Barclays 2011 Annual Report Download - page 51

Management has assessed the effectiveness of internal control over
financial reporting as of 31 December 2011. In making its assessment,
Management has utilised the criteria set forth by COSO. Management
concluded that, based on its assessment, the internal control over financial
reporting was effective as of 31 December 2011. Our independent
registered public accounting firm has issued a report on the Group’s
internal control over financial reporting, which is set out on page 196.
The system of internal financial and operational controls is also subject
to regulatory oversight in the United Kingdom and overseas. Further
information on supervision by the financial services regulators is provided
under Supervision and Regulation in the Risk Management section on
pages 154 to 158.
Changes in internal control over financial reporting
There have been no changes in the Group's internal control over financial
reporting that occurred during the period covered by this report which
have materially affected or are reasonably likely to materially affect the
Group's internal control over financial reporting.
Going concern
The Group’s business activities and financial position; the factors likely
to affect its future development and performance; and its objectives and
policies in managing the financial risks to which it is exposed and its capital
are discussed in the Business Review and Risk Management section.
The Directors have assessed, in the light of current and anticipated
economic conditions, the Group’s ability to continue as a going concern.
The Directors confirm they are satisfied that the Company and the Group
have adequate resources to continue in business for the foreseeable
future. For this reason, they continue to adopt the ‘going concern’ basis
for preparing accounts.
Disclosure of information to auditor
Each Director confirms that, so far as he/she is aware, there is no relevant
audit information of which the Company’s auditors are unaware and that
each Director has taken all the steps that he/she ought to have taken as
a Director to make himself/herself aware of any relevant audit information
and to establish that the Company’s auditors are aware of that
information.
Directors’ Responsibilities
The following statement, which should be read in conjunction with the
Auditors’ report set out on page 195, is made with a view to distinguishing
for shareholders the respective responsibilities of the Directors and of the
auditors in relation to the accounts.
The Directors are required by the Companies Act 2006 to prepare
accounts for each financial year and, with regards to Group accounts,
in accordance with Article 4 of the IAS Regulation. The Directors have
prepared individual accounts in accordance with IFRS as adopted by the
European Union. The accounts are required by law and IFRS to present
fairly the financial position of the Company and the Group and the
performance for that period. The Companies Act 2006 provides, in relation
to such accounts, that references to accounts giving a true and fair view
are references to fair presentation.
The Directors consider that, in preparing the accounts on pages 197 to
274, and the additional information contained on pages 79 to 158, the
Group has used appropriate accounting policies, supported by reasonable
judgements and estimates, and that all accounting standards which they
consider to be applicable have been followed.
The Directors have responsibility for ensuring that the Company and the
Group keep accounting records which disclose with reasonable accuracy
the financial position of the Company and the Group and which enable
them to ensure that the accounts comply with the Companies Act 2006.
The Directors have general responsibility for taking such steps as are
reasonably open to them to safeguard the assets of the Group and to
prevent and detect fraud and other irregularities.
The Directors confirm to the best of their knowledge that:
(a) The financial statements, prepared in accordance with the applicable
set of accounting standards, give a true and fair view of the assets,
liabilities, financial position and profit or loss of Barclays PLC and the
undertakings included in the consolidation taken as a whole; and
(b) The management report, which is incorporated into the Directors’
Report on pages 46 to 49, includes a fair review of the development
and performance of the business and the position of Barclays PLC and
the undertakings included in the consolidation taken as a whole,
together with a description of the principal risks and uncertainties that
they face.
By order of the Board
Lawrence Dickinson
Company Secretary
7 March 2012
Barclays PLC
Registered in England, Company No. 48839
Barclays PLC Annual Report 2011 www.barclays.com/annualreport 49
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