Page 35 - ar2012

Annual Report 2012
Financial Report / 33
INDEPENDENT
AUDITORS’ REPORT
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2012
TO THE MEMBERS OF MTQ CORPORATION LIMITED
Report on the financial statements
We have audited the accompanying fnancial statements of MTQ Corporation Limited (the “Company”) and its subsidiaries (collectively,
the “Group”) set out on pages 34 to 114, which comprise the balance sheets of the Group and the Company as at 31 March 2012,
the statements of changes in equity of the Group and the Company, and the consolidated statement of comprehensive income and
consolidated cash fow statement of the Group for the year then ended, and a summary of signifcant accounting policies and other
explanatory information.
Management’s responsibility for the fnancial statements
Management is responsible for the preparation of fnancial statements that give a true and fair view in accordance with the provisions of
the Singapore Companies Act, Chapter 50 (the “Act”) and Singapore Financial Reporting Standards, and for devising and maintaining
a system of internal accounting controls suffcient to provide a reasonable assurance that assets are safeguarded against loss from
unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the
preparation of true and fair proft and loss accounts and balance sheets and to maintain accountability of assets.
Auditor’s responsibility
Our responsibility is to express an opinion on these fnancial 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 fnancial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fnancial statements. The
procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the fnancial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the
entity’s preparation of fnancial statements that give a true and fair view 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 fnancial statements.
We believe that the audit evidence we have obtained is suffcient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated fnancial statements of the Group and the balance sheet and statement of changes in equity of the
Company are properly drawn up in accordance with the provisions of the Act and Singapore Financial Reporting Standards so as to give
a true and fair view of the state of affairs of the Group and of the Company as at 31 March 2012 and of the results, changes in equity
and cash fows of the Group and the changes in equity of the Company for the year ended on that date.
Report on other legal and regulatory requirements
In our opinion, the accounting and other records required by the Act to be kept by the Company and by those subsidiaries incorporated
in Singapore of which we are the auditors have been properly kept in accordance with the provisions of the Act.
Ernst & Young LLP
Public Accountants and
Certifed Public Accountants
Singapore
18 June 2012