NUS - National University of Singapore

	NATIONAL UNIVERSITY OF SINGAPORE AND ITS SUBSIDIARIES

	Independent Auditors’ Report to the Board of Trustees of National University of Singapore

We have examined the Summary Financial Statements which have been prepared by the Trustees set out on pages 68 to 74.

In our opinion, the Summary Financial Statements are consistent, in all material respects, with the full financial statements and the Report of the Trustees of the National University of Singapore (the Company) and its subsidiaries (collectively, “the Group”) for the year ended 31 March 2010.

For a better understanding of the state of affairs of the Group and the Company as at 31 March 2010 and the results of the Group for the financial year ended on that date and of the scope of our audit, the Summary Financial Statements should be read in conjunction with the full financial statements and our audit report thereon.

We have issued an unqualified audit report dated 31 July 2010 on the full financial statements of the Group for the financial year ended 31 March 2010 which is as follows:

“INDEPENDENT AUDITORS' REPORT TO THE BOARD OF TRUSTEES OF NATIONAL UNIVERSITY OF SINGAPORE

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of the National University of Singapore (the Company) and its subsidiaries (collectively, “the Group”) which comprise the statements of financial position of the Group and the Company as at 31 March 2010, the statements of comprehensive income and statements of changes in funds and reserves of the Group and the Company and consolidated statement of cash flows of the Group for the financial year from 1 April 2009 to 31 March 2010, and a summary of significant accounting policies and other explanatory notes, as set out on pages # to #.

MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

Management is responsible for the preparation and fair presentation of these financial statements in accordance with Singapore Companies Act, Cap. 50 (the“Act”) and Singapore Financial Reporting Standards. This responsibility includes: devising and maintaining a system of internal accounting controls sufficient 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 profit and loss accounts and balance sheets and to maintain accountability of assets; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.