BT 2009 Annual Report Download - page 79

ADDITIONAL INFORMATION FINANCIAL STATEMENTS REPORT OF THE DIRECTORS BUSINESS AND FINANCIAL REVIEWS OVERVIEW
77BT GROUP PLC ANNUAL REPORT & FORM 20-F
FINANCIAL STATEMENTS
United Kingdom opinion
Independent auditors’ report to the members
of BT Group plc (the ‘company’)
We have audited the consolidated financial statements of BT Group
plc for the year ended 31 March 2009 which comprise the Group
income statement, the Group balance sheet, the Group cash flow
statement, the Group statement of recognised income and
expense, the Accounting policies and the related notes. These
consolidated financial statements are set out on pages 79 to 135
and 141. These consolidated financial statements have been
prepared under the accounting policies set out therein.
We have reported separately on the parent company financial
statements of BT Group plc for the year ended 31 March 2009 and
on the information in the Remuneration review. This separate
report is set out on page 137.
Respective responsibilities of directors and auditors
The directors’ responsibilities for preparing the Annual Report and
the consolidated financial statements in accordance with applicable
law and International Financial Reporting Standards (IFRSs) as
adopted by the European Union are set out in the Statement of
directors’ responsibilities.
Our responsibility is to audit the consolidated financial
statements in accordance with relevant legal and regulatory
requirements and International Standards on Auditing (UK and
Ireland). This report, including the opinion, has been prepared for
and only for the company’s members as a body in accordance with
Section 235 of the Companies Act 1985 and for no other purpose.
We do not, in giving this opinion, 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.
We report to you our opinion as to whether the consolidated
financial statements give a true and fair view and whether the
consolidated financial statements have been properly prepared in
accordance with the Companies Act 1985 and Article 4 of the IAS
Regulation. We also report to you whether in our opinion the
information given in the Report of the Directors is consistent with
the consolidated financial statements.
In addition we report to you, if, in our opinion, we have not
received all the information and explanations we require for our
audit, or if information specified by law regarding directors’
remuneration and other transactions is not disclosed.
We review whether the Corporate Governance Statement reflects
the companys’ compliance with the nine provisions of the
Combined Code (2006) specified for our review by the Listing Rules
of the Financial Services 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 other information contained in the Annual Report and
Form 20-F and consider whether it is consistent with the audited
consolidated financial statements.
The other information comprises all information set out in the
contents listing on page 1, except for the consolidated financial
statements, the Remuneration review and parent company
financial statements of BT Group plc. We consider the implications
for our report if we become aware of any apparent misstatements
or material inconsistencies with the consolidated financial
statements. Our responsibilities do not extend to any other
information.
Basis of audit opinion
We conducted our audit in accordance with International Standards
on Auditing (UK and Ireland) issued by the Auditing Practices
Board. An audit includes examination, on a test basis, of evidence
relevant to the amounts and disclosures in the consolidated
financial statements. It also includes an assessment of the
significant estimates and judgements made by the directors in the
preparation of the consolidated financial statements, and of
whether the accounting policies are appropriate to the group’s
circumstances, 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 consolidated 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
consolidated financial statements.
Opinion
In our opinion:
the consolidated financial statements give a true and fair view, in
accordance with IFRSs as adopted by the European Union, of the
state of the group’s affairs as at 31 March 2009 and of its loss
and cash flows for the year then ended;
the consolidated financial statements have been properly
prepared in accordance with the Companies Act 1985 and
Article 4 of the IAS Regulation; and
the information given in the Report of the Directors is consistent
with the consolidated financial statements.
Separate opinion in relation to IFRSs
As explained in the accounting policies, the group in addition to
complying with its legal obligation to comply with IFRSs as adopted
by the European Union, has also complied with the IFRSs as issued
by the International Accounting Standards Board.
In our opinion the consolidated financial statements give a true
and fair view, in accordance with IFRSs, of the state of the group’s
affairs as at 31 March 2009 and of its loss and cash flows for the
year then ended.
PricewaterhouseCoopers LLP
Chartered Accountants and Registered Auditors
London, United Kingdom
13 May 2009
REPORT OF THE INDEPENDENT AUDITORS – CONSOLIDATED
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS