Page 72 - ar2012

ParkwayLife REIT Annual Report FY2012
70
Auditors’ Report
to the Unitholders of Parkway Life Real Estate Investment Trust
(Constituted in the Republic of Singapore pursuant to a trust deed dated 12 July 2007)
We have audited the accompanying fnancial statements of Parkway Life Real Estate Investment Trust (the “Trust”) and its
subsidiaries (the “Group”), which comprise the Statements of Financial Position and Portfolio Statements of the Group and
the Trust as at 31 December 2012, and the Statements of Total Return, Distribution Statements and Statements of Movements
in Unitholders’ Funds of the Group and the Trust and Statements of Cash Flows of the Group for the year then ended, and a
summary of signifcant accounting policies and other explanatory information, as set out on pages 71 to 130.
Manager’s responsibility for the fnancial statements
The Manager of the Trust is responsible for the preparation and fair presentation of these fnancial statements in accordance
with the recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts”
issued by the Institute of Certifed Public Accountants of Singapore, and for such internal control as the Manager of the Trust
determines is necessary to enable the preparation of fnancial statements that are free from material misstatements, whether
due to fraud or error.
Auditors’ responsibility
Our responsibility is to express an opinion on these fnancial 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 fnancial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fnancial
statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material
misstatement of the fnancial statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Trust’s preparation and fair presentation of the fnancial statements 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 Trust’s internal control. An audit also includes evaluating the appropriateness of accounting policies
used and the reasonableness of accounting estimates made by the Manager of the Trust, as well as evaluating the overall
presentation of the fnancial statements.
We believe that the audit evidence we have obtained is suffcient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated fnancial statements of the Group and the fnancial statements of the Trust present fairly,
in all material respects, the fnancial position of the Group and of the Trust as at 31 December 2012, and the total return,
distributable income and movements in Unitholders’ funds of the Group and the Trust and cash fows of the Group for the
year then ended in accordance with the recommendations of Statement of Recommended Accounting Practice 7 “Reporting
Framework for Unit Trusts” issued by the Institute of Certifed Public Accountants of Singapore.
KPMG LLP
Public Accountants and
Certifed Public Accountants
Singapore
20 March 2013