INDEPENDENT AUDIT REPORT TO THE SHAREHOLDERS
Introduction
We have audited the accompanying annual financial statements of Afghanistan International Bank (the Bank), which comprise the statement of financial position as at December 31, 2011 and the statement of comprehensive income, the statement of cash flow, and the statement of changes in equity 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 the accounting framework as stated in Note 2 to the financial statements, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material mis-statement, 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 mis-statement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material mis-statement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers 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 give a true and fair view of the financial position of Afghanistan International Bank as at December 31, 2011 and of the Bank’s financial performance and cash flows for the year then ended in accordance with the accounting framework as stated in Note 2 to the financial statements.
Other matter
The financial statements of the Bank for the year ended December 31, 2010 were audited by another firm of chartered accountants who through their report dated February 20, 2011 expressed an unqualified opinion thereon.
Chartered Accountants
Engagement Partner
Nadeem Yousuf Adil
Islamabad
Date: 19 February 2012