Singapore Airlines 2003 Annual Report Download - page 67

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65
SIA Annual Report 02/03
Auditors’ Report
To the members of Singapore Airlines Limited
We have audited the financial statements of Singapore Airlines Limited and its subsidiary companies set out on pages
66 to 107. These financial statements comprise the balance sheets of the Company and of the Group as at 31 March
2003 and the profit and loss accounts, statements of changes in equity and cash flow statements of the Company and
of the Group for the financial year ended 31 March 2003, and notes thereto. 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.
We conducted our audit in accordance with Singapore Standards on Auditing. Those Standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and significant estimates made by
the directors, as well as evaluating the overall financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion:
(a) the financial statements are properly drawn up in accordance with the provisions of the Companies Act ("Act") and
Singapore Statements of Accounting Standard and give a true and fair view of:
(i) the state of affairs of the Company and the Group as at 31 March 2003, and the results, changes in equity and
cash flows of the Company and the Group for the financial year ended on that date; and
(ii) the other matters required by Section 201 of the Act to be dealt with in the financial statements and
consolidated financial statements;
(b) the accounting and other records, and the registers required by the Act to be kept by the Company and by those
subsidiary companies incorporated in Singapore of which we are the auditors have been properly kept in
accordance with the provisions of the Act.
We have considered the financial statements and auditors’ reports of all subsidiary companies of which we have not
acted as auditors, being financial statements included in the consolidated financial statements. The names of those
subsidiary companies audited by our associated firms and that audited by another firm are stated in note 20 to the
financial statements.
We are satisfied that the financial statements of the subsidiary companies that have been consolidated with the
financial statements of the Company are in form and content appropriate and proper for the purposes of the
preparation of the consolidated financial statements and we have received satisfactory information and explanations
as required by us for those purposes.
The auditors’ reports on the financial statements of the subsidiary companies were not subject to any qualification and
in respect of subsidiary companies incorporated in Singapore did not include any comment made under Section 207(3)
of the Act.
ERNST & YOUNG
Certified Public Accountants
Dated this 21st day of May 2003
Singapore