Page 26 - Nanyang Technological University

INDEPENDENT
AUDITORS’ REPORT

TO THE BOARD OF TRUSTEES OF NANYANG TECHNOLOGICAL UNIVERSITY

Report on the Financial Statements

We have audited the accompanying financial statements of Nanyang Technological University (the “University Company”)
and its subsidiaries (“the Group”) which comprise the statements of financial position of the Group and the University
Company as at 31 March 2015, and the consolidated statement of comprehensive income, statement of changes in
funds and reserves and statement of cash flows of the Group and the statement of changes in funds and reserves of
the University Company for the financial year then ended, and a summary of significant accounting policies and other
explanatory information, as set out on pages 20 to 81.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation of financial statements that give a true and fair view in accordance
with the provisions of the Singapore Companies Act, Chapter 50 (the “Act”), the Singapore Charities Act, Chapter
37 (the “Charities Act”) and Singapore Financial Reporting Standards, and for devising and maintaining a system of
internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from
unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to
permit the preparation of true and fair financial statements and to maintain accountability of assets.

Auditors’ Responsibility

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 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 the auditor’s judgement, including the assessment of the risks of
material misstatement of the 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 the 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 management, 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.

Opinion

In our opinion, the consolidated financial statements of the Group and the statement of financial position and statement
of changes in funds and reserves of the University Company are properly drawn up in accordance with the provisions of
the Act, the Charities Act and Singapore Financial Reporting Standards so as to give a true and fair view of the financial
position of the Group and of the University Company as at 31 March 2015 and the financial performance, changes in
funds and reserves and cash flows of the Group and changes in funds and reserves of the University Company for the
year ended on that date.

24 NTU ANNUAL REPORT 2015