| REPORT
OF THE AUDITORS We have audited the financial statements for the year ended 31st December 2002 set out on pages 13 to 24 which have been prepared on the basis of the accounting policies set out on pages 17 and 18. RESPECTIVE RESPONSIBILITES OF COUNCIL AND AUDITORS Under the provision of the Companies Act No. 9 of 2002, the Council Members of Tanzania Institute of Bankers Ltd. are responsible for the preparation of financial statements which give a true and fair view of the state of affairs and operating results of the Institute. Our responsibility is to express an independent opinion based on our audit of the financial statements and report our opinion. BASIS OF OPINION We conducted our audit in accordance with approved Tanzania Auditing Standards issued by the national Board of Accountants and Auditors which are in line with International Auditing Standards. An audit includes examination, on test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of significant estimates and judgements made by the Council members in the preparation of the financial statements, and of whether the accounting policies are appropriate to the circumstances of the Institute, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that he financial statements are free from material misstatements. Informing our opinion, we also evaluated the overall adequacy of the presentation of information in the financial statements. OPINION In our opinion, proper books of account have been kept and the financial statements give a true and fair view of the state of affairs of the Tanzania Institute of bankers as at 31st December 2002, its surplus and cash flows for the year then ended. TANZANAI AUDIT CORPORATION S.
F. SAYORE – F.C.C.A. |