Tesco 2014 Annual Report Download - page 71

Going Concern
Under the Listing Rules we are required to review the Directors’
statement, set out on page 64, in relation to going concern.
We have nothing to report having performed our review.
As noted in the Directors’ statement, the Directors have
concluded that it is appropriate to prepare the Group’s financial
statements using the going concern basis of accounting.
The going concern basis presumes that the Group has adequate
resources to remain in operation, and that the Directors intend
it to do so, for at least one year from the date the financial
statements were signed. As part of our audit we have concluded
that the Directors’ use of the going concern basis is appropriate.
However, because not all future events or conditions can be
predicted, these statements are not a guarantee as to the
Group’s ability to continue as a going concern.
Opinion on other matter prescribed by the
Companies Act 2006
In our opinion the information given in the Strategic Report and
the Directors’ Report for the financial year for which the Group
financial statements are prepared is consistent with the Group
financial statements.
Other matters on which we are required to report
by exception
Adequacy of information and explanations received
Under the Companies Act 2006 we are required to report to
you if, in our opinion we have not received all the information
and explanations we require for our audit. We have no
exceptions to report arising from this responsibility.
Directors’ remuneration
Under the Companies Act 2006 we are required to report to you
if, in our opinion, certain disclosures of directors’ remuneration
specified by law have not been made. We have no exceptions to
report arising from this responsibility.
Corporate Governance Statement
Under the Listing Rules we are required to review the part
of the Corporate Governance Statement relating to the
Company’s compliance with nine provisions of the UK
Corporate Governance Code (‘the Code’). We have nothing
to report having performed our review.
On page 64 of the Annual Report, as required by the Code
Provision C.1.1, the Directors state that they consider the Annual
Report taken as a whole to be fair, balanced and understandable
and provides the information necessary for members to assess
the Group’s performance, business model and strategy. On page
34, as required by C.3.8 of the Code, the Audit Committee has
set out the significant issues that it considered in relation to the
financial statements, and how they were addressed. Under ISAs
(UK & Ireland) we are required to report to you if, in our opinion:
• the statement given by the Directors is materially inconsistent
with our knowledge of the Group acquired in the course of
performing our audit; or
• the section of the Annual Report describing the work of the
Audit Committee does not appropriately address matters
communicated by us to the Audit Committee.
We have no exceptions to report arising from this responsibility.
Other information in the Annual Report
Under ISAs (UK & Ireland), we are required to report to you if,
in our opinion, information in the Annual Report is:
• materially inconsistent with the information in the audited
Group financial statements; or
• apparently materially incorrect based on, or materially
inconsistent with, our knowledge of the Group acquired in
the course of performing our audit; or
• is otherwise misleading.
We have no exceptions to report arising from this responsibility.
Responsibilities for the financial statements and
the audit
Our responsibilities and those of the directors
As explained more fully in the Directors’ Responsibilities
Statement set out on page 64, 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 ISAs
(UK & 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.
Other matter
We have reported separately on the Parent Company Financial
statements of Tesco PLC for the 52 weeks ended 22 February 2014.
Mark Gill (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London
2 May 2014
68 Tesco PLC Annual Report and Financial Statements 2014
Independent auditors’ report to the members of Tesco PLC
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