To the members of Pick n Pay Stores Limited
We have audited the Company and Group annual
financial statements of Pick n Pay Stores Limited which
comprise the statements of comprehensive income for
the year ended 28 February 2010, the balance sheets
at 28 February 2010, and the statements of changes
in equity and cash flow statements for the year then
ended, and the notes to the financial statements, which
include a summary of significant accounting policies and
other explanatory notes, and the directors’ report.
Directors’ responsibility for the financial
statements
The Company’s directors are responsible for the
preparation and fair presentation of these financial
statements in accordance with International Financial Reporting Standards and in the manner required by the
Companies Act of South Africa. This responsibility
includes: designing, implementing and maintaining
internal control relevant to the preparation and fair
presentation of financial statements that are free from
material misstatement, whether due to fraud or error;
selecting and applying appropriate accounting policies;
and making accounting estimates that are reasonable
in the circumstances.
Auditor’s responsibility
Our responsibility is to express an opinion on these
financial statements based on our audit. We conducted
our audit in accordance with International Standards on
Auditing. Those standards require that we comply with
ethical requirements and plan and perform the audit to
obtain reasonable assurance whether the financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the
financial statements. The procedures selected depend
on the auditor’s judgement, including the assessment of
the risks of material misstatement of the financial
statements, whether due to fraud or error. In making
those risk assessments, the auditor considers internal
control relevant to the entity’s preparation and fair
presentation of the financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the entity’s internal
control. An audit also includes evaluating the
appropriateness of accounting policies used and the
reasonableness of accounting estimates made by
management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our
audit opinion.
Opinion
In our opinion, the financial statements present fairly,
in all material respects, the consolidated and separate
financial position of Pick n Pay Stores Limited at
28 February 2010, and its consolidated and separate
financial performance and consolidated and separate
cash flows for the year then ended in accordance with
International Financial Reporting Standards, and in the
manner required by the Companies Act of South Africa.
KPMG Inc.
Registered Auditor
Per Patrick Farrand
Chartered Accountant (SA)
Registered Auditor
Director
10 May 2010
MSC House
Mediterranean Street
Cape Town
8001
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