Page 113 - Urban Renewal Authority 2023-24 Annual Report

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF THE BOARD OF THE URBAN RENEWAL AUTHORITY
(Incorporated in Hong Kong under the Urban Renewal Authority Ordinance)

OPINION

We have audited the consolidated financial statements of Urban Renewal Authority (the “Authority”) and its
subsidiaries (together the “Group”) set out on pages 114 to 161, which comprise the consolidated statement of
financial position as at 31 March 2024, the consolidated statement of comprehensive income, the consolidated
statement of changes in equity and the consolidated statement of cash flows for the year then ended and notes,
comprising material accounting policy information and other explanatory information.

In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial
position of the Group as at 31 March 2024 and of its consolidated financial performance and its consolidated
cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”)
issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) and have been properly prepared
in compliance with the disclosure requirements of the Hong Kong Companies Ordinance.

BASIS FOR OPINION

We conducted our audit in accordance with Hong Kong Standards on Auditing (“HKSAs”) issued by the HKICPA.
Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of
the consolidated financial statements section of our report. We are independent of the Group in accordance with
the HKICPA’s Code of Ethics for Professional Accountants (“the Code”) and we have fulfilled our other ethical
responsibilities in accordance with the 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 CONSOLIDATED FINANCIAL
STATEMENTS AND AUDITOR’S REPORT THEREON

The Board members are responsible for the other information. The other information comprises all the
information included in the annual report, other than the consolidated financial statements and our auditor’s
report thereon. We obtained Report of the Members of the Board prior to the date of this auditor’s report and
expect the remaining other information to be made available to us after that date.

Our opinion on the consolidated 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 consolidated financial statements, our responsibility is to read the other
information identified above and, in doing so, consider whether the other information is materially inconsistent
with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be
materially misstated.

If, based on the work we have performed on the other information that we obtained prior to the date of this
auditor’s report, we conclude that there is a material misstatement of this other information, we are required to
report that fact. We have nothing to report in this regard.

URA ANNUAL REPORT 2023-24 111