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Tesco PLC Annual Report and
Financial Statements 2008
108 www.tesco.com/annualreport08
Independent auditors’ report to the members of Tesco PLC
We have audited the parent company financial statements of Tesco PLC
for the year ended 23 February 2008 which comprise the Balance Sheet
and the related notes. These parent company financial statements have
been prepared under the accounting policies set out therein. We have
also audited the information in the Directors’ Remuneration Report that
is described as having been audited.
We have reported separately on the Group financial statements of Tesco
PLC for the year ended 23 February 2008.
Respective responsibilities of Directors and auditors
The Directors’ responsibilities for preparing the Annual Report, the
Directors’ Remuneration Report and the parent company financial
statements in accordance with applicable law and United Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting
Practice) are set out in the Statement of Directors’ Responsibilities.
Our responsibility is to audit the parent company financial statements and
the part of the Directors’ Remuneration Report to be audited in accordance
with relevant legal and regulatory requirements and International Standards
on Auditing (UK and Ireland). This report, including the opinion, has been
prepared for and only for the parent company’s members as a body in
accordance with Section 235 of the Companies Act 1985 and for no other
purpose. We do not, in giving this opinion, 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.
We report to you our opinion as to whether the parent company financial
statements give a true and fair view and whether the parent company
financial statements and the part of the Directors’ Remuneration Report
to be audited have been properly prepared in accordance with the
Companies Act 1985. We also report to you whether in our opinion the
information given in the Directors’ Report is consistent with the parent
company financial statements.
In addition we report to you if, in our opinion, the parent 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
regarding Directors’ remuneration and other transactions is not disclosed.
We read other information contained in the Annual Report and consider
whether it is consistent with the audited parent company financial statements.
The other information comprises only the Financial highlights, the Chief
Executive’s statement, the Directors’ report, the Corporate Governance
statement, the unaudited part of the Directors’ Remuneration Report and
the Five Year Record. We consider the implications for our report if we
become aware of any apparent misstatements or material inconsistencies
with the parent company financial statements. Our responsibilities do not
extend to any other information.
Basis of audit opinion
We conducted our audit in accordance with International Standards on
Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit
includes examination, on a test basis, of evidence relevant to the amounts
and disclosures in the parent company financial statements and the part
of the Directors’ Remuneration Report to be audited. It also includes an
assessment of the significant estimates and judgments made by the
Directors in the preparation of the parent company financial statements,
and of whether the accounting policies are appropriate to the parent
company’s circumstances, consistently applied and adequately disclosed.
We planned and performed our audit 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 parent company
financial statements and the part of the Directors’ Remuneration Report to
be audited 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 parent company
financial statements and the part of the Directors’ Remuneration Report
to be audited.
Opinion
In our opinion:
> the parent company financial statements give a true and fair
view, in accordance with United Kingdom Generally Accepted
Accounting Practice, of the state of the parent company’s affairs
as at 23 February 2008;
> the parent company financial statements and the part of the Directors’
Remuneration Report to be audited have been properly prepared in
accordance with the Companies Act 1985; and
> the information given in the Directors’ Report is consistent with the
parent company financial statements.
PricewaterhouseCoopers LLP
Chartered Accountants and Registered Auditors
London 28 April 2008