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ACHIEVING THE RIGHT BALANCE COSMOSTEEL ANNUAL REPORT 2013 50
REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
We have audited the accompanying financial statements of Cosmosteel Holdings Limited (the
“company”) and its subsidiaries (the “group”) set out on pages 52 to 104, which comprise the
consolidated statement of financial position of the group and the statement of financial position of
the company as at 30 September 2013, and the consolidated 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 changes in equity of the company for the reporting 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 the financial statements that give a true and fair
view in accordance with the provisions of the Singapore Companies Act, Chapter 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 statement of profit or loss and other
comprehensive income and statements of financial position 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 consolidated financial statements are free frommaterial 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 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.
independent
aud i tors’ repor t
to the Members of COSMOSTEEL HOLDINGS LIMITED (Registration No: 200515540Z)