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Report on the financial statements
We have audited the accompanying nancial statements of Overseas Education Limited (the “Company”) and its subsidiaries
(collectively, the “Group”) set out on pages 38 to 76, which comprise the balance sheets of the Group and Company as at
31 December 2013, the statements of changes in equity of the Group and the Company, and the consolidated statement
of comprehensive income and consolidated statement of cash ows of the Group for the year then ended, and a summary
of signi cant accounting policies and other explanatory information.
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, Chapter 50 (the “Act”) and Singapore Financial Reporting Standards, and
for devising and maintaining a system of internal accounting controls suf cient 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 pro t and loss accounts and balance sheets
and to maintain accountability of assets.
Auditor’s 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. 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 judgment, 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 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 audit opinion.
Opinion
In our opinion, the consolidated nancial statements of the 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 Act and Singapore Financial Reporting
Standards so as to give a true and fair view of the state of affairs of the Group and Company as at 31 December 2013
and the results, changes in equity and cash ows of the Group and the 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 and by the subsidiary
incorporated in Singapore of which we are the auditors have been properly kept in accordance with the provisions of the Act.
Ernst & Young LLP
Public Accountants and
Chartered Accountants
Singapore
13 March 2014
INDEPENDENT AUDITOR’S REPORT
For the nancial year ended 31 December 2013
To the Members of Overseas Education Limited
37
Overseas Education Limited AR 2013
INVESTING IN EDUCATION