Annual Report - QuamIR
Annual Report - QuamIR Annual Report - QuamIR
Independent Auditor’s Report INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF HKC (HOLDINGS) LIMITED (incorporated in Bermuda with limited liability) We have audited the consolidated financial statements of HKC (Holdings) Limited (the “Company”) and its subsidiaries (together, the “Group”) set out on pages 70 to 192, which comprise the consolidated and company balance sheets as at 31 December 2011, and the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Directors’ responsibility for the consolidated financial statements The directors of the Company are responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants and the disclosure requirements of the Hong Kong Companies Ordinance, and for such internal control as the directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. 70 192 22/F Prince’s Building, Central, Hong Kong Tel: +852 2289 8888 Fax : +852 2810 9888 +852 2289 8888 +852 2810 9888 68 HKC (Holdings) Limited • Annual Report 2011
Independent Auditor’s Report (Continued) Auditor’s responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audit and to report our opinion solely to you, as a body, in accordance with Section 90 of the Companies Act 1981 of Bermuda and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. 90 We conducted our audit in accordance with Hong Kong Standards on Auditing issued by the Hong Kong Institute of Certified Public Accountants. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of consolidated financial 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 the directors, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements give a true and fair view of the state of affairs of the Company and of the Group as at 31 December 2011, and of the Group’s profit and cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards and have been properly prepared in accordance with the disclosure requirements of the Hong Kong Companies Ordinance. PricewaterhouseCoopers Certified Public Accountants Hong Kong, 22 March 2012 • 69
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Independent Auditor’s <strong>Report</strong><br />
<br />
INDEPENDENT AUDITOR’S REPORT<br />
TO THE SHAREHOLDERS OF HKC (HOLDINGS) LIMITED<br />
(incorporated in Bermuda with limited liability)<br />
<br />
<br />
<br />
We have audited the consolidated financial statements of HKC (Holdings)<br />
Limited (the “Company”) and its subsidiaries (together, the “Group”) set out<br />
on pages 70 to 192, which comprise the consolidated and company balance<br />
sheets as at 31 December 2011, and the consolidated income statement,<br />
the consolidated statement of comprehensive income, the consolidated<br />
statement of changes in equity and the consolidated cash flow statement for<br />
the year then ended, and a summary of significant accounting policies and<br />
other explanatory information.<br />
Directors’ responsibility for the consolidated financial<br />
statements<br />
The directors of the Company are responsible for the preparation of<br />
consolidated financial statements that give a true and fair view in accordance<br />
with Hong Kong Financial <strong>Report</strong>ing Standards issued by the Hong Kong<br />
Institute of Certified Public Accountants and the disclosure requirements of<br />
the Hong Kong Companies Ordinance, and for such internal control as the<br />
directors determine is necessary to enable the preparation of consolidated<br />
financial statements that are free from material misstatement, whether due to<br />
fraud or error.<br />
70<br />
192<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
22/F Prince’s Building, Central, Hong Kong<br />
Tel: +852 2289 8888 Fax : +852 2810 9888<br />
<br />
+852 2289 8888 +852 2810 9888<br />
68 HKC (Holdings) Limited • <strong>Annual</strong> <strong>Report</strong> 2011
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