Tesco 2012 Annual Report Download - page 93

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STRATEGIC REVIEW PERFORMANCE REVIEW GOVERNANCE FINANCIAL STATEMENTS
OVERVIEW
Independent auditors’ report to the members of Tesco PLC
We have audited the Group financial statements of Tesco PLC for the
52weeks ended 25 February 2012 which comprise the Group income
statement, the Group statement of comprehensive income, the Group
balance sheet, the Group statement of changes in equity, the Group
cashflow statement and the related notes. The financial reporting
framework that has been applied in their preparation is applicable law
andInternational Financial Reporting Standards (‘IFRS’) 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 88, 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 and express an opinion on
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. 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 Group financial statements:
 give a true and fair view of the state of the Group’s affairs as at
25February 2012 and of its profit and cash flows for the 52 weeks
thenended;
 have been properly prepared in accordance with IFRS 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 matter prescribed by the Companies Act 2006
In our opinion:
 the information given in the Directors’ Report for the 52 weeks ended
25 February 2012 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.
Under the Listing Rules we are required to review:
 the Directors’ statement, set out on page 49, in relation to
goingconcern;
 the part 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.
Other matter
We have reported separately on the Parent Company financial statements
of Tesco PLC for the 52 weeks ended 25 February 2012 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
4 May 2012
Tesco PLC Annual Report and Financial Statements 2012 89