Project: Serbia Deposit Insurance Strengthening Project (IBRD Loan No. 8340YF)

Size: px

Start display at page:

Download "Project: Serbia Deposit Insurance Strengthening Project (IBRD Loan No. 8340YF)"

Joseph Lambert
5 years ago
Views:

1 Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Project: Serbia Deposit Insurance Strengthening Project (IBRD Loan No. 8340YF) Project Financial Statements for the period ended on December 31, 2015 and Independent Auditor s Report Public Disclosure Authorized

2 Serbia Deposit Insurance Strengthening Project International Bank for Reconstruction and Development Credit no YF CONTENTS Pages Independent Auditor s Report 1-2 Project Financial Statements Cash Receipts Cash Payments Summary of Statement of Expenditures Project Account Statements Explanatory Notes Sub-balance sheet of Deposit Insurance Fund

INDEPENDENT AUDITOR S REPORT TO THE MANAGEMENT OF DEPOSIT INSURANCE AGENCY We have audited the accompanying Project financial statements of the Serbia Deposit Insurance Strengthening Project no.

3 INDEPENDENT AUDITOR S REPORT TO THE MANAGEMENT OF DEPOSIT INSURANCE AGENCY We have audited the accompanying Project financial statements of the Serbia Deposit Insurance Strengthening Project no. P (hereinafter the Project ) financed under the International Bank for Reconstruction and Development (hereinafter the IBRD ) credit no YF which comprise Cash Receipts, Cash Payments, Summary of Statement of Expenditures, Project Account Statements, and Explanatory notes for the period ended on December 31, These Project financial statements have been prepared by Project Implementation Team (hereinafter the PIT ) based on cash basis as per the International Public Sector Accounting Standards (cash based IPSAS) and World Bank guidelines and procedures. Sub-balance sheet of Deposit Insurance Fund is an integral part of these Project financial statement. Management's Responsibility for the Financial Statements The management of Deposit Insurance Agency (hereinafter the DIA ) and PIT team are responsible for the preparation and fair presentation of these Project financial statements in accordance with International Public Sector Accounting Standards: Financial Reporting Under the Cash Basis of Accounting (IPSAS-Cash Basis) and relevant World Bank Guidelines, and for such internal control as management determines is necessary to enable the preparation of Project financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these Project 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 Project financial statements are free from material misstatement. An audit involves performing procedures to obtain reasonable audit evidence about the amounts and disclosures in the Project financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the Project 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 Project 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 Project 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 Project financial statements referred to above present fairly, in all material respects, sources and uses of funds, expenditures and designated accounts transactions for the period ended on December 31, 2015 in accordance with IPSAS-Cash Basis, the World Bank Guidelines and accounting policies disclosed in Note 2 to the Project financial statements.

INDEPENDENT AUDITORS REPORT TO THE MANAGEMENT OF DEPOSIT INSURANCE AGENCY (Continued) Other Matter Sub-balance sheet of Deposit insurance Fund represent integral part of the Project financial

This report has been prepared by DIA and PIT team in accordance with accrual basis and represent excerpt from the audited annual standalone financial statements of the DIA for the year ended December

4 INDEPENDENT AUDITORS REPORT TO THE MANAGEMENT OF DEPOSIT INSURANCE AGENCY (Continued) Other Matter Sub-balance sheet of Deposit insurance Fund represent integral part of the Project financial statements in accordance with the Terms of reference and Project operational manual. This report has been prepared by DIA and PIT team in accordance with accrual basis and represent excerpt from the audited annual standalone financial statements of the DIA for the year ended December 31, All relevant information concerning this report are disclosed in the Note 6 to the Project financial statements. Restriction on Distribution and Use The Project financial statements are prepared to assist PIT to meet the requirements of World Bank. As a result, the Project financial statements may not be suitable for another purpose. Our report is intended solely for the exclusive information and use of the Government of the Republic of Serbia, DIA and World Bank representatives. Therefore, our report should not be distributed to or used by any other parties. Belgrade, July 13, 2016 Danijela Krtinic Certified Auditor 2

Responsibility Statement... 3 Management Report Statement of Comprehensive Income... 9 Statement of Financial Position...

Responsibility Statement... 3 Management Report... 4... 8 Statement of Comprehensive Income... 9 Statement of Financial Position... 10 Statement of Changes in Equity... 11 Statement of Cash Flows... 12