Singapore Airlines 2007 Annual Report Download - page 74

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Singapore Airlines 72 Annual Report 2006-07
We have audited the accompanying fi nancial statements of Singapore Airlines Limited (the “Company”) and its subsidiaries
(collectively, the “Group”) set out on pages 73 to 137, which comprise the balance sheets of the Group and the Company
as at 31 March 2007, the statements of changes in equity of the Group and the Company, the profi t and loss account and
cash fl ow statement of the Group for the year then ended, and a summary of signifi cant accounting policies and other
explanatory notes.
Directors’ Responsibility for the Financial Statements
The Company’s directors are responsible for the preparation and fair presentation of these fi nancial statements in
accordance with the provisions of the Singapore Companies Act, Cap. 50 (the “Act”) and Singapore Financial Reporting
Standards. This responsibility includes: designing, implementing and maintaining internal controls relevant to the
preparation and fair presentation of fi nancial statements that are free from material misstatement, selecting and applying
appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
Auditors’ Responsibility
Our responsibility is to express an opinion on these fi nancial 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 whether the fi nancial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fi nancial
statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material
misstatement of the fi nancial statements. In making those risk assessments, the auditor considers internal controls relevant
to the entity’s preparation and fair presentation of the fi nancial statements 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 controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness
of accounting estimates made by directors, as well as evaluating the overall presentation of the fi nancial statements.
We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion,
(i) the consolidated fi nancial statements of the Group and the balance sheet 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 affairs of the Group and of the Company as at 31 March 2007
and the results, changes in equity and cash fl ows of the Group and the changes in equity of the Company for the year
ended on that date; and
(ii) the accounting and other records required by the Act to be kept by the Company and by those subsidiaries incorporated
in Singapore of which we are the auditors have been properly kept in accordance with the provisions of the Act.
ERNST & YOUNG
Certifi ed Public Accountants
Dated this 11th day of May 2007
Singapore
AUDITORS’ REPORT TO THE MEMBERS OF SINGAPORE AIRLINES LIMITED