ANNUAL REPORT 2015
35
Independent
Auditors’ Report
To the members of Jumbo Group Limited
Report on the Combined Financial Statements
We have audited the accompanying combined financial statements of Jumbo Group Limited (the “Company”) and its subsidiaries (the “Group”),
which comprise the combined statement of financial position of the Group and the statement of financial position of the Company as at 30
September 2015, and the combined statement of profit or loss and other comprehensive income, combined statement of changes in equity
and combined statement of cash flows of the Group for the year then ended and the statement of changes in equity of the Company for the
financial period from 4 February 2015 (date of incorporation) to 30 September 2015, and a summary of significant accounting policies and other
explanatory information, as set out on pages 36 to 78.
Management’s Responsibility for the Combined Financial Statements
Management is responsible for the preparation of combined 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 financial statements
and to maintain accountability of assets.
Auditors’ Responsibility
Our responsibility is to express an opinion on these combined 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 combined financial statements.
The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the combined
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 combined 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 combined 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 combined financial statements of the Group and the statement of financial position and statement of changes in equity of the
Company 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 financial position of the Group and of the Company as at 30 September 2015 and the financial performance, changes in
equity and cash flows of the Group for the year then ended and changes in equity of the Company for the financial period from 4 February 2015
(date of incorporation) to 30 September 2015.
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 subsidiary corporations incorporated
in Singapore of which we are the auditors have been properly kept in accordance with the provisions of the Act.
Deloitte & Touche LLP
Public Accountants and
Chartered Accountants
Singapore
7 January 2016
