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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 2015 and 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 186 to 307.
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 Bank’s 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
CompaniesAct, Banking Act 2004 and Financial Reporting 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.
Auditors’ Responsibility
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’ 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 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.
Opinion
In our opinion, the financial statements give a true and fair view of the consolidated
and separate financial position of AfrAsia Bank Limited as at 30 June 2015 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 and the Financial Reporting Act 2004.
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.
The 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 requirements of the Code.
AfrAsia Bank Limited and its Group Entities
Annual Report 2015
page 185
independentauditorS’ report to the
memberS of afraSia bank limited
ERNST & YOUNG
Ebène,
Mauritius
ANDRE LAI WAN LOONG, A.C.A.
Licensed by FRC
JEAN CLAUDE LIONG
Licensed by FRC
KPMG
Ebène,
Mauritius
Date: 28 September 2015