Asia Power Corporation Limited / 33
Independent Auditors' Report
TO THE MEMBERS OF ASIA POWER CORPORATION LIMITED
Report on the Financial Statements
We have audited the accompanying nancial statements of Asia
Power Corporation Limited (the "company") and its
subsidiaries (the "group") which comprise the statements of
nancial position of the group and the company as at December
31, 2011, and the statement of comprehensive income,
statement of changes in equity and statement of cash
ows of the group and the statement of changes in equity of
the company for the year then ended, and a summary of signi
cant accounting policies and other explanatory notes, as set
out on pages 35 to 89.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation of nancial
statements that give a true and fair view in accordance with
the provisions of the Singapore Companies Act (the "Act") and
Singapore Financial Reporting Standards and for devising and
maintaining a system of internal accounting controls suf
cient to provide 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 pro t and loss accounts and balance sheets
and to maintain accountability of assets.
Auditors' Responsibility
Our responsibility is to express an opinion on these nancial
statements based on our audit. We conducted our audit in
accordance with Singapore Standards on Auditing ("SSA").
Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain
reasonable assurance about whether the nancial statements are
free from material misstatement.
An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the nancial
statements. The procedures selected depend on the auditor's
judgement, including the assessment of the risks of material
misstatement of the nancial 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 nancial 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 nancial
statements. We believe that the audit evidence we have
obtained is suf cient and appropriate to provide a basis for
our quali ed audit opinion.
Basis for Qualified Opinion
The carrying amount of the group's associate, Xi'an Zhouzhi
Fengyuan Hydropower Development Co., Ltd ("Zhouzhi
Fengyuan"), amounted to RMB33,054,000 as at December 31,
2011, and the group's share of its pro t after tax amounted
to RMB2,709,000 for the year then ended. As disclosed in Note
13 to the nancial statements, the associate is audited by
another rm of auditors. We were unable to ful l the
requirements as required under SSA 600 - Special
Considerations - Audits of Group Financial Statements over
the work performed by the component auditor. We also have no
access to the accounting books and records of Zhouzhi
Fengyuan to perform alternative procedures as group auditors.
Accordingly, we are not able to obtain suf cient appropriate
audit evidence in respect of the carrying amount of the
group's investment in Zhouzhi Fengyuan as at December 31,
2011 and the group's share of pro t after tax of Zhouzhi
Fengyuan for the year then ended.
34 / Annual Report 2011
Independent Auditors' Report
TO THE MEMBERS OF ASIA POWER CORPORATION LIMITED
Opinion
In our opinion, except for the effects of the matter
described in the Basis for Quali ed Opinion paragraph, the
consolidated
nancial statements of the group and the statement of nancial
position and statement of changes in equity of the company
are properly drawn up in accordance with the provisions of
the Act and Singapore Financial Reporting Standards so as to
give a true and fair view of the state of affairs of the
group and of the company as at December 31, 2011 and of the
results, changes in equity and cash ows of the group and
changes in equity of the company for the year ended on that
date.
Report on Other Legal and Regulatory Requirements
In our opinion, the accounting and other records required by
the Act to be kept by the company have been properly kept in
accordance with the provisions of the Act.
Deloitte & Touche LLP Public Accountants and
Certi ed Public Accountants
Singapore
April 9, 2012
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