The auditors have audited the report prepared by the management in accordance with proper accounting standards. All due diligence has been made on their part to ensure that a fair and just view has been presented with regards to the company’s financial standings. In Ernst & Young LLP’s opinion, the consolidated financial statements provide a “true and fair view of the financial position of the Group and of the Company as at 31 December 2015”. This is an unqualified opinion and is the highest statement of assurance that an independent certified public accountant can express. The report is meant for the auditors to assess the competency of the company’s internal control of financial statements and that all relevant document were provided in accordance to Singapore Standard on Auditing. After going through BreadTalk’s finances and financial statements, the auditors have concluded that Breadtalk have done a satisfactory job in complying with Singapore auditing standards. The financial statements of BreadTalk Group have been made in accordance with the Singapore Financial Reporting Standards and thus give a fair view of the Company’s financial performance and position. The Consolidated financial statements of breadtalk group and the balance sheet and statement of changes in equity of the company are properly drawn up in accordance with the provisions of the acts and Singapore Financial Reporting Standards. Hence giving a true and fair view of the financial position of the group and of the company as at 31 december 2015 In summary, E&Y assumes the responsibility that all evidence provided is of relevance and faithful representation of the firm’s accounting standards, policies and records. Nonetheless, BreadTalk has complied with the respective standards by providing an absolute true and fair view of its accounting records as required by the provisions of the Act and Singapore Financial Reporting Standards. The statements and balance sheet are accurate and appropriate representations of the financial position of the Group and the Company and are in accordance with Singapore Standards on Auditing. This report was done based on the provisions of the Act and Singapore Financial Reporting Standards and reflects the company’s performance in 2015. The auditor’s report outlines the responsibilities of the management and the auditors which are, respectively, to ensure financial statements are prepared in a true and fair view while maintaining good internal control and to express an opinion on the financial statements in accordance to the Singapore Standards on Auditing. The auditors gave an unqualified opinion on the financial statements. The auditor’s report sums up Breadtalk’s financial statements and mentions how its management is responsible for its proper preparation. With the auditor’s inspection complete, the audit evidence received is satisfactory and meets Singapore Standards of Auditing. Independent auditors have audited the various financial statements of Breadtalk Group Limited and its subsidiaries. They have concluded that the consolidated financial statements of the Group are properly drawn up, this will give a true and fair view of the financial position of the Group and of the Company as at 31 December 2015. The auditors are responsible in making sure that all transactions are properly authorized and recorded to permit the preparation of true and fair financial statements. The accompanying financial statement of BreadTalk Group Limited and its subsidiaries include the balance sheet, (as at 31 December 2015), statement of changes in equity, consolidated income statement, consolidated statement of comprehensive income and consolidated cash flow statement. This annual report is audited by Ernst & Young LLP which includes detailed reports on BreadTalk assets, liability and equity as at 31 December 2015. However, the management is responsible for providing true and fair financial statements and to maintain accountability of assets. Generally, BreadTalk is still expanding despite declining business due to closure of some stalls and the impact of the declining economy. In the coming year, their ability to generate positive cash flows is important as it will resolve the issue of them not being able to repay their (short-term) debts. The auditor has gone through the reports of the company and has made sure that it is in accordance to Singapore Companies Act. Chapter 50 (the “Act) and Singapore Financial Reporting Standards. The auditors feel that the information provided are ample and provide a true and fair financial position of the group. The management has drawn up the reports under the laws of Singapore. Information provided are sufficient and appropriate. Financial Statements are according to the Singapore Financial Reporting Standards which enable an accurate financial position of the group and company. These accounting and records were to be kept by the company and subsidiary corporations within the country. What they audited in which part of the report, what are the responsibilities of the auditors and management. Consolidated financial statements of the Group and the balance sheet and statement of changes in equity of the Company are properly dawn up in accordance the Act and SFRS. This annual report is an accurate representation of the financial position and financial performance of BreadTalk Group Limited for the year 2015. The report consists of balance sheets, statements of changes in equity, the consolidated income statement, statement of comprehensive income and cash flow statement of The BreadTalk Group and The Breadtalk Company as of 31 December 2015, and finally, a summary of significant accounting policies and other explanatory information. The accounts are properly drawn up in compliance to the legal requirements of the accounting body as well as all governing bodies of the country. The report certifies that the independent auditor has reviewed the financial statements prepared by the company and have found them to be accurate and representative of the current financials of the company. The overall net income has dropped from $27562 in 2014 to $16179 in 2015. Total assets and equity fell whereas total liability increased, which suggests that the company was doing better in 2014. The auditor’s report tells us that the company’s financial statements are valid and reliable and that it is reasonably free from error. The report is on pages 59-60 of the annual report. The auditor’s report states the area of audit (“company” and “group”), the responsibilities of the BreadTalk’s management and director with respect to the Singapore Companies Act as well as the auditor’s responsibilities in accordance to the Singapore Standard of Auditing. The report also provides the opinion that statements are done up properly and other legal and regulatory requirements are satidfied. BreadTalk has properly prepared their financial statements and have complied to Singapore Financial Reporting Standards, which is good. The auditors have studied BT’s financial statements for the financial year ending in 31 Dec 2015, and deem it properly drawn in accordance with provisions of the Singapore Companies Act (chapter 50) and Singapore Financial Reporting Standards. In addition, the auditors (Ernst and Young LLP) assures that the audit itself was properly done in compliance with the Singapore Standards of Auditing.financial statements, balance sheet and statement of changes in equity of Breadtalk are in accordance with Reporting Standards ending at 31 December 2015. The accounting and other records of breadtalk and its subsidiaries of which the auditors are auditors of, are kept in accordance with standards. financial statements, balance sheet and statement of changes in equity of Breadtalk are in accordance with Reporting Standards ending at 31 December 2015. The accounting and other records of breadtalk and its subsidiaries of which the auditors are auditors of, are kept in accordance with standards. So in summary the auditor felt that the annual report (on the financial performance, changes in equity and cash flow) was fair and accurate according to the provisions of Act and Singapore Financial Statement Reporting Standards. The report is prepared in compliance with the relevant Acts (Companies Act, IFRS, ACRA etc) governing preparation of financial statements and veracity of which has been confirmed by the auditing body, Ernst & Young LLP. The report includes its balance sheet, statement of comprehensive income etc. which comes together to paint a larger picture illustrating the company’s financial health and overall financial performance for the year ended 31 December 2015. The report describes the responsibilities of Bread Talk in preparing the financial statements, as well as their responsibility in accessing the report based on the Singapore Standard of Auditing. Subsequently, they followed by expressing an unqualified opinion on Bread Talk’s financial statement. Auditors conducted the audits in accordance with Singapore Standards on Auditing to obtain audit evidence that is sufficient and appropriate to give a true and fair audit opinion. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with provisions of the Singapore Companies Act, Chapter 50 and Singapore Financial Reporting Standards. It was highlighted that bakery operations in Singapore has made the most external sales, total of $329,983,000 in 2015, and foresee as a promising geographical location for Breadtalk to leverage on their business operations and expand their footprint. The financial statements and records are as they should be, in accordance with the Act and the Singapore Financial Reporting Standards. They represent a true and fair view of the financial position of the company. The Management is responsible for the preparation of the financial statements that give a true and fair view in accordance with the provisions and the auditor’s responsibility is to express an opinion on these financial statements based on their audit. Overall, in the auditor’s opinion, the financial statements are properly drawn up in accordance with the provisions and they gave a true and fair view of their financial position.