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Independent Auditors’ Report to the Members of
NTUC FairPrice Co-operative Limited (cont’d)
Opinion
In our opinion, the consolidated financial statements of the Group, and the statement of financial position, statement of profit
or loss and other comprehensive income and statement of changes in equity of the Co-operative are properly drawn up in
accordance with the provisions of the Act and Singapore Financial Reporting Standard so as to give a true and fair view of the
state of affairs of the Group and of the Co-operative as at December 31, 2014 and of the results, change in equity and cash
flows of the Group and of the results and changes in equity of the Co-operative for the year ended on that date.
Report on other Legal and Regulatory Requirements
Management’s responsibility for compliance with legal and regulatory requirements
Management is responsible for ensuring that the receipts, expenditure, investment of moneys and the acquisition and disposal
of assets, are in accordance with the provisions of the Act and the By-laws of the Co-operative. This responsibility includes
implementing accounting and internal controls as management determines are necessary to enable compliance with the
provisions of the Act and the By-laws of the Co-operative.
Auditors’ Responsibility
Our responsibility is to express an opinion on management’s compliance based on our audit of the financial statements. We
conducted our audit in accordance with Singapore Standards on Auditing. We planned and performed the compliance audit to
obtain reasonable assurance about whether the receipts, expenditure, investment of moneys and the acquisition and disposal
of assets, are in accordance with the provisions of the Act and the By-laws of the Co-operative.
Our compliance audit includes obtaining an understanding of the internal control relevant to the receipts, expenditure,
investment of moneys and the acquisition and disposal of assets, and assessing the risks of material misstatement of the
financial statements from non-compliance, if any, but not for the purpose of expressing an opinion on the effectiveness of the
entity’s internal control. Because of the inherent limitations in any accounting and internal control system, non-compliances
may nevertheless occur and not be detected.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis of our opinion on
management’s compliance.
