FY 2011 Annual Report - Sheng Siong

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38 Sheng Siong Annual Report 2011 Independent Auditors’ Report Members of the Company Sheng Siong Group Ltd. Report on the financial statements We have audited the accompanying financial statements of Sheng Siong Group Ltd. (the Company) and its subsidiaries (the Group), which comprise the statements of financial position of the Group and the Company as at 31 December 2011, the statement of comprehensive income, statement of changes in equity and statement of cash flows of the Group for the year then ended, and a summary of significant accounting policies and other explanatory information, as set out on pages 40 to 71. 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 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 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 judgement, 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 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 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 of the Company are properly drawn up in accordance with the provisions of the Act and Singapore Financial Reporting Standards to give a true and fair view of the state of affairs of the Group and of the Company as at 31 December 2011 and the results, changes in equity and cash flows of the Group for the year ended on that date.
Sheng Siong Annual Report 2011 Independent Auditors’ Report Report on other legal and regulatory requirements In our opinion, 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. KPMG LLP Public Accountants and Certified Public Accountants Singapore 30 March 2012 39
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A Part of Our Lives Annual Report 2
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Sheng Siong Annual Report 2011 Abou
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in other income from S$15.9m in 201
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Besides organic growth, we will con
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However, as we were consolidating i
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evamp of our IT systems, centraliza
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Sheng Siong Annual Report 2011 LIM
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Sheng Siong Annual Report 2011 and
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Tan Bee Loo Head Fruits and Vegetab
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position a year later, overseeing o
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INTRODUCTION Sheng Siong Annual Rep
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Board Composition and Balance Sheng
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Sheng Siong Annual Report 2011 Corp
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(B) REMUNERATION MATTERS Procedures
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Internal Controls Sheng Siong Annua
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Material Contracts Sheng Siong Annu
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Sheng Siong Annual Report 2011 Dire
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Share options (Continued) Sheng Sio
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In our opinion: Sheng Siong Annual
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Sheng Siong Annual Report 2011 Inde
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Sheng Siong Annual Report 2011 Cons
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Page 83 and 84: SHENG SIONG GROUP LTD. (Company Reg
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Page 87 and 88: in other income from S$15.9m in 201
Page 89 and 90: Besides organic growth, we will con
Page 91 and 92: However, as we were consolidating i
Page 93 and 94: evamp of our IT systems, centraliza
Page 95 and 96: Sheng Siong Annual Report 2011 LIM
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Page 99 and 100: Tan Bee Loo Head Fruits and Vegetab
Page 101 and 102: position a year later, overseeing o
Page 103 and 104: INTRODUCTION Sheng Siong Annual Rep
Page 105 and 106: Board Composition and Balance Sheng
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Page 109 and 110: (B) REMUNERATION MATTERS Procedures
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Page 113 and 114: Internal Controls Sheng Siong Annua
Page 115 and 116: Material Contracts Sheng Siong Annu
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Page 119 and 120: Share options (Continued) Sheng Sio
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FY 2011 Annual Report - Sheng Siong

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