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Competition Commission of Singapore 67
Annual Report 2013/14
Independent Auditors’ Report to the Commission
Members of Competition Commission of Singapore
Report on the Financial Statements
We have audited the accompanying financial statements of the Competition Commission of Singapore (the
“Commission”) which comprise the statement of financial position of the Commission as at 31 March 2014,
the statement of profit or loss and other comprehensive income, statement of changes in equity and statement
of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory
information, as set out on pages 69 to 90.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance
with the provisions of the Competition Act, Chapter 50B (the “Act”) and Singapore Statutory Board Financial
Reporting Standards (“SB-FRS”), and for such internal control as management determines is necessary to enable
the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
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 and fair presentation of
financial 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 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 financial statements are properly drawn up in accordance with the provisions of the Act and
SB-FRS so as to present fairly, in all material respects, the state of affairs of the Commission as at 31 March 2014
and the results, changes in equity and cash flows for the year ended on that date.
Annual Report 2013/14
Independent Auditors’ Report to the Commission
Members of Competition Commission of Singapore
Report on the Financial Statements
We have audited the accompanying financial statements of the Competition Commission of Singapore (the
“Commission”) which comprise the statement of financial position of the Commission as at 31 March 2014,
the statement of profit or loss and other comprehensive income, statement of changes in equity and statement
of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory
information, as set out on pages 69 to 90.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance
with the provisions of the Competition Act, Chapter 50B (the “Act”) and Singapore Statutory Board Financial
Reporting Standards (“SB-FRS”), and for such internal control as management determines is necessary to enable
the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
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 and fair presentation of
financial 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 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 financial statements are properly drawn up in accordance with the provisions of the Act and
SB-FRS so as to present fairly, in all material respects, the state of affairs of the Commission as at 31 March 2014
and the results, changes in equity and cash flows for the year ended on that date.
