We have
audited the accompanying balance sheet of Banco Tai Fung S.A.R.L.
(“the Bank”) as of 31st December 2004 and the related
profit and loss account and the cash flow statement for the year
then ended. These accounts set out on pages 13 to 38 are the responsibility
of the Bank’s directors. Our responsibility is to express
an opinion on these accounts based on our audit.
We conducted our audit in accordance
with Auditing Standards approved by the Chief Executive of Macau
Special Administrative Region and Technical Standards on Auditing
approved by the Secretary for Economy and Finance. Those Standards
require that we plan and perform the audit to obtain reasonable assurance
about whether the accounts are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the accounts. An audit also includes assessing
the accounting principles used and significant estimates made by
the directors, as well as evaluating the overall accounts presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the accompanying
accounts give a true and fair view, in all material respects, of
the financial position of the Bank as of 31st December 2004, and
of the results of its operations for the year then ended in accordance
with accounting principles as set out in Section 3 of Chapter 1 of
Macau Commercial Code. The accounting policies used in the preparation
of the accounts for the year are consistent with those used in the
preceding year.
