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Independent auditors’ report to
the members of GUS plc
We have audited the financial statements which comprise the Group profit
and loss account, the statement of total recognised gains and losses,
the note of historical cost profits, the reconciliation of movement in
shareholders’ funds, the Group balance sheet, the Parent Company balance
sheet, the Group cash flow statement, and the notes to the financial statements.
Respective responsibilities of directors
and auditors
The directors’ responsibilities for preparing the annual report and the
financial statements in accordance with applicable United Kingdom law
and accounting standards are set out in the statement of directors’ responsibilities.
Our responsibility is to audit the financial statements in accordance
with relevant legal and regulatory requirements, United Kingdom Auditing
Standards issued by the Auditing Practices Board and the Listing Rules
of the Financial Services Authority.
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 is not disclosed.
We read the other information contained in the annual report and consider
the implications for our report if we become aware of any apparent misstatements
or material inconsistencies with the financial statements. The other information
comprises only the chairman’s statement, the chief executive’s review,
the operational review, the financial review, the directors’ report, the
corporate social responsibility report, the corporate governance statement,
the report on directors’ remuneration and related matters and the statement
of directors’ responsibilities.
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 Listing Rules, 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 to form an opinion on the effectiveness
of the Group’s corporate governance procedures or its risk and control
procedures.
Basis of audit opinion
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 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 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.
Opinion
In our opinion the financial statements give a true and fair view of the
state of affairs of the Company and the Group at 31 March 2002 and of
the profit and cash flows of the Group for the year then ended and have
been properly prepared in accordance with the Companies Act 1985.
PricewaterhouseCoopers
Chartered Accountants and Registered Auditors
Manchester
28 May 2002
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