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SINGAPORE SHIPPING CORPORATION LIMITED
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of Singapore Shipping Corporation Limited (the
Company) and its subsidiaries (the Group), which comprise the consolidated statement of financial position
of the Group and the statement of financial position of the Company as at 31 March 2016, the consolidated
income statement, consolidated statement of comprehensive income, consolidated statement of changes
in equity and consolidated statement of cash flows of the Group for the financial year then ended, and a
summary of significant accounting policies and other explanatory information, as set out on pages 60 to
130.
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, Chapter 50 (the Act) and Financial
Reporting Standards in Singapore, 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 financial statements 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 the 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 AUDITORS’ REPORT
Members of the Company
Singapore Shipping Corporation Limited
