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INDEPENDENT AUDITOR’S REPORT
to the members of Old Chang Kee Ltd.
Report on the Consolidated Financial Statements
We have audited the accompanying consolidated fnancial statements of Old Chang Kee Ltd. (the “Company”) and its subsidiary companies
(collectively, the “Group”), set out on pages 50 to 121 which comprise the balance sheets of the Group and the Company as at 31 March 2014,
the statements of changes in equity of the Group and the Company and the consolidated statement of comprehensive income and consolidated
cash fow statement of the Group for the year then ended, and a summary of signifcant accounting policies and other explanatory information.
Management’s Responsibility for the Consolidated Financial Statements
Management is responsible for the preparation of consolidated fnancial statements that give a true and fair view in accordance with the provisions
of the Singapore Companies Act, Chapter 50 (the “Act ”) and Singapore Financial Reporting Standards, and for devising and maintaining a system
of internal accounting controls suffcient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or
disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair proft and
loss accounts and balance sheets and to maintain accountability of assets.
Auditor’s Responsibility
Our responsibility is to express an opinion on these consolidated fnancial statements based on our audit. We conducted our audit in accordance
with Singapore Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the consolidated fnancial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial
statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the
consolidated fnancial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant
to the entity’s preparation of the consolidated fnancial statements that give a true and fair view 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 consolidated fnancial statements.
We believe that the audit evidence we have obtained is suffcient and appropriate to provide a basis for our audit opinion.
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Annual Report 2014 •