Tesco 2010 Annual Report Download - page 71

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Financial statements
Independent auditors’ report to the members of Tesco PLC
We have audited the Group financial statements of Tesco PLC for the
52weeks ended 27 February 2010 which comprise the Group Income
Statement, the Group Statement of Comprehensive Income, the Group
Balance Sheet, the Group Cash Flow Statement, the Group Statement
of Changes in Equity 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.
Respective responsibilities of directors and auditors
As explained more fully in the Statement of Directors’ responsibilities set
out on page 68, the Directors are responsible for the preparation of the
Group financial statements and for being satisfied that they give a true
and fair view. Our responsibility is to audit the Group 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 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.
Opinion on financial statements
In our opinion the Group financial statements:
• give a true and fair view of the state of the Group’s affairs as at
27February 2010 and of its profit and cash flows for the 52 weeks
then ended;
• have been properly prepared in accordance with IFRSs as adopted
by the European Union; and
• have been prepared in accordance with the requirements of the
Companies Act 2006 and Article 4 of the lAS Regulation.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion:
• the information given in the Directors’ Report for the 52 weeks ended
27 February 2010 for which the Group financial statements are prepared
is consistent with the Group 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:
• 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; or
• a corporate governance statement has not been prepared by the Parent
Company.
Under the Listing Rules we are required to review:
• the Directors’ statement, set out on page 45, in relation to going
concern; and
• the part of the Corporate Governance Statement relating to the
Company’s compliance with the nine provisions of the June 2008
Combined Code specified for our review.
Other matter
We have reported separately on the Parent Company financial statements
of Tesco PLC for the 52 weeks ended 27 February 2010 and on the
information in the Directors’ Remuneration Report that is described as
having been audited.
Richard Winter (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London
5 May 2010
Tesco PLC Annual Report and Financial Statements 2010 69