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Food Empire Holdings Limited Annual Report 2013
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Independent Auditor’s Report to the Members of Food Empire Holdings Limited
Report on the Consolidated Financial Statements
We have audited the accompanying consolidated financial statements of Food Empire Holdings Limited (the “Company”) and its subsidiaries
(collectively, the “Group”), which comprise the balance sheets of the Group and the Company as at 31 December 2013, the statements of
changes in equity of the Group and the Company and the consolidated income statement, consolidated statement of comprehensive income and
consolidated cash flow statement of the Group for the year then ended, and a summary of significant accounting policies and other explanatory
information.
Management’s Responsibility for the Consolidated Financial Statements
Management is responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with the
provisions of the Singapore Companies Act, Cap. 50 (the “Act”) and Singapore Financial Reporting Standards and for devising and maintaining a
system of internal accounting controls sufficient 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
profit and loss accounts and balance sheets and to maintain accountability of assets.
Auditor’s Responsibility
Our responsibility is to express an opinion on these consolidated 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 consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements.
The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated
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 the consolidated 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 consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
independent Auditor’s Report
For the financial year ended 31 December 2013