SEO Version
SEE HUP SENG LIMITED
Annual Report 2012
33
Independent Auditors’ Report
TO THE SHAREHOLDERS OF SEE HUP SENG LIMITED
We have audited the accompanying financial statements of See Hup Seng Limited (the “Company”) and its subsidiary
companies (collectively referred to as the “Group”), as set out on pages 34 to 96, which comprise the balance sheets
of the Group and of the Company as at 31 December 2012 and the consolidated statement of comprehensive income,
consolidated statement of changes in equity and consolidated statement of cash flows of the Group for the year then
ended, and a summary of significant accounting policies and other explanatory information.
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 Singapore Companies Act (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.
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 judgment, 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 controls 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 controls. 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.
Opinion
In our opinion, the balance sheet of the Company and the consolidated financial statements of the Group 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 Company and the Group as at 31 December 2012 and the results,
changes in equity and cash flows of the Group 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.
Moore Stephens LLP
Public Accountants and
Certified Public Accountants
Singapore
2 April 2013
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