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TO THE MEMBERS OF CARLTON COMMUNICATIONS PLC
We have audited the financial statements which comprise the
consolidated profit and loss account, the consolidated balance
sheet, the consolidated cash flow statement, the statement
of total recognised gains and losses, the reconciliation of
movements in shareholders’ funds and the related notes,
including the additional disclosures included within tables 1 to 5
and related notes of the Directors’ Report relating to the
remuneration of the directors of Carlton Communications Plc
specified for our review by the Financial Services Authority.
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 Directors’ Report, the
Chairman’s Statement, the Chief Executive’s Statement,
the operating and financial review and the corporate governance
statement.
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
30 September 2002 and the loss 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
London
26 November 2002
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