|
We have audited the accompanying financial statements of Grameen Bank ("the Bank"), which comprise the balance sheet as at 31 December 2010, and the profit and loss account, statement of changes in equity and cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with Bangladesh Financial Reporting Standards, and for such internal control as management determines 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 Bangladesh 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 entity’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 entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, 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 present fairly, in all material respects, the financial position of Grameen Bank as at 31 December 2010, and its financial performance and its cash flows for the year then ended in accordance with Bangladesh Financial Reporting Standards.
Report on Other Legal and Regulatory Requirements
We further report that:
| |
1 |
|
we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit and made due verification thereof; |
| |
2 |
|
in our opinion, proper books of accounts as required by laws were kept by the Bank so far as it appeared from our examination of those books and proper returns adequate for the purpose of our audit have been received from the branches not visited by us; |
| |
3 |
|
the Bank’s balance sheet and profit and loss account dealt with by the report are in agreement with the books of accounts and returns; |
| |
4 |
|
the expenditures incurred were for the purpose of the Bank’s operations; |
| |
5 |
|
the financial statements have been drawn up in conformity with Grameen Bank Ordinance, 1983 and in accordance with the applicable rules and regulations; |
| |
6 |
|
adequate provisions have been made for advances and other assets which are, in our opinion, doubtful of recovery; |
| |
7 |
|
the records and statements submitted by the branches have been properly maintained and consolidated in the financial statements; and |
| |
8 |
|
the information and explanations required by us have been received and found satisfactory. |
| |
9 |
|
the records and statements submitted by the branches have been properly maintained and consolidated in the Financial Statements; |
| |
10 |
|
the information and explanations required by us have been received and found satisfactory. |
|
