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Independent Auditors’ Report to the Members of
NTUC FairPrice Co-operative Limited
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 December 31, 2014, and the statement of profit or loss and other comprehensive income, statement of changes
in equity and statement of cash flows of the Group and statement of profit or loss and other comprehensive income
and statement of changes in equity of the Co-operative for the financial year then ended, and a summary of significant
accounting policies and other explanatory information, as set out on pages 42 to 107.
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 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.
