NTUC Income AR 2019

Auditors’ responsibilities for the compliance audit Our responsibility is to express an opinion on management’s compliance based on our audit of the financial statements. We planned and performed the compliance audit to obtain reasonable assurance about whether the receipt, expenditure, investment of moneys and the acquisition and disposal of assets, are in accordance with the By-laws of the Co-operative, the provisions of the Act and the Rules (made under section 95 of the Act). Our compliance audit includes obtaining an understanding of the internal controls relevant to the receipt, expenditure, investment of moneys and the acquisition and disposal of assets; and assessing the risks of material misstatement of the financial statements from non-compliance, if any, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal controls. Because of the inherent limitations in any accounting and internal control system, non-compliances may nevertheless occur and not be detected. The engagement partner on the audit resulting in this independent auditors’ report is Mr. Goh Kim Chuah. KPMG LLP Public Accountants and Chartered Accountants Singapore 27 March 2020 INDEPENDENT AUDITORS’ REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 ANNUAL REPORT 2019 41