Independent Auditors Report
To the members of Standard Chartered PLC
We have audited the financial statements of the Group (Standard Chartered PLC and itssubsidiaries) and Company (Standard Chartered PLC) (together referred to as the financialstatements) for the year ended 31 December 2011 set out on pages 163 to 235. The financialreporting framework that has been applied in their preparation is applicable law andInternational Financial Reporting Standards (IFRSs) as adopted by the EU and as regardsthe parent company financial statements as applied in accordance with the provisions ofthe Companies Act 2006.
This report is made solely to the Companys members as a body in accordance withChapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so thatwe might state to the Companys members those matters we are required to state tothem in an auditors report and for no other purpose. To the fullest extent permittedby law we do not accept or assume responsibility to anyone other than the Company and theCompanys members as a body for our audit work for this report or for theopinions we have formed.
Respective responsibilities of directors and auditors
As explained more fully in the Statement of directors responsibilities set out onpage 159 the directors are responsible for the preparation of the financial statementsand for being satisfied that they give a true and fair view. Our responsibility is toaudit and express an opinion on the financial statements in accordance with applicablelaw and International Standards on Auditing (UK and Ireland). Those standards require usto comply with the Auditing Practices Boards (APBs) Ethical Standards forAuditors.
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements is provided on theAPBs website at www.frc.org.uk/apb/scope/private.cfm.
Opinion on financial statements
In our opinion:
The financial statements give a true and fair view of the state of theGroups and of the Companys affairs as at 31 December 2011 and of theGroups profit for the year then ended;
The Group financial statements have been properly prepared in accordance withIFRSs as adopted by the EU;
The Company financial statements have been properly prepared in accordance withIFRSs as adopted by the EU and as applied in accordance with the provisions of theCompanies Act 2006; and
The financial statements have been prepared in accordance with the requirementsof the Companies Act 2006 and as regards the Group financial statements Article 4 of theIAS Regulation.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion:
The part of the Directors remuneration report to be audited has beenproperly prepared in accordance with the Companies Act 2006; and
The information given in the Report of the directors which include informationpresented in the Chairmans statement the Group Chief Executives review andthe Financial and Business reviews that are cross referenced from the Report of thedirectors for the financial year for which the financial statements are prepared isconsistent with the financial statements; and
Information given in the Corporate Governance section set out on pages 98 to 125with respect to internal control and risk management systems in relation to financialreporting processes and about share capital structures is consistent with the financialstatements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following:
Under the Companies Act 2006 we are required to report to you if in our opinion:
Adequate accounting records have not been kept by the parent company or returnsadequate for our audit have not been received from branches not visited by us; or
The parent company financial statements and the part of the Report of directorsto be audited are not in agreement with the accounting records and returns; or
Certain disclosures of directors remuneration specified by law are notmade; or
We have not received all the information and explanations we require for ouraudit; or
A Corporate Governance Statement has not been prepared by the company.
Under the Listing Rules we are required to review:
The Report of the directors set out on page 153 in relation to going concern
The part of the Corporate Governance section pages 98 to 125 relating to theCompanys compliance with the nine provisions of the UK Corporate Governance Codespecified for our review; and
Certain elements of the report to shareholders by the Board on directorsremuneration.
John E Hughes (Senior Statutory Auditor)
for and on behalf of KPMG Audit Plc Statutory Auditor
15 Canada Square
London E14 5GL
29 February 2012