financial CONTENTS
Temasek Polytechnic
report of the AUDITORS
Appointed Under Section 16(1)
Of The Temasek Polytechnic Act, Chapter 323a
We have audited the financial statements
of Temasek Polytechnic (the “Polytechnic”)
for the year ended 31 March 2006 as set out on pages
59 to 80. These financial statements are the responsibility
of the Board of Governors of the Polytechnic. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance
with Singapore Standards on Auditing. Those Standards
require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles
used and significant estimates made by the Board of
Governors, as well as evaluating the overall financial
statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
We draw your attention to Note 2.1
to the financial statements. The Polytechnic has not
disclosed related party transactions and outstanding
balances with other statutory boards as it was granted
relief by the Finance Circular Minute No M4/2005 issued
by the Ministry of Finance, from such disclosure.
The non-disclosure is a non-compliance with Singapore
Financial Reporting Standard 24 Related Party Disclosures.
In our opinion:
| (a) |
except for the non-disclosure
of related party transactions and outstanding
balances with other statutory boards, the financial
statements of Temasek Polytechnic are properly
drawn up in accordance with the provisions of
the Temasek Polytechnic Act, Cap 323A (the “Act”)
and Singapore Financial Reporting Standards
so as to present fairly, in all material respects,
the state of affairs of the Polytechnic as at
31 March 2006 and the income and expenditure,
changes in accumulated surplus and cash flows
of the Polytechnic for the year ended on that
date; and
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| |
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| (b) |
the accounting and other
records required by the Act to be kept including
records of all assets of the Polytechnic whether
purchased, donated or otherwise, have been properly
kept in accordance with the provisions of the
Act.
|
During the course of our audit, nothing
came to our notice that caused us to believe that
the receipt, expenditure and investment of monies
and the acquisition and disposal of assets by the
Polytechnic have not been carried out in accordance
with the provisions of the Act during the year.
KPMG
Certified Public Accountants
Singapore
26 June 2006
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