Marks and Spencer 2001 Annual Report Download - page 17

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Auditors’ report to the members of
Marks and Spencer p.l.c.
We have audited the financial statements on pages 20 to 42.
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 8 and 9 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 2001 and of the result 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
21 May 2001
Auditors’ report
www.marksandspencer.com 17