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LIPPO MALLS INDONESIA RETAIL TRUST ANNUAL REPORT 2014
Independent Auditor’s Report
To the Unitholders of Lippo Malls Indonesia Retail Trust
Report on the financial statements
We have audited the accompanying financial statements of Lippo Malls Indonesia Retail Trust (the “Trust”) and its subsidiaries
(the “Group”), as set out on pages 55 to 124 which comprise the statements of financial position of the Group and of the
Trust and the statement of portfolio of the Group as at 31 December 2014, the statements of total return, statements of
distribution, statements of changes in unitholders’ funds of the Group and of the Trust, and the statement of cash flows of the
Group for the reporting year then ended, and a summary of significant accounting policies and other explanatory information.
Manager’s responsibility for the financial statements
LMIRT Management Ltd (the “Manager” of the Trust) is responsible for the preparation and fair presentation of these financial
statements in accordance with the recommendations of Statement of Recommended Accounting Practice 7 “Reporting
Framework for Unit Trusts” issued by the Institute of Singapore Chartered Accountants, and for such internal control as the
Manager determines is necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
Auditor’s responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in
accordance with Singapore Standards on Auditing. Those standards require that we comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.
The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement
of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal
control relevant to the Trust’s preparation and fair presentation of financial statements in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s
internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness
of accounting estimates made by the Manager of the Trust, as well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Group and of the
Trust as at 31 December 2014, and the returns, changes in unitholders’ funds of the Group and of the Trust and cash flows of
the Group for the reporting year ended on that date in accordance with the recommendations of Statement of Recommended
Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Singapore Chartered Accountants.
RSM Chio Lim LLP
Public Accountants and
Chartered Accountants
Singapore
25 March 2015
Partner-in-charge of audit: Chow Khen Seng
Effective from year ended 31 December 2013
