Vodafone 2016 Annual Report Download - page 80

Vodafone Group Plc
Annual Report 2016
78
Report of independent registered public accounting rm
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 Vodafone
Group Plc and its subsidiaries (“the Company”) at 31 March 2016
and 31 March 2015, and the results of their operations and their
cash ows for the years ended 31 March 2016 and 31 March 2015
in conformity with International Financial Reporting Standards as issued
by the International Accounting Standards Board and in conformity
with International Financial Reporting Standards as adopted by the
European Union. Also in our opinion, the Company maintained, in all
material respects, effective internal control over nancial reporting
as of 31 March 2016, 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 audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States) and International
Standards on Auditing. 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 audits 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.
We have audited the adjustments to the 2014 nancial statements
to reect retrospectively 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 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 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 nancial
statements taken as a whole.
PricewaterhouseCoopers LLP
London, United Kingdom
17 May 2016
Note:
The report set out above is included for the purposes of Vodafone Group Plc’s Annual Report
on Form 20-F for 2016 only and does not form part of Vodafone Group Plc’s Annual Report
for 2016.