BT 2012 Annual Report Download - page 99

96 Financial statements
Report of the independent auditors
Consolidated 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 2012 which comprise the Group income
statement, the Group statement of comprehensive income, the Group
balance sheet, the Group statement of changes in equity, the Group
cash flow statement and the related notes. The financial reporting
framework that has been applied in their preparation is applicable law
and International Financial Reporting Standards (IFRS) as adopted by
the European Union.
Respective responsibilities of directors and auditors
As explained more fully in the Statement of Directors’ responsibilities
set out on page 89, the directors are responsible for the preparation of
the consolidated financial statements and for being satisfied that they
give a true and fair view. Our responsibility is to audit and express an
opinion on the consolidated financial statements in accordance with
applicable law and International Standards on Auditing (UK and
Ireland). Those standards require us to comply with the Auditing
Practices Board’s Ethical Standards for Auditors.
This report, including the opinions, has been prepared for and only for
the company’s members as a body in accordance with Chapter 3 of
Part 16 of the Companies Act 2006 and for no other purpose. We do
not, in giving these opinions, 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.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and
disclosures in the financial statements sufficient to give reasonable
assurance that the financial statements are free from material
misstatement, whether caused by fraud or error. This includes an
assessment of: whether the accounting policies are appropriate to the
group’s circumstances and have been consistently applied and
adequately disclosed; the reasonableness of significant accounting
estimates made by the directors, and the overall presentation of the
financial statements. In addition, we read all the financial and non-
financial information in the BT Group plc Annual Report & Form 20-F
for the year ended 31 March 2012 to identify material inconsistencies
with the audited consolidated financial statements. If we become
aware of any apparent material misstatements or inconsistencies we
consider the implications for our report.
Opinion on financial statements
In our opinion the consolidated financial statements:
•give a true and fair view of the state of the group’s affairs as at
31 March 2012 and of its profit and cash flows for the year then
ended;
•have been properly prepared in accordance with IFRS as adopted by
the European Union; and
•have been prepared in accordance with the requirements of the
Companies Act 2006 and Article 4 of the IAS Regulation.
Separate opinion in relation to IFRS as issued by the IASB
As explained in note 1 to the consolidated financial statements the
group, in addition to complying with its legal obligation to apply IFRS
as adopted by the European Union, has also applied IFRS as issued by
the International Accounting Standards Board (IASB).
In our opinion the consolidated financial statements comply with IFRS
as issued by the IASB.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Report of the Directors for
the financial year for which the consolidated financial statements are
prepared is consistent with the consolidated financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following:
Under the Companies Act 2006 we are required to report to you if, in
our opinion:
•certain disclosures of directors’ remuneration specified by law are
not made; or
•we have not received all the information and explanations we
require for our audit.
Under the Listin g Rules we are required to review:
•the directors’ statement, set out on page 89, in relation to going
concern;
•the part of the Corporate Governance Statement relating to the
company’s compliance with the nine provisions of the UK Corporate
Governance Code specified for our review; and
•certain elements of the Report on Directors’ Remuneration.
Other matter
We have reported separately on the parent company financial
statements of BT Group plc for the year ended 31 March 2012 and on
the information in the Report on Directors’ Remuneration that is
described as having been audited.
Philip Rivett (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London, United Kingdom
9 May 2012
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