Tesco 2015 Annual Report Download - page 84

Adequacy of 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. We have no exceptions
to report arising from this responsibility.
Directors’ remuneration
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 this responsibility.
Corporate governance statement
Under the Listing Rules we are required to review the part
of the Corporate Governance Statement relating to the parent
company’s compliance with ten provisions of the UK Corporate
Governance Code. We have nothing to report having performed
our review.
Responsibilities for the financial statements
and the audit
Our responsibilities and those of the directors
As explained more fully in the Directors’ Responsibilities
Statement on page 74, 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 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.
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
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.
Other matter
We have reported separately on the parent company financial
statements of Tesco PLC for the 53 week period ended
28 February 2015 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
5 May 2015
82 Tesco PLC Annual Report and Financial Statements 2015
Independent auditors’ report to the members of Tesco PLC
continued