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38 kingsmen creatives ltd
Report on the fnancial statements
We have audited the accompanying consolidated fnancial statements of Kingsmen Creatives Ltd. (the “Company”) and its subsidiaries
(collectively, the “Group”) set out on pages 40 to 115, which comprise the balance sheets of the Group and the Company as at 31 December
2011, the statements of changes in equity of the Group and the Company and the consolidated income statement, consolidated statement
of comprehensive income and consolidated cash fow statement of the Group for the fnancial year then ended, and a summary of signifcant
accounting policies and other explanatory information.
Management’s responsibility for the fnancial 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, and for 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 judgment, 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 entity’s preparation of 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 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 fnancial statements.
We believe that the audit evidence we have obtained is suffcient and appropriate to provide a basis for our audit opinion.
Independent
Auditors’ Report
For the financial year ended 31 December 2011
To theMembers of Kingsmen Creatives Ltd