Marks and Spencer 2012 Annual Report Download - page 75

Governance Marks and Spencer Group plc Annual report and financial statements 2012 73
Overview Strategic review Financial review Governance Financial statements and other information
Independent auditors’ report
to the members of Marks and Spencer Group plc
We have audited the financial statements of Marks and
Spencer Group plc for the 52 weeks ended 31 March 2012
which comprise the Consolidated income statement, the
Consolidated statement of comprehensive income, the
Consolidated and Company statements of financial position,
the Consolidated statement of changes in equity and Company
statement of changes in shareholders’ equity, the Consolidated
cash flow information and Company statement of cash flows
and the related notes. 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 and, as regards the parent company
financial statements, as applied in accordance with the
provisions of the Companies Act 2006.
Respective responsibilities of directors and auditors
As explained more fully in the Directors’ Responsibilities
Statement set out on page 72, 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 and financial statements 2012 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 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 March 2012 and of the Group’s profit and Group’s and
parent company’s cash flows for the 52 weeks then ended;
–the Group financial statements have been properly
prepared in accordance with IFRSs as adopted by the
European Union;
–the parent company financial statements have been properly
prepared in accordance with IFRSs as adopted by the
European Union and as applied in accordance with the
provisions of the Companies Act 2006; and
–the financial statements 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.
Opinion on other matters prescribed by the
Companies Act 2006
In our opinion:
–the part of the Remuneration report to be audited has been
properly prepared in accordance with the Companies Act
2006; and
–the information given in the Directors’ report for the financial
year for which the financial statements are prepared 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 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.
Under the Listing Rules we are required to review:
–the directors’ statement, set out on page 72, 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 Corporate Governance Code specified for our review; and
–certain elements of the report to shareholders by the Board
on directors’ remuneration.
Stuart Watson (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London
21 May 2012