Vodafone 2015 Annual Report Download - page 98

To the Board of directors and
shareholders of Vodafone Group Plc
In our opinion, the accompanying consolidated statement of nancial
position and the related consolidated income statement, consolidated
statement of comprehensive income, consolidated statement
of changes in equity and consolidated statement of cash ows present
fairly, in all material respects, the nancial position of Vodafone Group
Plc and its subsidiaries at 31 March 2015, and the results of their
operations and their cash ows for the period ended 31 March 2015
in conformity with International Financial Reporting Standards as issued
by the International Accounting Standards Board. Also in our opinion,
the Company maintained, in all material respects, effective internal
control over nancial reporting as of 31 March 2015, based on criteria
established in Internal Control – Integrated Framework 2013 issued
by the Committee of Sponsoring Organizations of the Treadway
Commission (‘COSO’).
The Company’s management is responsible for these nancial
statements, for maintaining effective internal control over nancial
reporting and for its assessment of the effectiveness of internal control
over nancial reporting, included in management’s report on internal
control over nancial reporting. Our responsibility is to express opinions
on these nancial statements and on the Company’s internal control
over nancial reporting based on our integrated audit.
We conducted our audit in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audits to obtain reasonable
assurance about whether the nancial statements are free of material
misstatement and whether effective internal control over nancial
reporting was maintained in all material respects. Our audit of the
nancial statements included examining, on a test basis, evidence
supporting the amounts and disclosures in the nancial statements,
assessing the accounting principles used and signicant estimates
made by management, and evaluating the overall nancial statement
presentation. Our audit of internal control over nancial reporting
included obtaining an understanding of internal control over
nancial reporting, assessing the risk that a material weakness exists,
and testing and evaluating the design and operating effectiveness
of internal control based on the assessed risk. Our audits also included
performing such other procedures as we considered necessary in the
circumstances. We believe that our audits provide a reasonable basis
forour opinion.
A company’s internal control over nancial reporting is a process
designed to provide reasonable assurance regarding the reliability
of nancial reporting and the preparation of nancial statements
for external purposes in accordance with generally accepted
accounting principles. A company’s internal control over nancial
reporting includes those policies and procedures that (i) pertain
to the maintenance of records that, in reasonable detail, accurately
and fairly reect the transactions and dispositions of the assets of the
company; (ii) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of nancial statements
in accordance with generally accepted accounting principles, and that
receipts and expenditures of the company are being made only
in accordance with authorizations of management and Directors of the
company; and (iii)provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use, or disposition
of the company’s assets that could have a material effect on the
nancial statements.
Because of its inherent limitations, internal control over nancial
reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the
risk that controls may become inadequate because of changes
in conditions, or that the degree of compliance with the policies
or procedures may deteriorate.
As described in “Management’s report on internal control over nancial
reporting”, management has excluded Grupo Corporativo Ono, S.A.
(‘Ono’) from its assessment of internal control over nancial reporting
as of 31 March 2015 as the combination with Ono occurred during
2015. We have also excluded Ono from our audit of internal control
over nancial reporting. As of 31 March 2015, the Company owned
100% of Ono’s outstanding shares; Ono’s total segment assets and
total revenues represent 4.5% and 1.6%, respectively, of the related
consolidated total assets and consolidated revenues as of and for the
year ended 31 March 2015.
We also have audited the adjustments to the 2014 and 2013 nancial
statements to retrospectively reect the change in presentation of the
segment information, as described in note 2. Our audit procedures
that were applied to the restated disclosures for comparative 2014 and
2013 reportable segments included: (i) agreeing the adjusted amounts
of each segment to the underlying records obtained from management,
and (ii) determining the mathematical accuracy of the reconciliations
of segment amounts to the consolidated nancial statements. In our
opinion, such adjustments are appropriate and have been properly
applied. We were not engaged to audit, review, or apply any procedures
to the 2014 and 2013 nancial statements of the Company other than
with respect to the adjustments and, accordingly, we do not express
an opinion or any other form of assurance on the 2014 and 2013
nancial statements taken as a whole.
PricewaterhouseCoopers LLP
London, United Kingdom
19 May 2015
Note:
The report set out above is included for the purposes of Vodafone Group Plc’s Annual Report
on Form 20-F for 2015 only and does not form part of Vodafone Group Plc’s Annual Report
for 2015.
Vodafone Group Plc
Annual Report 2015
96
Report of independent registered public accounting rm