Barclays 2011 Annual Report Download - page 197

Independent Auditors’ report
Independent Auditors’ report to the members of Barclays PLC
We have audited the financial statements of Barclays PLC for the year
ended 31 December 2011 which comprise: the Consolidated and Parent
income statements and the related Consolidated statement of
comprehensive income, Consolidated and Parent balance sheets,
Consolidated and Parent statements of changes in equity and
Consolidated and Parent cash flow statements, the related notes and
the parts of the Risk Management and Financial review sections that are
referenced as audited. The financial reporting framework that has been
applied in their preparation is applicable law and International Financial
Reporting Standards (IFRSs) as adopted by the European Union.
Respective responsibilities of Directors and Auditors
As explained more fully in the Directors’ Responsibilities Statement,
the directors are responsible for the preparation of the 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 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 and the parent company’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
annual report to identify material inconsistencies with the audited financial
statements. If we become aware of any apparent material misstatements
or inconsistencies we consider the implications for our report.
Opinion on the financial statements
In our opinion, the financial statements:
– give a true and fair view of the state of the group’s and of the parent
company’s affairs as at 31 December 2011 and of the group’s and the
parent company’s profit and cash flows for the year then ended;
– have been properly prepared in accordance with IFRSs as adopted by
the European Union; and
– have been prepared in accordance with the requirements of the
Companies Act 2006 and, as regards the group financial statements,
Article 4 of the lAS Regulation.
Notes
a The maintenance and integrity of Barclays website is the responsibility of the Directors;
the work carried out by the Auditors does not involve consideration of these matters and,
accordingly, the Auditors accept no responsibility for any changes that may have occurred
to the financial statements since they were initially presented on the website.
b Legislation in the United Kingdom governing the preparation and dissemination of
financial statements may differ from legislation in other jurisdictions.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion:
– the part of the Directors’ Remuneration Report to be audited has been
properly prepared in accordance with the Companies Act 2006;
– the information given in the Directors’ Report for the financial year for
which the financial statements are prepared is consistent with the
financial statements; and
– the information given in the Corporate Governance Statement with
respect to internal control and risk management systems and about
share capital structures is consistent with the 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:
– adequate accounting records have not been kept by the parent
company, or returns adequate for our audit have not been received from
branches not visited by us; or
– the parent company financial statements and the part of the Directors’
Remuneration Report to be audited are not in agreement with the
accounting records and returns; or
– 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; or
– a corporate governance statement has not been prepared by the parent
company.
Under the Listing Rules we are required to review:
– the directors’ statement, set out in the Corporate Governance section,
in relation to going concern;
– the parts of the Corporate Governance Statement relating to the
company’s compliance with the nine provisions of the UK Combined
Code on Corporate Governance specified for our review; and
– certain elements of the report to shareholders by the Board on
directors’ remuneration.
Andrew Ratcliffe (Senior Statutory Auditor)
for and on behalf of
PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London, United Kingdom
7 March 2012
Barclays PLC Annual Report 2011 www.barclays.com/annualreport 195
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