Annual report 2009-OK.qxp - Canadia Bank Plc.

Canadia Bank Plc.INDEPENDENT AUDITORS' REPORTTo :The Board of Directors of Canadia Bank Plc.We have audited the accompanying financial statements of Canadia Bank Plc. ("the Bank"), which comprisethe balance sheet as at 31 December 2009, and the income statement, statement of changes in equity andstatement of cash flows for the year then ended, and a summary of significant accounting policies andother explanatory notes. The financial statements of the Bank as at and for the year ended 31 December2008 were audited by other auditors whose report dated 31 March 2009 expressed an unqualified opinionon those financial statements.Management's responsibility for the financial statementsThe management of the Bank is responsible for the preparation and fair presentation of these financialstatements in accordance with Cambodian Accounting Standards and relevant regulations and guidelinesissued by the National Bank of Cambodia. This responsibility includes: designing, implementing andmaintaining internal control relevant to the preparation and fair presentation of financial statements thatare 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.Auditors' responsibilityAnnual Report 200922Our responsibility is to express an opinion on these financial statements. We conducted our audit inaccordance with International Standards on Auditing and Cambodian Standards on Auditing. Thosestandards require that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance whether the financial statements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures inthe financial statements. The procedures selected depend on the auditors' judgment, including theassessment of the risk of material misstatement of the financial statements, whether due to fraud or error.In making those risk assessments, the auditors consider internal control relevant to the Bank's preparationand fair presentation of the financial statements in order to design audit procedures that are appropriatein the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Bank'sinternal control. An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of accounting estimates made by the directors, as well as evaluating the overallpresentation of the financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion.OpinionIn our opinion, the financial statements give a true and fair view of the financial position of the Bank as at31 December 2009, and of its financial performance and its cash flows for the year then ended, inaccordance with Cambodian Accounting Standards and relevant regulations and guidelines issued by theNational Bank of Cambodia.