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DISCUSSION QUESTIONS AND PROBLEMS 24-20 (OBJECTIVE 24-1) Below are excerpts from the independent auditors' report to the members of Tesco PLC. Explain why each of the following phrases or clauses is used rather than the alternative provided: a. In our opinion, financial statements of Tesco PLC's parent company give a true and fair view of the state of the parent company's affairs as at 28 February 2015" rather than In our opinion, financial statements of Tesco PLC's parent company give an accurate view of the state of the parent company's affairs as at 28 February 2015." Part 5 / COMPLETING THE AUDIT b. "The financial reporting framework that has been applied in the preparation of the financial statements is applicable to the law and United Kingdom Accounting Standards" rather than The financial reporting framework that has been applied in the preparation of the financial statements is International Financial Reporting Standards. c. An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial state- ments are free from material misstatement, whether caused by fraud or error" rather than An audit involves checking to identify all instances of fraud or error." d. PricewaterhouseCoopers LLP dated their report on 5 May 2015 rather than 28 February 2015, which was when the company's financial year ended. e. Mark Gill (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors" rather than just "Mark Gill. download annual report.pdf

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