Our objectives are to obtain reasonable
assurance about whether the financial
statements as a whole are free from material
misstatement, whether due to fraud or error, and
to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit
conducted in accordance with the NSA will
always detect a material misstatement when it
exists. Misstatements can arise from fraud or
error and are considered material if, individually
or in aggregate, they could reasonably be
expected to influence economic decisions of
users taken on the basis of these financial
statements.
The scope of the audit does not include an
assurance on the
Bank
’s future profitability nor
the efficiency and effectiveness of the
Bank
’s
Management Board conducting its affairs, now or
in future.
As part of an audit in accordance with NSA, we
exercise professional judgement and maintain
professional scepticism throughout the audit.
We
also:
●
Identify and assess the risks of material
misstatement of the financial statements,
whether due to fraud or error, design and
perform audit procedures responsive to those
risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting a
material misstatement resulting from fraud is
higher than for one resulting from error, as
fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or
the override of internal control.
●
Obtain an understanding of internal control
relevant to the audit 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;
●
Evaluate the appropriateness of accounting
policies used and the reasonableness of
accounting estimates and related disclosures
made by the
Bank
’s Management Board.
●
Conclude on the appropriateness of the
Bank
’s Management Board’s use of the
going concern basis of accounting and,
based on the audit evidence obtained,
whether a material uncertainty exists related
to events or conditions that may cast
significant doubt on the
Bank
’s ability to
continue as a going concern. If we conclude
that a material uncertainty exists, we are
required to draw attention in our auditor’s
report to the related disclosures in the
financial statements or, if such disclosures
are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence
obtained up to the date of our auditor’s
report. However, future events or conditions
may cause the
Bank
to cease to continue
as a going concern.
●
Evaluate the overall presentation, structure
and content of the financial statements,
including the disclosures, and whether the
financial statements represent the underlying
transactions and events in a manner that
achieves fair presentation.
We communicate with the Audit Committee
regarding, among other matters, the planned
scope and timing of the audit and significant audit
findings, including any significant deficiencies in
internal control that we identify during our audit.
We also provide the Audit Committee with a
statement that we have complied with relevant
ethical requirements regarding independence,
and to communicate with them all relationships
and other matters that may reasonably be
thought to bear on our independence, and where
applicable, actions taken to eliminate threats or
safeguards applied.
From the matters communicated to the Audit
Committee, we determine those matters that
were of most significance in the audit of the
financial statements of the current period and are
therefore the key audit matters. We describe
these matters in our auditor’s report unless law or
regulation precludes public disclosure about the
matter or when, in extremely rare circumstances,
we determine that a matter should not be
communicated in our report because the adverse
consequences of doing so would reasonably be
expected to outweigh the public interest benefits
of such communication.