Consolidated Profit And Loss Account (Page 44 of 48) in pdf

Consolidated Profit And Loss Account Page 44

REPORT OF THE AUDITORS

TO THE SHAREHOLDERS OF WHEELOCK AND COMPANY LIMITED

(Incorporated in Hong Kong with limited liability)

We have audited the accounts on pages 33 to 75 which have been prepared in accordance with accounting

principles generally accepted in Hong Kong.

RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITORS

The Hong Kong Companies Ordinance requires the Directors to prepare accounts which give a true and fair view. In

preparing accounts which give a true and fair view it is fundamental that appropriate accounting policies are

selected and applied consistently.

It is our responsibility to form an independent opinion, based on our audit, on those accounts and to report our

opinion solely to you, as a body, in accordance with section 141 of the Hong Kong Companies Ordinance, and for

no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents

of this report.

BASIS OF OPINION

We conducted our audit in accordance with Statements of Auditing Standards issued by the Hong Kong Institute of

Certified Public Accountants. An audit includes examination, on a test basis, of evidence relevant to the amounts

and disclosures in the accounts. It also includes an assessment of the significant estimates and judgements made by

the Directors in the preparation of the accounts, and of whether the accounting policies are appropriate to the

circumstances of the Company and the Group, consistently applied and adequately disclosed.

We planned and performed our audit so as to obtain all the information and explanations which we considered

necessary in order to provide us with sufficient evidence to give reasonable assurance as to whether the accounts

are free from material misstatement. In forming our opinion we also evaluated the overall adequacy of the

presentation of information in the accounts. We believe that our audit provides a reasonable basis for our opinion.

OPINION

In our opinion the accounts give a true and fair view of the state of affairs of the Company and of the Group as at

31 March 2005 and of the Group’s profit and cash flows for the year then ended and have been properly prepared

in accordance with the Hong Kong Companies Ordinance.

PricewaterhouseCoopers

Certified Public Accountants

Hong Kong, 14 June 2005

Wheelock and Company Limited Annual Report 2004/05

Consolidated Profit And Loss Account Page 44