Annual Report 2014 | S P SETIA BERHAD GROUP | 103
V. FINANCIAL STATEMENTS
REPORT ONTHE FINANCIAL STATEMENTS
We have audited the financial statements of S P Setia Berhad, which comprise the statements of financial position as at 31 October 2014
of the Group and of the Company, and the statements of comprehensive income, statements of changes in equity and statements of cash
flows of the Group and of the Company for the year then ended, and a summary of significant accounting policies and other explanatory
information, as set out on pages 105 to 213 (except for Note 52).
Directors’ Responsibility for the Financial Statements
The directors of the Company are responsible for the preparation of financial statements so as to give a true and fair view in accordance
with Financial Reporting Standards and the requirements of the Companies Act 1965 in Malaysia. The directors are also responsible for
such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with
approved standards on auditing in Malaysia. 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 our judgement, including the assessment of risks of material misstatement of the financial statements,
whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Company’s preparation of
financial statements that gives 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 the directors, 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.
In our opinion, the financial statements give a true and fair view of the financial position of the Group and of the Company as of 31 October
2014 and of their financial performance and cash flows for the year then ended in accordance with Financial Reporting Standards and the
requirements of the Companies Act 1965 in Malaysia.
To The Members Of S P Setia
Berhad (Incorporated In Malaysia)