The Case Study - Seylan Bank

More documents

Recommendations

Info

136Seylan Bank PLC Annual Report 2009INDEPENDENT AUDITORS’ REPORTTO THE SHAREHOLDERS OF SEYLAN BANK PLCReport on the Financial StatementsWe have audited the accompanying financial statements of Seylan Bank PLC (the “Company”), and theconsolidated financial statements of the Company and its subsidiaries (the “Group”) as at 31st December2009, which comprise the balance sheet as at that date, and the income statement, statement of changesin equity and cash flow statement for the year then ended, and a summary of significant accounting policiesand other explanatory notes as set out on pages 138 to 226 of this Annual Report.Management’s Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of these financial statements inaccordance with Sri Lanka Accounting Standards. This responsibility includes: designing, implementingand maintaining internal control relevant to the preparation and fair presentation of financial statementsthat are free from material misstatement, whether due to fraud or error; selecting and applying appropriateaccounting policies; and making accounting estimates that are reasonable in the circumstances.Scope of Audit and Basis of OpinionOur responsibility is to express an opinion on these financial statements based on our audit. We conductedour audit in accordance with Sri Lanka Auditing Standards. Those standards require that we plan andperform the audit to obtain reasonable assurance whether the financial statements are free from materialmisstatement.An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in thefinancial statements. An audit also includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financial statement presentation.We have obtained all the information and explanations which to the best of our knowledge and belief werenecessary for the purposes of our audit, including specific directions/exemptions from the Central Bankof Sri Lanka as a measure of ongoing support resulting from the restructuring of the Bank. We thereforebelieve that our audit provides a reasonable basis for our opinion.
Seylan Bank PLC Annual Report 2009 137Opinion - CompanyIn our opinion, so far as appears from our examination, the Company maintained proper accountingrecords for the year ended 31st December 2009 and the financial statements give a true and fair view of theCompany’s state of affairs as at 31st December 2009 and its profit and cash flows for the year then endedin accordance with Sri Lanka Accounting Standards and specific directions/exemptions received from theCentral Bank of Sri Lanka that were used in applying the said Accounting Standards.Opinion - GroupIn our opinion, the consolidated financial statements give a true and fair view of the state of affairs as at31st December 2009 and the profit and cash flows for the year then ended, in accordance with Sri LankaAccounting Standards and specific directions/exemptions received from the Central Bank of Sri Lanka thatwere used in applying the said Accounting Standards, of the Company and its subsidiaries dealt with thereby,so far as concerns the members of the Company.Report on Other Legal and Regulatory RequirementsThese financial statements also comply with the requirements of Section 153(2) to 153(7) of the CompaniesAct No. 07 of 2007 and present the information required by the Banking Act, No 30 of 1988.CHARTERED ACCOUNTANTS17th February 2010Colombo, Sri Lanka.
Page 4:
The Case Study > Seylan Bank PLC An
Page 8 and 9:
Copyright © 2009 Seylan Bank PLCSt
Page 13 and 14:
9{ Chapter 1 }Growth and ItsChallen
Page 15 and 16:
Growth and Its Challenges11Rapid, P
Page 17 and 18:
Growth and Its Challenges13“Despi
Page 19:
Growth and Its Challenges15The comp
Page 22 and 23:
18The Case Study > Seylan Bank PLC
Page 29 and 30:
25{ Chapter 3 }Swift andDecisive Ac
Page 31 and 32:
Swift and Decisive Action27The sign
Page 33 and 34:
29“WE HAVE HONOURED EACHAND EVERY
Page 35:
3110847965. Rear Admiral (Rtd.) B.A
Page 39 and 40:
35{ Chapter 4 }Reassuringthe Public
Page 41 and 42:
Reassuring the Public37A Multi-Fron
Page 43:
Reassuring the Public39the word tha
Page 46 and 47:
Page 48 and 49:
Page 50 and 51:
Page 53 and 54:
49{ Chapter 6 }A Sound FutureStrate
Page 55 and 56:
A Sound Future Strategy51StructureL
Page 58 and 59:
Page 60 and 61:
56Seylan Bank PLC Annual Report 200
Page 62 and 63:
Page 64 and 65:
Page 67 and 68:
Seylan Bank PLC Annual Report 2009
Page 69 and 70:
Page 71 and 72:
Page 73 and 74:
Page 75 and 76:
Page 77 and 78:
Page 79 and 80:
Page 81 and 82:
Page 83 and 84:
Page 85 and 86:
Page 87 and 88:
Page 89 and 90: Seylan Bank PLC Annual Report 2009
Page 121: FINANCIALREPORTSAnnual Report of th
Page 124 and 125: 120Seylan Bank PLC Annual Report 20
Page 191 and 192:
Page 193 and 194:
Page 195 and 196:
Page 197 and 198:
Page 199:
Page 202 and 203:
Page 204 and 205:
Page 206 and 207:
Page 208 and 209:
Page 210 and 211:
Page 212 and 213:
Page 214 and 215:
Page 216 and 217:
Page 218 and 219:
Page 220 and 221:
Page 222 and 223:
Page 224 and 225:
Page 226 and 227:
Page 228 and 229:
Page 230 and 231:
Page 232 and 233:
Page 234 and 235:
Page 236 and 237:
232 Seylan Bank PLC Annual Report 2
Page 238 and 239:
Page 240 and 241:
Page 242 and 243:
Page 244 and 245:
Page 246 and 247:
Page 248 and 249:
Page 250 and 251:
Page 252 and 253:
Page 254 and 255:
250fi,dka nexl=j mS't,a'iS' ys 2009
Page 256 and 257:
252nryhd; tq;fp gpvy;rp Mz;lwpf;if
Page 259 and 260:
Page 261:
show all

The Case Study - Seylan Bank

Create successful ePaper yourself

Delete template?

Save as template?