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ANNUAL REPORT 2010/2011 085

INDEPENDENT AUDITORS’ REPORT

To the members of Singapore Airlines Limited

Report on the Consolidated Financial Statements

We have audited the accompanying consolidated ﬁnancial statements of Singapore Airlines Limited

(the “Company”) and its subsidiaries (collectively, the “Group”) set out on pages 87 to 189, which comprise the

statements of ﬁnancial position of the Group and the Company as at 31 March 2011, 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 Consolidated Financial Statements

Management is responsible for the preparation of consolidated ﬁnancial statements that give a true and fair

view in accordance with the provisions of the Singapore Companies Act (the Act) and Singapore Financial

Reporting Standards, and for devising and maintaining a system of internal accounting controls sufﬁcient 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.

Auditors’ Responsibility

Our responsibility is to express an opinion on these consolidated 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 consolidated ﬁnancial 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 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 consolidated 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

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 ﬁnancial statements.

We believe that the audit evidence we have obtained is sufﬁcient 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 affairs of the

Group and of the Company as at 31 March 2011 and 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.