CCS Annual Report 2015-2016

INDEPENDENT AUDITORS’ REPORT

TO THE COMMISSION MEMBERS

OF COMPETITION COMMISSION OF

SINGAPORE

REPORT ON THE FINANCIAL STATEMENTS

Wehave audited the accompanyingfinancial statements of theCompetitionCommissionof Singapore (the “Commission”)

which comprise the statement of financial position of the Commission as at 31 March 2016, 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 81 to 96.

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 asmanagement determines is necessary to enable the preparation

of financial statements that are free frommaterial 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

accordancewith 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 evidencewe 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 financial position of the Commission as at 31 March 2016

and the financial performance, changes in equity and cash flows of the Commission for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

Management’s Responsibility for Compliance with Legal and Regulatory Requirements

Management is responsible for ensuring that the receipts, expenditure, investment of moneys and the acquisition

and disposal of assets, are in accordance with the provisions of the Act. This responsibility includes implementing

CCS ANNUAL REPORT 2015-2016

FINANCIAL STATEMENTS