Tesco 2012 Annual Report Download - page 155

STRATEGIC REVIEW PERFORMANCE REVIEW GOVERNANCE FINANCIAL STATEMENTS OVERVIEW
Independent auditors’ report to the members of Tesco PLC
We have audited the Parent Company financial statements of Tesco PLC
for the 52 weeks ended 25 February 2012 which comprise the Parent
Company balance sheet and the related notes. The financial reporting
framework that has been applied in their preparation is applicable law
and United Kingdom Accounting Standards (United Kingdom Generally
Accepted Accounting Practice).
Respective responsibilities of directors and auditors
As explained more fully in the Statement of Directors’ responsibilities set
out on page 88, the Directors are responsible for the preparation of the
Parent Company 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 Parent Company 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 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 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 Parent Company financial statements:
 give a true and fair view of the state of the Company’s affairs as at
25February 2012;
 have been properly prepared in accordance with United Kingdom
Generally Accepted Accounting Practice; and
 have been prepared in accordance with the requirements of the
Companies Act 2006.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion:
 the part of the Directors’ 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 52 weeks
ended 25 February 2012 for which the Parent Company financial
statements are prepared is consistent with the Parent Company
financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where
the Companies Act 2006 requires us 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
Directors’ 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.
Other matter
We have reported separately on the Group financial statements of
TescoPLC for the 52 weeks ended 25 February 2012.
Richard Winter (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London
4 May 2012
Tesco PLC Annual Report and Financial Statements 2012 151