Competition Commission of Singapore Annual Report 2016/17

In our opinion,

the accompanying financial statements of the Competition Commission of Singapore (the

“Commission”), set out on pages 6 to 25 are properly drawn up in accordance with the

provisions of the Competition Act, Chapter 50B (the “Act”) and Singapore Statutory Board

Financial Reporting Standards (“SB-FRS”) so as to present fairly, in all material respects, the

financial position of the Commission as at 31 March 2017, and the financial performance,

changes in equity and cash flows for the financial year ended on that date;

the receipts, expenditure, investment of moneys and the acquisition and disposal of assets by

the Commission during the financial year are in accordance with the provisions of the Act and

the Constitution of the Republic of Singapore; and

proper accounting and other records have been kept, including records of all assets of the

Commission whether purchased, donated or otherwise.

On behalf of the Commission

STATEMENT BY COMPETITION

COMMISSION OF SINGAPORE

INDEPENDENT AUDITOR’S REPORT TO THE

COMMISSION MEMBERS OF

COMPETITION COMMISSION OF SINGAPORE

MR TOH HAN LI

Chief Executive

AUBECK KAM

Chairman

SINGAPORE

7 July 2017

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

Opinion

We have audited the accompanying financial statements of Competition Commission of Singapore

(the “Commission”), which comprise the statement of financial position of the Commission as at

31 March 2017, and the statement of profit or loss and other comprehensive income, statement of

changes in equity and statement of cash flows of the Commission for the year then ended, and

notes to the financial statements, including a summary of significant accounting policies, as set

out on pages 6 to 25.

In our opinion, the accompanying financial statements of the Commission are properly drawn

up in accordance with the provisions of the Competition Act, Chapter 50B (the “Act”) and

Statutory Board Financial Reporting Standards in Singapore (“SB-FRS”) so as to present fairly,

in all material respects, the financial position of the Commission as at 31 March 2017 and of the

financial performance, changes in equity and cash flows of the Commission for the year ended

on that date.

Basis for Opinion

We conduct our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our

responsibilities under those standards are further described in the Auditor’s Responsibilities for the

Audit of the Financial Statements section of our report. We are independent of the Commission

in accordance with the Accounting and Corporate Regulatory Authority (“ACRA”) Code of

Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”)

together with the ethical requirements that are relevant to our audit of the financial statements

in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these

requirements and the ACRA Code. We believe that the audit evidence we have obtained is

sufficient and appropriate to provide a basis for our opinion.

Information Other than the Financial Statements and Auditor’s Report Thereon

Management is responsible for the other information. The other information comprises the

information included in the Statement by the Commission as set out on page 1, but does not

include the financial statements and our auditor’s report thereon.

Our opinion on the financial statements does not cover the other information and we do not

express any form of assurance conclusion thereon.

COMPETITION COMMISSION OF SINGAPORE