Singapore Airlines 2015 Annual Report Download - page 93

To the members of Singapore Airlines Limited
Report on the Financial Statements
We have audited the accompanying financial statements of Singapore Airlines Limited (the “Company”) and its subsidiaries (the
“Group”) set out on pages 93 to 204, which comprise the statements of financial position of the Group and the Company as at 31 March
2015, the statements of changes in equity of the Group and the Company and the consolidated profit and loss account, consolidated
statement of comprehensive income and consolidated statement of cash flows of the Group for the year then ended, and a summary
of significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation of financial 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 suicient 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 profit and loss accounts and balance sheets and to maintain accountability of assets.
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 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 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 judgment, 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 of the financial 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 eectiveness 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 suicient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated financial statements of the Group and the statement of financial position and statement of changes in
equity of the Company are properly drawn up in accordance with the provisions of the Act and Singapore Financial Reporting Standards
so as to give a true and fair view of the state of aairs of the Group and of the Company as at 31 March 2015 and of the results, changes
in equity and cash flows of the Group and the changes in equity of the Company for the year ended on that date.
Independent Auditor’s Report
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