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In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained in the audit, or otherwise appears to be
materially misstated. If, based on the work we have performed, we conclude that there is material
misstatement of this other information, we are required to report that fact. We have nothing to
report in this regard.
Responsibilities of Management and the Commission for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial
statements in accordance with the provisions of the Act and SB-FRS, and for such internal
control as management determines is necessary to enable the preparation of financial
statements are free from material misstatement, whether due to fraud or error.
A statutory board is constituted based on its Act and its dissolution requires Parliament’s approval.
In preparing the financial statements, management is responsible for assessing the Commission’s
ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless there is intention to wind up the
Commission to cease operations.
The Commission is responsible for overseeing the Commission’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with SSAs will
always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of these
financial statements.
As part of an audit in accordance with SSAs, we exercise professional judgement and maintain
professional scepticism throughout the audit. We also:
a.
Identify and assess the risks of material misstatement of the financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
b.
Obtain an understanding of internal control relevant to the audit 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 Commission’s internal control.
c.
Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
d.
Conclude on the appropriateness of management’s use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Commission’s ability
to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report to the related disclosures in the financial
statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our auditor’s report. However, future
events or conditions may cause the Commission to cease to continue as a going concern.
e.
Evaluate the overall presentation, structure and content of the financial statements, including
the disclosures, and whether the financial statements represent the underlying transactions
and events in a manner that achieves fair presentation.
We communicate with the directors regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
Opinion
In our opinion:
a.
the receipts, expenditure, investment of moneys and the acquisition and disposal of assets
by the Commission during the year are, in all material respects, in accordance with the
provisions of the Act and the Constitution of the Republic of Singapore.
b.
proper accounting and other records of the Commission have been kept.
Basis for Opinion
We conducted our audit in accordance with SSAs. Our responsibilities under those standards are
further described in the Auditor’s Responsibilities for the Compliance Audit section of our report.
We are independent of the Commission in accordance with the 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
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