Tesco 2009 Annual Report Download - page 69

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Tesco PLC Annual Report and Financial Statements 2009
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www.tesco.com/annualreport09
FINANCIAL STATEMENTS
We have audited the Group financial statements of Tesco PLC for the
53 weeks ended 28 February 2009 which comprise the Group Income
Statement, the Group Balance Sheet, the Group Cash Flow Statement,
the Group Statement of Recognised Income and Expense and the related
notes. These Group financial statements have been prepared under the
accounting policies set out therein.
We have reported separately on the Parent Company financial statements
of Tesco PLC for the 53 weeks ended 28 February 2009 and on the
information in the Directors’ Remuneration Report that is described as
having been audited.
Respective responsibilities of Directors and auditors
The Directors’ responsibilities for preparing the Annual Report and the
Group financial statements in accordance with applicable law and
International Financial Reporting Standards (IFRSs) as endorsed by the
European Union are set out in the Statement of Directors’ Responsibilities.
Our responsibility is to audit the Group financial statements in accordance
with relevant legal and regulatory requirements and International
Standards on Auditing (UK and Ireland). This report, including the opinion,
has been prepared for and only for the Company’s members as a body in
accordance with Section 235 of the Companies Act 1985 and for no other
purpose. We do not, in giving this opinion, 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.
We report to you our opinion as to whether the Group financial statements
give a true and fair view and whether the Group financial statements have
been properly prepared in accordance with the Companies Act 1985 and
Article 4 of the IAS Regulation. We also report to you whether in our
opinion the information given in the Report of the Directors is consistent
with the Group financial statements.
In addition we report to you if, in our opinion, we have not received all the
information and explanations we require for our audit, or if information
specified by law regarding Directors’ remuneration and other transactions
is not disclosed.
We review whether the Corporate Governance Statement reflects the
Company’s compliance with the nine provisions of the Combined Code
(2006) specified for our review by the Listing Rules of the Financial
Services Authority, and we report if it does not. We are not required to
consider whether the Board’s statements on internal control cover all
risks and controls, or form an opinion on the effectiveness of the Group’s
corporate governance procedures or its risk and control procedures.
Independent auditors’ report to the
members of Tesco PLC
We read other information contained in the Annual Report and consider
whether it is consistent with the audited Group financial statements.
The other information comprises only the Introduction, the Financial
highlights, Chairman’s statement, Tesco at a glance, the Chief Executive’s
Q&A, the Report of the Directors, the Corporate governance statement,
the unaudited part of the Directors’ remuneration report and the Five year
record. We consider the implications for our report if we become aware
of any apparent misstatements or material inconsistencies with the
Group financial statements. Our responsibilities do not extend to any
other information.
Basis of audit opinion
We conducted our audit in accordance with International Standards on
Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit
includes examination, on a test basis, of evidence relevant to the amounts
and disclosures in the Group financial statements. It also includes an
assessment of the significant estimates and judgements made by the
Directors in the preparation of the Group financial statements, and
of whether the accounting policies are appropriate to the Group’s
circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information
and explanations which we considered necessary in order to provide us
with sufficient evidence to give reasonable assurance that the Group
financial statements are free from material misstatement, whether caused
by fraud or other irregularity or error. In forming our opinion we also
evaluated the overall adequacy of the presentation of information in the
Group financial statements.
Opinion
In our opinion:
the Group financial statements give a true and fair view, in accordance 
with IFRSs as endorsed by the European Union, of the state of the
Group’s affairs as at 28 February 2009 and of its profit and cash flows
for the 53 weeks then ended;
the Group financial statements have been properly prepared in 
accordance with the Companies Act 1985 and Article 4 of the IAS
Regulation; and
the information given in the Report of the Directors is consistent with 
the Group financial statements.
PricewaterhouseCoopers LLP
Chartered Accountants and Registered Auditors
London 1 May 2009