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Independent
auditors’ report
The
Shareholders
Arab
Bank for Investment and Foreign Trade PJSC
Report
on the financial statements
We have audited the
accompanying Financial statements of Arab Bank for Investment and Foreign
Trade PJSC (the “Bank”), which comprise the balance sheet as at 31 December 2007,
and the income statement, the statement of cash flows and the statement
of changes in equity for the year then ended, and a summary of
significant accounting policies and other explanatory notes.
Director’s
responsibility for the financial statements
The Board of Director
is responsible for the preparation and fair presentation of these
financial statements in accordance with International Financial Reporting
Standards. This responsibility includes: designing, implementing
and maintaining internal control relevant to the preparation and fair
presentation of financial statements that are free from material
misstatements, whether due to fraud or error; selecting and applying
appropriate accounting policies; and making accounting estimates that are
reasonable in the circumstances.
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 relevant
ethical requirements and plan and perform the audit to obtain reasonable
assurance whether the financial statements are free of 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 our 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, we 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 entity’s internal control. An audit also
includes evaluating the appropriateness of accounting principles 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 opinion.
Opinion
In our opinion, the
financial statements present fairly, in all material respects, the
financial position of the Bank as at 31 December 2007, and of
its financial performance and its cash flows for the year then ended, in
accordance with International Financial Reporting Standards and comply
with the Articles of Association of the Bank and the UAE Federal Law No.
8 of 1984 (as amended).
Report
on other legal and regulatory requirements
As required by the UAE Federal
Law No. 8 of 1984 (as amended), we further confirm that we have obtained
all information and explanations necessary for our audit, that proper
financial records have been kept by the Bank and that the contents of the
Director’s report which relate to these financial statements are in
agreement with the Bank’s financial records. We are not aware of
any violation of the above mentioned Law and the Articles of Association
having occurred during the year ended
31 December 2007
which may have had a material adverse effect on the business of the Bank
or its financial position.
View Annual Report
2007
KPMG
Munther
Dajani
Registration No.268
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English
