Vodafone 2014 Annual Report Download - page 93

Vodafone Group Plc
Annual Report 2014 91Overview
Strategy
review Performance Governance Financials
Additional
information
Audit report on the consolidated and parent company nancial statements
Independent auditor’s report to the members of Vodafone Group Plc
Opinion
In our opinion:
a the nancial statements give a true and fair view of the state of the Group’s and of the parent company’s affairs as at 31 March 2014 and of the
Group’s prot for the year then ended;
a the Group nancial statements have been properly prepared in accordance with International Financial Reporting Standards (‘IFRSs’) as adopted
by the European Union;
a the parent company nancial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice; and
a the nancial statements have been prepared in accordance with the requirements of the Companies Act 2006 and, as regards the Group nancial
statements, Article 4 of the IAS Regulation.
The nancial statements comprise the consolidated statement of nancial position and parent company balance sheet, the consolidated income
statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity, the consolidated statement
of cash ows, the related Group notes 1 to 34 and the related parent company notes 1 to 10. The nancial reporting framework that has been
applied in the preparation of the Group nancial statements is applicable law and IFRSs as adopted by the European Union. The nancial reporting
framework that has been applied in the preparation of the parent company nancial statements is applicable law and United Kingdom Accounting
Standards (United Kingdom Generally Accepted Accounting Practice).
Separate opinion in relation to IFRSs as issued by the IASB
As explained in Note 1 to the Group nancial statements, in addition to complying with its legal obligation to apply IFRSs as adopted by the European
Union, the Group has also applied IFRSs as issued by the International Accounting Standards Board (‘IASB’).
In our opinion the Group nancial statements comply with IFRSs as issued by the IASB.
Going concern
As required by the Listing Rules we have reviewed the directors’ statement on page 89 that the Group is a going concern.
We conrm that:
a we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the nancial statements is appropriate;
and
a we have not identied any material uncertainties that may cast signicant doubt on the Group’s ability to continue as a going concern.
However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Group’s ability to continue
as a going concern.
Our assessment of risks of material misstatement
Our risk assessment process continues throughout the audit and, as a result, we have identied three additional risks of material misstatement
in the current year that had a signicant effect on our audit strategy. These relate to the disposal of the investment in Verizon Wireless,
the acquisition of Kabel Deutschland Holding AG and judgements in respect of provisions and contingent liabilities. In addition, we identied
deciencies in IT controls in relation to privileged user access which also impacted our audit strategy. The remaining risks were assessed
as continuing risks from our audit of the previous year’s nancial statements.
The procedures described in our response to each risk are not exhaustive and we have focused on those procedures that we consider address areas
of judgement or subjectivity. As part of our audit of the Group, in addition to substantive tests, we also test the design and operating effectiveness
of internal controls over nancial reporting in each of the risk areas.
The assessed risks of material misstatement described below are those that had the greatest effect on our audit strategy, the allocation of resources
in the audit and directing the efforts of the engagement team: