions.
We have nothing material to add or to draw attention to.
Under the Listing Rules we are required to review the Directors’
statement that they have carried out a robust assessment of the
principal risks facing the Group and the Directors’ statement in
relation to the longer-term viability of the Group. Our review was
substantially less in scope than an audit and only consisted of
makinginquiries and considering the Directors’ process supporting
their statements; checking that the statements are in alignment with
the relevant provisions of the Code; and considering whether the
statements are consistent with the knowledge acquired by us in
the course of performing our audit.
We have nothing to report having performed our review.
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. Our procedures have been performed to
athreshold of £1,000.
Other Companies Act 2006 reporting
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 this responsibility.
Corporate Governance Statement
Under the Listing Rules we are required to review the part of the
Corporate Governance Statement relating to ten further provisions
ofthe Code.
We have nothing to report having performed our review.
Financial Statements
91National Grid Annual Report and Accounts 2015/16 Financial Statements