Singapore Airlines 2009 Annual Report Download - page 83

81
AUDITORS’ REPORT
AUDITORS’ REPORT TO THE MEMBERS OF SINGAPORE AIRLINES LIMITED
We have audited the accompanying fi nancial statements of Singapore Airlines Limited (the “Company”) and
its subsidiaries (collectively, the “Group”) set out on pages 83 to 204, which comprise the balance sheets of
the Group and the Company as at 31 March 2009, the statements of changes in equity of the Group and the
Company and 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.
Management’s Responsibility for the Financial Statements
Management is 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 devising and maintaining a system of internal accounting controls
suffi cient 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 profi t and loss account and balance sheet and to maintain accountability of assets;
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, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control 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 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 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.