Tesco 2011 Annual Report Download - page 97

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Independent auditors’ report to the members
of Tesco PLC
We have audited the Group financial statements of Tesco PLC for the
52weeks ended 26 February 2011 which comprise the Group Income
Statement, the Group Statement of Comprehensive Income, the Group
Balance Sheet, the Group Cash Flow Statement, the Group Statement
of Changes in Equity and the related notes. The financial reporting
framework that has been applied in their preparation is applicable law
and International Financial Reporting Standards (IFRSs) as adopted by
the European Union.
Respective responsibilities of directors and auditors
As explained more fully in the Statement of Directors’ responsibilities
set out on page 92, the Directors are responsible for the preparation of
the Group 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 financial statements in accordance with applicable law and
International Standards on Auditing (UK and 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.
Scope of the audit of the financial statements
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 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.
Opinion on financial statements
In our opinion the Group financial statements:
• give a true and fair view of the state of the Group’s affairs as at
26February 2011 and of its profit and cash flows for the 52 weeks
then ended;
• have been properly prepared in accordance with IFRSs as adopted
by the European Union; and
• have been prepared in accordance with the requirements of the
Companies Act 2006 and Article 4 of the lAS Regulation.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Directors’ Report for
the 52 weeks ended 26 February 2011 for which the Group financial
statements are prepared is consistent with the Group financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following:
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; or
• we have not received all the information and explanations we require
for our audit.
Under the Listing Rules we are required to review:
• the Directors’ statement, set out on page 45, in relation to going
concern;
• the part of the Corporate Governance Statement relating to the
Company’s compliance with the nine provisions of the June 2008
Combined Code specified for our review; and
• certain elements of the report to shareholders by the Board on
directors’ renumeration.
Other matter
We have reported separately on the Parent Company financial
statements of Tesco PLC for the 52 weeks ended 26 February 2011
and on the information in the Directors’ Remuneration Report that is
described as having been audited.
Richard Winter (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London
6 May 2011
FINANCIAL STATEMENTS
TESCO PLC Annual Report and Financial Statements 2011
—
93
Overview Business review Governance Financial statements