Barclays 2003 Annual Report Download - page 114

112
UK audit report of the independent
auditors to the members of Barclays PLC
We have audited the accounts on pages 114 to 176 which comprise the
profit and loss account, the balance sheet, the cash flow statement, the
statement of total recognised gains and losses and the related Notes
which have been prepared under the historical cost convention, as
modified by the revaluation of certain assets, and the accounting policies
set out on pages 114 to 119.
We have also audited the disclosures required by Part 3 of Schedule 7A
to the Companies Act 1985 contained in the Barclays report on
remuneration (‘the auditable part’) contained on pages 27 to 34.
Respective responsibilities of Directors and auditors
The Directors’ responsibilities for preparing the Annual Report, the
Barclays report on remuneration and the accounts in accordance with
applicable United Kingdom law and accounting standards are set out in
the statement of Directors’ responsibilities on page 35.
Our responsibility is to audit the accounts and the auditable part of the
Barclays report on remuneration in accordance with relevant legal and
regulatory requirements and United Kingdom Auditing Standards issued
by the Auditing Practices Board. 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 in to 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 accounts give a true
and fair view and whether the accounts and the auditable part of the
Barclays report on remuneration have been properly prepared in
accordance with the Companies Act 1985. We also report to you if, in
our opinion, the Directors’ report is not consistent with the accounts,
if the Company or Group has not kept proper accounting records, if we
have not received all the information and explanations we require for
our audit, or if information specified by law regarding Directors’
remuneration and transactions is not disclosed.
We read the other information contained in the Annual Report and
consider the implications for our report if we become aware of any
apparent misstatements or material inconsistencies with the accounts.
The other information comprises only the Corporate governance report,
the unaudited part of the Barclays remuneration report, Accountability
and Audit, Presentation of information, Risk management, Financial
data, Business description and Financial review.
We review whether the Corporate governance report reflects the
Company’s and Group’s compliance with the seven provisions of the
Combined Code (issued in June 1998) 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 to form an opinion on
the effectiveness of the Company’s or Group’s Corporate governance
procedures or its risk and control procedures.
Basis of audit opinion
We conducted our audit in accordance with auditing standards issued
the Auditing Practices Board. An audit includes examination, on a
test basis, of evidence relevant to the amounts and disclosures in the
accounts and the auditable part of the Barclays report on remuneration.
It also includes an assessment of the significant estimates and
judgements made by the Directors in the preparation of the accounts,
and of whether the accounting policies are appropriate to the
Company’s and 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 accounts
and the auditable part of the Barclays report on remuneration 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 accounts.
Opinion
In our opinion:
• the accounts give a true and fair view of the state of affairs of the
Company and the Group at 31st December 2003 and of the profit and
cash flows of the Group for the year then ended;
• the accounts have been properly prepared in accordance with the
Companies Act 1985; and
• those parts of the Barclays report on remuneration required by Part 3
of Schedule 7A to the Companies Act 1985 have been properly
prepared in accordance with the Companies Act 1985.
PricewaterhouseCoopers LLP
Chartered Accountants and Registered Auditors
London, United Kingdom, 11th February 2004
Auditors’ Reports