The consolidated and separate financial statements of the Group’s and the Bank’s operations in Mauritius presented in this annual report have been prepared by management, which is responsible for their integrity, consistency, objectivity and reliability. International Financial Reporting Standards of the International Accounting Standards Board as well as the requirements of the Mauritius Companies Act 2001, Banking Act 2004 and the guidelines issued thereunder, have been applied in the preparation and fair presentation of the financial statements for the year ended 30 June 2014 and management has exercised its judgement and made best estimates where deemed necessary.
The Group has designed and maintained its accounting systems, related internal controls and supporting procedures, to provide reasonable assurance that financial records are complete and accurate and that assets are safeguarded against loss from unauthorised use or disposal. These supporting procedures include careful selection and training of qualified staff, the implementation of organisation and governance structures providing a well-defined division of responsibilities, authorisation levels and accountability for performance, and the communication of the Bank’s policies, procedures manuals and guidelines of the Bank of Mauritius throughout the Bank.
The Bank’s Board of Directors, acting in part through the Audit Committee and Conduct Review and Risk Committee, which comprise independent directors who are not officers or employees of the Bank, oversees management’s responsibility for financial reporting, internal controls, assessment and control of major risk areas, and assessment of significant and related party transactions. The Bank’s Head of Group Internal Audit, who has full and free access to the Audit Committee, conducts a well-designed programme of internal audits in coordination with the Bank’s external auditors.
Pursuant to the provisions of the Banking Act 2004, the Bank of Mauritius makes such examination and inquiry into the operations and affairs of the Bank as it deems necessary.
The Bank’s external auditors, Ernst & Young and KPMG, have full and free access to the Board of Directors and its committees to discuss the audit and matters arising there from, such as their observations on the fairness of financial reporting and the adequacy of internal controls.
25 September 2014