Marks and Spencer 2000 Annual Report Download - page 19

Auditors’ report to the members of
M arks and Spencer p.l.c.
We have audited the financial statements on pages 20 to 45.
Respective responsibilities of directors and auditors
The directors are responsible for preparing the Annual Report.
As described on page 16, this includes responsibility for
preparing the financial statements, in accordance with applicable
United Kingdom accounting standards. Our responsibilities, as
independent auditors, are established in the United Kingdom
by statute, the Auditing Practices Board, the Listing Rules of
the Financial Services Authority and our profession’s ethical
guidance.
We report to you our opinion as to whether the financial
statements give a true and fair view and are properly prepared
in accordance with the United Kingdom Companies Act.
We also report to you if, in our opinion, the directors’ report
is not consistent with the financial statements, if the Company
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 or the Listing Rules 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 financial statements.
We review whether the statement on pages 6 and 7 reflects
the Company’s compliance with the seven provisions of the
Combined Code specified for our review by 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 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 by the Auditing Practices Board. An audit includes
examination, on a test basis, of evidence relevant to the
amounts and disclosures in the financial statements. It also
includes an assessment of the significant estimates and
judgements made by the directors in the preparation of the
financial statements, and of whether the accounting policies
are appropriate to the Company’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 financial statements 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
financial statements.
Opinion
In our opinion the financial statements give a true and fair view
of the state of affairs of the Company and the Group at 31 March
2000 and of the profit and cash flows of the Group for the year
then ended and have been properly prepared in accordance
with the Companies Act 1985.
PricewaterhouseCoopers
Chartered Accountants and Registered Auditors
London
22 May 2000
17 Annual Report and Financial Statements 2000
Auditors’ report