Vodafone 2001 Annual Report Download - page 26

24 REPORT OF THE AUDITORS
Vodafone Group Plc
Annual Report & Accounts
for the year ended
31 March 2001
Auditors’ report to th e m embers of Vodafon e Group P lc
We have audited the financial statements on pages 25 to 60, which have been prepared under the accounting policies set out on pages 29 and
30, and the detailed information disclosed in respect of directors’ remuneration and share options set out in the Board’s Report to Shareholders
on Directors’ Remuneration on pages 14 to 22. We have also audited the financial information prepared in accordance with accounting principles
generally accepted in the United States set out on pages 61 to 63.
We have reviewed the pro forma proportionate financial information on page 64 which has been prepared in accordance with the bases set out
on page 64.
Respective respon sibilities of directors and auditors
The directors are responsible for preparing the Annual Report & Accounts, including, as described above, preparation of the financial statements,
which are required to be prepared in accordance with applicable United Kingdom law and accounting standards. The directors are also
responsible for the preparation of the financial information prepared in accordance with accounting principles generally accepted in the United
States and the pro forma proportionate financial information prepared in accordance with the bases referred to above. Our responsibilities, as
independent auditors, are established by statute, the Auditing Practices Board, the UK Listing Authority, and by our profession’s ethical guidance.
We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the
Companies Act 1985. We also report to you if, in our opinion, the directors’ report is not consistent with the financial statements, if the Company
has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information
specified by law or the Listing Rules regarding directors’ remuneration and transactions with the Company and other members of the Group is not
disclosed.
We review whether the Corporate Governance statement on pages 11 to 13 reflects the Company’s compliance with the seven provisions of the
Combined Code specified for our review by the UK Listing 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.
We read the other information contained in the Annual Report & Accounts, including the directors’ report on Corporate Governance, and consider
whether it is consistent with the audited financial statements. We consider the implications for our report if we become aware of any apparent
misstatements or material inconsistencies with the financial statements.
Bases of opin ions
We conducted our audit in accordance with United Kingdom auditing standards issued by the Auditing Practices Board which are similar to
auditing standards in the United States. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the
financial statements. It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the
financial statements, and of whether the accounting policies are appropriate to the circumstances of the Company and the Group, 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 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 financial
statements.
Our review of the pro forma financial information, which was substantially less in scope than an audit performed in accordance with Auditing
Standards, consisted primarily of considering the nature of the adjustments made and discussing the resulting pro forma financial information
with management.
Op in ion s
In our opinion:
• the financial statements give a true and fair view of the state of affairs of the Company and the Group as at 31 March 2001 and of the loss of
the Group for the year then ended and have been properly prepared in accordance with the Companies Act 1985;
• the financial information set out on page 61 has been properly prepared in accordance with accounting principles generally accepted in the
United States; and
• the pro forma proportionate financial information has been properly prepared in accordance with the bases set out on page 64, which are
consistent with the accounting policies of the Group.
Deloitte & Touche
Chartered Accountants and Registered Auditors
Hill House
1 Little New Street
London EC4A 3TR
29 May 2001