The American Club 2021/2022 Annual Report

PAGE 55 THE AMERICAN CLUB SINGAPORE ANNUAL REPORT 2021 / 2022

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE AMERICAN CLUB

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of The American Club (the “Club”), which comprise the statement of financial position of the Club as at 30 June 2022, and the statement of profit or loss and other comprehensive income, statement of changes in Club funds and statement of cash flows of the Club for the year then ended, and notes to the financial statements, including a summary of significant accounting policies, as set out on pages 58 to 91. In our opinion, the accompanying financial statements of the Club are properly drawn up in accordance with the provisions of the Societies Act 1966 (the “Act”) and Financial Reporting Standards in Singapore (“FRSs”) so as to present fairly, in all material respects, the state of affairs of the Society as at 30 June 2022 and the results, changes in club funds and cash flows of the Club for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Club in accordance with the Accounting and Corporate Regulatory Authority (“ACRA”) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Information Other than the Financial Statements and Auditor’s Report Thereon

The Club’s General Committee is responsible for the other information. The other information comprises the Club Information which we obtained prior to the date of the auditor’s report and the Annual Report which is expected to be made available to us after that date.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.