Page 207 - S P Setia Annual Report 2016

 

 

 

 

 

Page 207 - S P Setia Annual Report 2016
P. 207

S P Setia Berhad Group                                                                                205
          Annual Report 2016




                                                                                     Independent Auditors’ Report

                                                                       To The Members Of S P Setia Berhad (Incorporated In Malaysia)

          REPORT ON AUDIT OF THE FINANCIAL STATEMENTS (CONT’D.)

          Auditor’s responsibilities for the audit of the financial statements

          Our objectives are to obtain reasonable assurance about whether the financial statements of the Group and of the Company as a whole
          are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
          assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with approved standards on auditing
          in Malaysia and International Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from
          fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic
          decisions of users taken on the basis of these financial statements.

          As part of an audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing, we exercise
          professional judgement and maintain professional skepticism throughout the audit. We also:

          -   Identify and assess the risks of material misstatement of the financial statements of the Group and of the Company, whether due
              to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
              appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for
              one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
              control.

          -   Obtain an understanding of internal control relevant to the audit 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 Group’s and of the Company’s internal
              control.

          -   Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures
              made by the directors.

          -   Conclude on the appropriateness of directors’ use of the going concern basis of accounting and, based on the audit evidence obtained,
              whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s or the Company’s
              ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
              auditor’s report to the related disclosures in the financial statements of the Group and of the Company or, if such disclosures are
              inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report.
              However, future events or conditions may cause the Group or the Company to cease to continue as a going concern.

          -   Evaluate the overall presentation, structure and content of the financial statements of the Group and of the Company, including the
              disclosures, and whether the financial statements of the Group and of the Company represent the underlying transactions and events
              in a manner that achieves fair presentation.

          -   Obtain sufficient appropriate audit evidence regarding the financial information of the entities and business activities within the Group
              to express an opinion on the financial statements of the Group. We are responsible for the direction, supervision and performance of
              the group audit. We remain solely responsible for our audit opinion.

          We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings,
          including any significant deficiencies in internal control that we identify during our audit.

          We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and
          to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where
          applicable, related safeguards.
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