Barclays 2012 Annual Report Download - page 68

Management has assessed the effectiveness of internal control over
financial reporting as of 31 December 2012. 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 2012. 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 230.
The system of internal financial and operational controls is also subject
to regulatory oversight in the UK and overseas. Further information
on supervision by the financial services regulators is provided under
Supervision and Regulation in the Risk review section on pages 190-195.
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 risk 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 229, 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 EU. 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 231-311,
and the additional information contained on pages 116-195, 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.
Having taken all the matters considered by the Board and brought to
the attention of the Board during the year into account, the Directors
are satisfied that the annual report and accounts, taken as a whole,
is fair, balanced and understandable, and provides the information
necessary for shareholders to assess the Company’s performance,
business and model.
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 are responsible for the maintenance and integrity of the
Company’s website. Legislation in the UK governing the preparation
and dissemination of financial statements may differ from legislation
in other jurisdictions.
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 62-66, 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
5 March 2013
Barclays PLC
Registered in England, Company No. 48839
Directors’ report continued
barclays.com/annualreport66 I Barclays PLC Annual Report 2012