Annual Report 2012 - ecoWise Holdings Limited

ecoWise Holdings Limitedannual report 201251INDEPENDENT AUDITORS’ REPORTto the Members of ECOWISE HOLDINGS LIMITED (Registration No: 200209835C)REPORT ON THE FINANCIAL STATEMENTSWe have audited the accompanying financial statements of ecoWise Holdings Limited (the “Company”) and itssubsidiaries (collectively, the “Group”), which comprise the consolidated statement of financial position of the Groupand the statement of financial position of the Company as at 31 October 2012, and the consolidated statement ofcomprehensive income, statement of changes in equity and statement of cash flows of the Group, and statementof changes in equity of the Company for the reporting year then ended, and a summary of significant accountingpolicies and other explanatory information.MANAGEMENT’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTSManagement is responsible for the preparation of the financial statements that give a true and fair view inaccordance with the provisions of the Singapore Companies Act, Chapter 50 (the “Act”) and Singapore FinancialReporting Standards, and for devising and maintaining a system of internal accounting controls sufficient toprovide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; andtransactions are properly authorised and that they are recorded as necessary to permit the preparation of true andfair statement of comprehensive income and statements of financial position and to maintain accountability of assets.AUDITORS’ RESPONSIBILITYOur responsibility is to express an opinion on these financial statements based on our audit. We conducted ouraudit in accordance with Singapore Standards on Auditing. Those standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whether the financial statementsare free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks ofmaterial misstatement of the financial statements, whether due to fraud or error. In making those risk assessments,the auditors consider internal control relevant to the entity’s preparation of financial statements that give a true andfair view in order to design audit procedures that are appropriate in the circumstances, but not for the purposeof expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating theappropriateness 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 auditopinion.