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AfrAsia Bank Limited and its Group Entities
Annual Report 2015
page 178
STATEMENT OF MANAGEMENT’S RESPONSIBILITY
FOR FINANCIAL REPORTING
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 2015 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, procedure manuals and guidelines of the Bank of Mauritius throughout the Bank.
The Bank’s Board of Directors, acting in part through the Audit Committee, Conduct Review Committee 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 therefrom, such as their observations on the fairness of financial reporting and the adequacy of internal controls.
Date : 24 September 2015
LIM SIT CHEN LAM PAK NG
Chairperson
JEAN DE FONDAUMIÈRE
Director
CATHERINE MCILRAITH
Director