Vision Fund

(extracted from financial staement for the year ended31 december 2012 and report of the independent auditors)REPORT OF THE INDEPENDENT AUDITORSTo the shareholdersVisionFund (Cambodia) LtdWe have audited the accompanying financial statementsof VisionFund (Cambodia) Ltd (“the Company”), whichcomprise the balance sheet as at 31 December 2012,and the income statement, the statement of changesin equity and the statement of cash flows for theyear then ended, and notes, comprising a summary ofsignificant accounting policies and other explanatoryinformation.Management’s Responsibility forthe Financial StatementsManagement is responsible for the preparation andfair presentation of these financial statements inaccordance with Cambodian Accounting Standardsand the guidelines of the National Bank of Cambodiarelating to the preparation and presentation offinancial statements, and for such internal control asmanagement determines is necessary to enable thepreparation of financial statements that are free frommaterial misstatement, whether due to fraud or error.Auditors’ ResponsibilityOur responsibility is to express an opinion on thesefinancial statements based on our audit. We conductedour audit in accordance with Cambodian InternationalStandards on Auditing. Those standards require thatwe comply with ethical requirements and plan andperform the audit to obtain reasonable assuranceabout whether the financial statements are free ofmaterial misstatement.An audit involves performing procedures to obtainaudit evidence about the amounts and disclosures in thefinancial statements. The procedures selected dependon our judgment, including the assessment of the risksof material misstatement of the financial statements,whether due to fraud or error. In making those riskassessments, we consider internal control relevantto the entity’s preparation and fair presentation ofthe financial statements in order to design auditprocedures that are appropriate in the circumstances,but not for the purpose of expressing an opinion onthe effectiveness of the entity’s internal control. Anaudit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness ofaccounting estimates made by management, as wellas evaluating the overall presentation of the financialstatements.We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for ouraudit opinion.OpinionIn our opinion, the financial statements presentfairly, in all material respects, the financial position ofVisionFund (Cambodia) Ltd as at 31 December 2012,and its financial performance and its cash flows forthe year then ended, in accordance with CambodianAccounting Standards and the guidelines of theNational Bank of Cambodia relating to the preparationand presentation of the financial statements.VISIONFUND CAMBODIA ANNUAL REPORT 2012 47