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Report on the Financial Statements
We have audited the accompanying financial statements of NTUC Fairprice Co-operative Limited (the “Co-operative”) and
its subsidiaries (the “Group”) which comprise the statements of financial position of the Group and the Co-operative as at
March 31, 2013, and the statement of comprehensive income, statement of changes in equity and statement of cash flows of
the Group and statement of comprehensive income and statement of changes in equity of the Co-operative for the year then
ended, and a summary of significant accounting policies and other explanatory notes, as set out on pages 48 to 119.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the
provisions of the Co-operative Societies Act, Cap. 62 (the “Act”) and Singapore Financial Reporting Standards and for devising
and maintaining a system of internal accounting controls sufficient to provide 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 profit and loss accounts and balance sheets and to maintain accountability
of assets.
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 of financial 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 the 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.
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF
NTUC FAIRPRICE CO-OPERATIVE LIMITED
