Tesco 2013 Annual Report Download - page 75

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71
Tesco PLC Annual Report and Financial Statements 2013
OVERVIEW BUSINESS REVIEW PERFORMANCE REVIEW GOVERNANCE FINANCIAL STATEMENTS
Independent auditors’ report to the members of Tesco PLC
We have audited the Group financial statements of Tesco PLC for
the financial year ended 23 February 2013 which comprise the Group
income statement, the Group statement of comprehensive income,
the Group balance sheet, the Group statement of changes in equity,
the Group cashflow statement and the related notes. The financial
reporting framework that has been applied in their preparation is
applicable law andInternational Financial Reporting Standards
(‘IFRS’) 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 70, 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.
In addition, we read all the financial and non-financial information
in the Annual Report and Financial Statements to identify material
inconsistencies with the audited financial statements. If we become
aware of any apparent material misstatements or inconsistencies we
consider the implications for our report.
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
23February 2013 and of its profit and cash flows for the financial
year thenended;
• have been properly prepared in accordance with IFRS 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 Report of the Directors
for the financial year ended 23 February 2013 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 68, in relation to
goingconcern;
• the part of the Corporate Governance Statement relating to the
Company’s compliance with the nine provisions of the UK Corporate
Governance Code specified for our review; and
• certain elements of the report to shareholders by the Board on
Directors’ remuneration.
Other matter
We have reported separately on the Parent Company financial
statements of Tesco PLC for the financial year ended 23 February 2013
and on the information in the Directors’ Remuneration Report that is
described as having been audited.
Mark Gill (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London
1 May 2013