To Shareholders of Suez Canal Insurance Company "EgyptianShareholding Company"
Report of financial statements
We have audited the accompanying financial statements of Suez Canal Insurance Company "Egyptian shareholding company “which comprise the balance sheet as at June 30, 2014, and statement of income, statement of changes in equity, statement of cash flows, statement of financial position and expenses of different insurance branches for the fiscal year then ended, and a summary of significant accounting policies and other explanatory information.
Management Responsibility for Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in according with Egyptian Accounting Standards and through implementing the Egyptian Accounting Standards on the insurance sector which are made based on Egyptian accounting Standards and applicable Egyptian laws. The responsibility of the management includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. The responsibility also includes selecting and applying the appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
Our responsibility is to express an opinion on these consolidated financial statements. We conducted our audit in accordance with the Egyptian Auditing Standards and applicable Egyptian laws. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from 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 the auditor's 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, the auditor considers internal control relevant to the entity'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 policies 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 audit opinion on the financial statements including Actuary's report.
In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Suez Canal Insurance Company as at June 30, 2015, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with the Egyptian Accounting Standards and the Egyptian laws and regulations.
Report on Other Legal and Regulatory Requirements
The company maintains proper books of account, which include all that is required by law and by the statutes of the company, the financial statements are in agreement thereto, the inventory was counted by management in accordance with methods in practice. The financial information included in the Board of Directors' report, prepared in accordance with Law No. 159 of 1981 and its executive regulations, is in agreement with the Company's books of account.
Mr. Mohamed Abd El-Azeez Hegazy