Auditor gives qualified opinion on Raffles Infrastructure’s financial statements, Companies & Markets


Tue, Oct 13, 2020 – 10:27 PM

MAINBOARD-LISTED Raffles Infrastructure’s audited financial statements for the financial year ended June 30 have been given a qualified opinion by its independent auditor, RT LLP.

As RT was unable to confirm that the opening balances as at the start of the financial year were fairly stated, it had issued a qualified opinion on the financial statements for the infrastructure investment company.

It has also given the current financial statements of Raffles Infrastructure a modified opinion because of the possible effects on the comparability of the current year’s figures and the corresponding figures for other years, if any adjustments had made by Raffles Infrastructure to its equity and cash flows.

The deconsolidation of several entities due to the loss of Raffles Infrastructure’s ability to control them was also questioned by RT, as it could not obtain sufficient appropriate audit evidence to be persuaded that there was basis for the deconsolidation.

The computation of the 19 million yuan (S$3.88 million) in net assets loss arising from the deconsolidation was therefore also flagged by the auditor.

Additionally, there was an unreconciled difference of 2 million yuan from the computation of loss on net assets arising from deconsolidation, which cannot be accounted for by the management, said RT.

The counter closed at S$0.50, unchanged on Tuesday.

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