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We have audited the financial statements of Electrocomponents
plc which comprise the Consolidated profit and loss account,
the Company and Group balance sheets, the Consolidated
cash flow statement, the Consolidated statement of total
recognised gains and losses, the Principal accounting
policies and notes 1 to 37.
The Directors are responsible for preparing the Annual
Report. As described in the statement of Directors’ responsibilities,
this includes responsibility for preparing the financial
statements in accordance with applicable United Kingdom
law and accounting standards. Our responsibilities, as
independent auditors, are established in the United Kingdom
by statute, the Auditing Practices Board, the Listing
Rules of 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 Group is not disclosed.
We review whether the corporate governance statement,
within the Report of the Directors, 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 and consider whether it is consistent with the
audited financial statements. This other information comprises
only the Chairman’s statement, the Chief Executive’s statement,
the Chief Process Officer’s statement, the Financial review,
the Report of the Directors, the Corporate governance
statement, the Financial and Five year highlights 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 financial statements.
Our responsibilities do not extend to any other information.
We conducted our audit in accordance with Auditing Standards
issued by the Auditing Practices Board. 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 Group’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 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.
In our opinion the financial statements give a true and
fair view of the state of affairs of the Company and the
Group as at 31 March 2002 and of the profit of the Group
for the year then ended and have been properly prepared
in accordance with the Companies Act 1985.
KPMG Audit Plc
Chartered Accountants
Registered Auditor
London
29 May 2002
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