TO THE MEMBERS OF WOOLWORTHS HOLDINGS LIMITED
We have audited the annual financial statements and group annual
financial statements of Woolworths Holdings Limited set out on pages
50 to 52 and 70
to 106 for the year
ended 30 June 2003. These financial statements are the responsibility
of the company's directors. Our responsibility is to express
an opinion on these financial statements based on our audit.
Scope
We conducted our audit in accordance with statements of South African Auditing Standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance that the financial statements are free of material misstatement.
An audit includes:
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examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, |
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assessing the accounting principles used and significant estimates made by management, and |
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evaluating the overall financial statement presentation. |
We believe that our audit provides a reasonable basis for our opinion. |
Audit opinion
In our opinion, the financial statements fairly present, in all
material respects, the financial position of the company and the
group at 30 June 2003 and the results of their operations and cash
flows for the year then ended in accordance with South African Statements
of Generally Accepted Accounting Practice, and in the manner required
by the Companies Act in South Africa.
Ernst & Young
Chartered Accountants (SA)
Cape Town
20 August 2003
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