Independent Auditors’ Report
To the Members of Afrasia Bank Limited and its Group Entities
Report on the financial statements
We have audited the consolidated and separate financial statements of AfrAsia Bank Limited (the “Bank”) which comprise the statements of financial position as at 30 June 2014, the statements of profit or loss and other comprehensive income, changes in equity and cash flows for the year then ended, and the notes to the financial statements which include a summary of significant accounting policies and other explanatory notes, as set out on pages 136 to 233.
This report is made solely to the Bank’s members, as a body, in accordance with Section 205 of the Mauritius Companies Act. Our audit work has been undertaken so that we might state to the Bank’s members those matters that we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Bank and the Bank’s members, as a body, for our audit work, for this report, or for the opinions we have formed.
Directors’ responsibility for the financial statements
The directors are responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards and in compliance with the requirements of the Mauritius Companies Act and Banking Act 2004 and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about 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 auditors’ judgment, 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 auditors consider internal control relevant to the Bank’s preparation and fair presentation of the 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 Bank’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, 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.
In our opinion, these financial statements give a true and fair view of the consolidated and separate financial position of AfrAsia Bank Limited as at 30 June 2014 and of its consolidated and separate financial performance and consolidated and separate cash flows for the year then ended in accordance with International Financial Reporting Standards and in compliance with the requirements of the Mauritius Companies Act.
Report on other legal and regulatory requirements
Mauritius Companies Act
We have no relationship with or interests in the Bank other than in our capacities as auditors and tax advisors.
We have obtained all the information and explanations we have required.
In our opinion, proper accounting records have been kept by the Bank as far as it appears from our examination of those records.
Banking Act 2004
In our opinion, the financial statements have been prepared on a basis consistent with that of the preceding year and are complete, fair and properly drawn up and comply with the Banking Act 2004 and the regulations and guidelines of the Bank of Mauritius.
The explanations or information called for or given to us by the officers or agents of the Bank were satisfactory.
Financial Reporting Act 2004
The directors are responsible for preparing the corporate governance report. Our responsibility is to report on the extent of compliance with the Code of Corporate Governance (the “Code”) as disclosed in the annual report and on whether the disclosure is consistent with the requirements of the Code.
In our opinion, the disclosures in the Corporate Governance Report are consistent with the requirement of the Code.
25 September 2014