Armenia: Women s Entrepreneurship Support Sector Development Program

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Jacob Perkins
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1 Audited Project Financial Statements Project Number: Loan Number: 2923-ARM Period covered: 1 January 2016 to 31 December 2016 Armenia: Women s Entrepreneurship Support Sector Development Program Prepared by Farm Credit Armenia Universal Credit Organization For the Asian Development Bank Date received by ADB: 6 October 2017 The audited project financial statements are documents owned by the borrower. The views expressed herein do not necessarily represent those of ADB s Board of Directors, Management, or staff. These documents are made publicly available in accordance with ADB s Public Communications Policy 2011 and as agreed between ADB and the Ministry of Finance of the Republic of Armenia.

2 NOTE: Certain information has been redacted because it falls under the provisions of the Law on Bank Secrecy of the Republic of Armenia and ADB s Public Communications Policy, paragraph 97 (xi) exception to presumed disclosure.

3 Farm Credit Armenia universal credit organization commercial cooperative Annual report on utilization of funds received within the frames of Women s ESSD Project As of and for the year ended December 31, 2016 Contents Page Independent auditor s report 1 Annual report on utilization of project funds 3 Notes to the annual report on utilization of project funds 4

4 Independent auditor s report ñ³ýã ÂáñÝÃáÝ ö À ÐÐ, ù. ºñ»õ³Ý 0012 ì³õ³ñßû³ý 8/1 Ð ü Grant Thornton CJSC 8/1 Vagharshyan str Yerevan, Armenia T F To the Management of Farm Credit Armenia universal credit organization commercial cooperative: Opinion We have audited the annual report on the utilization of loan funds disbursed to Farm Credit Armenia universal credit organization commercial cooperative (the Company) within the frames of Women s ESSD Project (the Project ), financed by the Asian Development Bank (the ADB ) Loan number 2922/2923-ARM (SF), which comprise the annual report on the utilization of loan funds, as well as notes to the annual report as of and for the year ended December 31, In our opinion, the accompanying report and appended notes that were also the subject of the audit, give a true and fair view of the cash position of the loan funds received by the Company under the Project as of December 31, 2016 in conformity with the cash basis of accounting, as described in the note 2 to the annual report. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing ( ISAs ). Our responsibilities under those standards are further described in the Auditor s Responsibilities for the Audit of the Annual Reports section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants Code of Ethics for Professional Accountants (the IESBA Code ) together with the ethical requirements that are relevant to our audit of the financial statements in the Republic of Armenia, and we have fulfilled our other ethical responsibilities in accordance with those ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Responsibilities of Management for the annual report Management of the Company is responsible for the preparation and fair presentation of the annual report in conformity with the cash basis of accounting, as described in the note 2 to the annual report, as well as in the relevant clauses of Subsection a of Section 3.06 of the Project Agreement and the Asian Development Bank guidelines, and for such internal control as ²áõ¹Çï, Ð³ñÏ»ñ, ÊáñÑñ¹³ïíáõÃÛáõÝ Audit, Tax, Advisory ñ³ýã ÂáñÝÃáÝ ÆÝÃ»ñÝ»ßÝÉÇ ³Ý¹³Ù Member of Grant Thornton International Ltd

management determines is necessary to enable the preparation of the annual report that are freee from material misstatement, whether due to fraud or error.

due to fraud or error, and to issue an auditor s report that includes our opinion.

Misstatement ts can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken based

We also: Identify and assess the risks of material misstatement of the annual report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit

5 management determines is necessary to enable the preparation of the annual report that are freee from material misstatement, whether due to fraud or error. Auditor s Responsibilities for the audit of the annual report Our objectives are to obtain reasonable assurance about whether the annual report 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 ISAs will always detect a material misstatement when it exists. Misstatement ts can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken based on the annual report of this project. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the annual report, 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 Company s internal control. Evaluate the appropriateness of accounting policies and the reasonableness of accounting estimates and related disclosures made by management. Evaluate the overall presentation, structure and contentt of the annual report, including the disclosures, and whether the annual report represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with the management 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. Gagik Gyulbudaghyan Managing Partner Armen Hovhannisyan Engagement Partner October 04, 2017 ²áõ¹Çï, Ð³ñÏ»ñ, ÊáñÑñ¹³ïíáõÃÛáõÝ Audit, Tax, Advisory ñ³ýã ÂáñÝÃáÝ ÆÝÃ»ñÝ»ßÝÉÇ ³Ý¹³ ³Ù Member of Grant Thornton International Ltd

Financial Statements and Independent Auditor's Report. UNIBANK open joint stock company. 31 December 2016

Financial Statements and Independent Auditor's Report UNIBANK open joint stock company UNIBANK open joint stock company Contents Page Independent auditor s report 1 Statement of profit or loss and other