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Head Office:
312, Effurun Sapele Road
Effurun-Warri, Delta State
Nigeria
Tel; +234-807-5787222
Email: headoffice@icglobalmfb.com

 

 

Auditor's Report

We have examined the financial statements of IC-Global MFB Ltd, for the year ended March 31, 2009 which has been prepared under the historical cost convention basis and of the accounting policies adopted by the bank.

 

 

Responsibilities of Directors and Auditors


In accordance with the Companies and Allied Matters Act, CAP C20 LFN 2004, Statements issued by the Nigerian Accounting Standard Board and the Banks and Other Financial Institutions Act, CAP B3 LFN 2004. the Banks directors are responsible for the preparation and fair presentation of these financial statements. This responsibility includes designing, implementing and maintaining internal controls relevant to the preparations and fair presentation of the financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making estimates that are reasonable in the circumstances.


It is our responsibility to form an independent opinion on these financial statements based on our audit, and to express our opinion thereon to you.

 

Basis of Opinion


We conducted our audit in accordance with International standards on Auditing issued by the International Federation of Accountants. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosure in the financial statements. It also includes an assessment of significant estimates and judgments made by the directors in the preparation and presentation of the financial statements, and of whether the accounting policies are appropriate to the Bank’s circumstances, consistently applied and disclosed.


We planned and performed our audit so as ot obtain all the information and explanations that we considered necessary for the purpose of our audit and to provide us withsufficient evidence to give a reasonable assurance that the financial statements are free form misstatements whether caused by errors or other irregularities. In forming our opinion, we also evaluated the overall adequacy of the presentation of the financial information in the financial statements.


The financial statements are in agreement with the books of accounts, which have been properly kept.


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 Bank has kept proper books o accounts. The assets had been properly valued and adequate provisions made for losses and diminution I value of such assets. The financial statements which have been drawn up in conformity with the companies and Allied Matters Act CAP C20 LFN 2004 and the Banks and Other Financial Institutions Act CAP B3 LFN 2004 and relevant statements of accounting standards issued by the Nigerian Accounting Standards Board, give a true and fair view of the state of affairs of the Bank as at March 31, 2009 and of its financial performance and its cash flow for the year ended on that date, and have been properly prepared in accordance with the relevant circulars issued by the Central Bank of Nigeria.

 

Report on Compliance with Banking Regulations


We confirm that our examination of the loans and advances was carried out in accordance with the Prudential Guidelines for licensed Banks for MFB issued by the Central Bank of Nigeria.

 

Contraventions


No contravention of the Banks and Other Financial Institutions Act CAP B3 LFN 2004 was brought to our attention during the audit of the financial statements for the year ended March 31, 2009.

 

REPORT OF AUDIT COMMITTEE


In Compliance with Section 359 (6) of the Companies and Allied Matters Act CAP C20 LFN 2004, we have reviewed the Audit Report for the year ended March 31, 2009 and hereby state as follows:

 

  1. The scope and planning og the audit were adequate in our opinion;

 

  1. The accounting and reporting policies of the company conformed with statutory requirements and agreed ethical practices;
  1. The internal control was being constantly and effectively monitored; and

 

  1. The external auditors’ management report received satisfactory response from management.

 

Dated August ….2009

Mr. G. O. Ejenawo                                                            Barr. (Mrs.) Obasohan J. O.
Chairman, Audit Committee                                             Secretary

Members of the Committee
Chief (Dr) G.O. Akpojene
Major Gen. P. U. Omu (Rtd)
Chief L. Omoyibo
Mrs. Florence Agbaza

Ms. Ubeku Flora