Vodafone 2002 Annual Report Download - page 74

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Report of independent auditors
Vodafone Group Plc Annual Report & Accounts and Form 20-F Report of independent auditors72
Auditors’ report to the members of the Company
We have audited the financial statements which comprise the profit and loss account, the balance sheet, the cash flow statement, the statement of total recognised
gains and losses, the related notes 1 to 36 and the detailed information disclosed in respect of directors’ remuneration and share options set out in the Board’s Report
to Shareholders on Directors’ Remuneration. These financial statements have been prepared under the accounting policies set out in note 2.
We have also audited the financial information prepared in accordance with accounting principles generally accepted in the United States set out in note 37.
We have reviewed the proportionate financial information on page 141, which has been prepared in accordance with the bases set out therein.
Respective responsibilities of directors and auditors
The directors are responsible for preparing the Annual Report & Accounts, including, as described on page 70, preparation of the financial statements, which are
required to be prepared in accordance with applicable United Kingdom law and accounting standards. The directors are also responsible for the preparation of the
financial information prepared in accordance with accounting principles generally accepted in the United States and the proportionate financial information prepared in
accordance with the bases referred to above. Our responsibilities, as independent auditors, are established by statute, the Auditing Practices Board, the Financial
Services Authority, and by 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 Companies Act 1985.
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 with the Company and other members of the Group is not disclosed.
We review whether the Corporate Governance statement 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 form an opinion on the effectiveness of the Group’s Corporate Governance procedures or its risk and control procedures.
We read the other information contained in the Annual Report, including the Corporate Governance statement, and consider whether it is consistent with the audited
financial statements. We consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial
statements.
Basis of opinions
We conducted our audits in accordance with United Kingdom auditing standards issued by the Auditing Practices Board and in accordance with auditing standards
generally accepted in the United States. 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 circumstances of the Company and the Group, consistently applied and adequately disclosed.
We planned and performed our audits 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.
Our review of the unaudited proportionate financial information, which was substantially less in scope than an audit performed in accordance with auditing standards
generally accepted in the United Kingdom and the United States, consisted primarily of considering the nature of the adjustments made and discussing the resulting
financial information with management.