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ANNUAL REPORT 2011/2012
Independent Auditors’ Report to the Members of
STAMFORD LAND CORPORATION LTD
(Registration No : 197701615H)
We have audited the accompanying fnancial statements of Stamford Land Corporation Ltd (“the
Company”) and its subsidiaries (“the Group”), which comprise the statements of fnancial position of
the Group and the Company as at 31 March 2012, the income statement, statement of comprehensive
income, statement of changes in equity and statement of cash fows of the Group for the year then
ended, and a summary of signifcant accounting policies and other explanatory information, as set out
on pages 55 to 119.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation of fnancial 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.
Management has acknowledged that its responsibility includes devising and maintaining a system of
internal accounting controls suffcient 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 proft and loss accounts and
balance sheets and to maintain accountability of assets.
Auditors’ Responsibility
Our responsibility is to express an opinion on these fnancial 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 fnancial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures
in the fnancial statements. The procedures selected depend on the auditor’s judgement, including
the assessment of the risks of material misstatement of the fnancial statements, whether due to
fraud or error. In making those risk assessments, the auditor considers internal control relevant to
the Company’s preparation of the fnancial 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 Company’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 fnancial statements.
We believe that the audit evidence we have obtained is suffcient and appropriate to provide a basis
for our audit opinion.