Annual Report 2012 - National Savings Bank

195THE RESULTS OF A CHALLENGING YEARSTATEMENT OF DIRECTOR’S RESPONSIBILITY ON FINANCIAL REPORTINGThe responsibility of the Directorstowards the Financial Statementsof the National Savings Bank andConsolidated Financial Statements ofthe Group is set out in this statement.The responsibility of the ExternalAuditors in relation to the FinancialStatements is set out in the AuditorsReport in page 203.The Directors of the Bank areresponsible for ensuring that the Bankand the Group keep proper booksof account of all the transactionsand prepare Financial Statements inaccordance with Generally AcceptedAccounting Principles, Sri LankaAccounting Standards & Sri LankaFinancial Reporting Standards that givea true and fair view of the state of affairsof the Bank and the Group at the end ofeach nancial year in compliance withstatutory requirements. The FinancialStatements comprise of Statement ofComprehensive Income, Statementof Financial Position, Statement ofChanges in Equity, Statement of CashFlows, Signicant Accounting Policiesand Notes thereto.The Directors have ensured followingin preparation of the FinancialStatements:1. The accounting policies adopted toprepare the Financial Statementswere appropriate, consistentlyapplied and adequately disclosed.2. Reasonable and prudent judgmentshave been made where necessarywhen preparing the FinancialStatements.3. All applicable accounting standardsas relevant have been followed.As per the provisions of the Finance ActNo. 38 of 1971, the Banking Act No. 30of 1988 and Section 7 (i) of NSB ActNo. 30 of 1971 the Board of Directorsis required to control and administerthe affairs and the business of theBank. The Board of Directors are alsoresponsible for ensuring that properaccounting records which correctlyrecord and explain the Bank’s nancialposition, with reasonable accuracyat any point of time is determined bythe Bank, enabling preparation of theFinancial Statements.The Board of Directors accepts theresponsibility for the integrity andobjectivity of the Financial Statementspresented in this Annual Report.The Financial Statements for the year2012 prepared and presented in thisAnnual Report are consistent with theunderlying books of accounts and areconformity with the requirements ofSri Lanka Accounting Standards, SriLanka Financial Reporting Standards,Sri Lanka Accounting and AuditingStandards Act, Baking Act andDirections of Central Bank of Sri Lanka.The Board of Directors has beenresponsible for taking reasonablemeasures and care to safeguardthe Bank’s and Group’s assets andalso has instituted an effective andcomprehensive system of internalcontrols. This comprises internal check,internal audit and whole system ofnancial and other controls requiredto carry on the business of the Bank inan orderly manner, safeguard its assets,prevent and detect frauds and otherirregularities.NATIONAL SAVINGS BANK . ANNUAL REPORT 2012