confidence - Investing In Africa

Report of the Auditors to the Shareholders of State Bank of Mauritius Ltd.We have audited the financial statements of the Groupand of the Bank for the year ended 30 June 2005 setout on pages 26 to 73.24This report is made solely to thecompany's shareholders, as a body,in accordance with section 205 ofthe Companies Act 2001. Our auditwork has been undertaken so thatwe might state to the company'sshareholders those matters we arerequired to state to them in anauditor's report and for no otherpurpose. To the fullest extentpermitted by law, we do not acceptor assume responsibility to anyonereport of the auditorsto the shareholders ofstate bank of mauritius ltd.other than the company and thecompany's shareholders as a body,for our audit work, for this report, orfor the opinions we have formed.Respective responsibilities ofdirectors and auditorsThe directors are responsible forkeeping proper accounting recordswhich disclose with reasonableaccuracy at any time the financialposition of the Group and of theBank. The directors are responsiblefor the preparation of financialstatements which give a true and fairview of the financial position,financial performance and cash flowsof the Group and of the Bank, andcomply with the provisions of theBanking Act 2004 and of theCompanies Act 2001 applicable tobanks. They are also responsible forsafeguarding the assets of the Groupand of the Bank and hence for takingsteps for the prevention and detectionof fraud and other irregularities. It is ourresponsibility to form an independentopinion, based on our audit, on thosefinancial statements and to report ouropinion to you.Basis of opinionWe conducted our audit in accordancewith International Standards onAuditing. An audit includesexamination, on a test basis, ofevidence relevant to the amounts anddisclosures in the financial statements.It also includes an assessment of thesignificant estimates and judgementsmade by directors in the preparationof the financial statements, and ofwhether the accounting policies areappropriate to the Group’s and theBank’s circumstances, consistentlyapplied and adequately disclosed.We planned and performed ouraudit so as to obtain all theinformation and explanations whichwe considered necessary in order toprovide us with sufficient evidence togive reasonable assurance that thefinancial statements are free frommaterial misstatements. In forming