Annual Report 2012 - National Savings Bank

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200THE RESULTS OF A CHALLENGING YEARINDEPENDENT ASSURANCE REPORT ON INTERNAL CONTROLSAssurance Report of the AuditorGeneral to the Board of Directorson the Directors’ Statement onInternal Control of NationalSavings Bank.IntroductionThis report is to provide assurance on theDirectors’ Statement on Internal Control(“Statement”) of National Savings Bankincluded in the annual report for the yearended 31 December 2012.Management’s responsibilityManagement is responsible for thepreparation and presentation of theStatement in accordance with the“Guidance for Directors of Banks onthe Directors’ statement on InternalControl” issued in compliance with thesection 3(8)(ii)(b) of the Banking ActDirection No.11 of 2007, by the Instituteof Chartered Accountants of Sri Lanka.My responsibility andcompliance with SLSAE 3050My responsibility is to issue a report tothe Board of Directors on the Statementbased on the work performed.I conducted my engagement inaccordance with Sri Lanka Standardon Assurance Engagements SLSAE3050 - Assurance Report for Banks onDirectors’ Statement on Internal Controlissued by Chartered Accountants of SriLanka.Summary of work performedThis engagement has been conductedto assess whether the Statement isboth supported by the documentationprepared by or for Directors andappropriately reects the process theDirectors have adopted in reviewing thesystem of internal control for the Bank.The procedures performed are limitedprimarily to inquiries of bank personneland the existence of documentation ona sample basis that supports the processadopted by the Board of Directors.SLSAE 3050 does not require me toconsider whether the Statement coversall risks and controls, or to from anopinion on the effectiveness of theBank’s risk and control procedures.SLSAE 3050 also does not requireme to consider whether the processesdescribed to deal with material internalcontrol aspects of any signicantproblems disclosed in the annual reportwill, in fact, remedy the problems.ConclusionBased on the procedures performed,nothing has come to my attention thatcauses me to believe that the Statementincluded in the annual report isinconsistent with my understanding ofthe process the Board of Directors hasadopted in the review of the design andeffectiveness of internal control of theBankH A S SamaraweeraAuditor GeneralNATIONAL SAVINGS BANK . ANNUAL REPORT 2012
201THE RESULTS OF A CHALLENGING YEARGENERAL MANAGER / CEO’S AND DEPUTY GENERAL MANAGER’S(FINANCE & PLANNING) STATEMENT OF RESPONSIBILITYThe Financial Statements of theNational Savings Bank and theConsolidated Financial Statements ofthe Bank and its Subsidiary (Group)as at 31 December 2012 are preparedand presented in conformity with therequirements of the following: National Savings Bank Act No. 30of 1971 and amendments thereto. Finance Act No. 38 of 1971. Sri Lanka Accounting Standardsand Sri Lanka Financial ReportingStandards issued by The Instituteof Chartered Accountants of SriLanka. Sri Lanka Accounting and AuditingStandards Act No. 15 of 1995. Banking Act No. 30 of 1988 andamendments thereto and Directionsand Guidelines issued by CentralBank of Sri Lanka.The formats used in the preparation ofthe Financial Statements and disclosuresmade comply with the formatsprescribed by the Central Bank of SriLanka which are also in compliancewith the disclosure requirements ofthe Sri Lanka Accounting Standards 1(LKAS 1) – Presentation of FinancialStatements.The Group presents the nancial resultsto its users on a quarterly basis.The Bank and the Group have takenappropriate actions to design systemsand procedures to meet the requirementof convergence with new Sri LankaAccounting Standards and Sri LankaFinancial Reporting Standards witheffect from 01 January 2012. With thisadoption Accounting Policies have beenchanged accordingly. For the purposeof comparison, Financial Resultsand Financial Position of previousyear (2011) have been restated in theFinancial Statements.Signicant Accounting Policies andestimates that involved a high degreeof judgment and complexity werediscussed with the Bank’s ExternalAuditors and the Board AuditCommittee, comparative informationhas been reclassied wherevernecessary to comply with the currentpresentation and material departures, ifany, have been disclosed and explained.We conrm that to the best of ourknowledge, the Financial Statements,Signicant Accounting Policies andother nancial information includedin this Annual Report, fairly presentin all material aspects of the nancialposition, results of the operations andthe cash ows of the Group during theperiod under review. We also conrmthat the Group has adequate resourcesto continue in operation and has appliedthe going concern basis in preparingthese Financial Statements.We are responsible for establishing,implementing and maintainingInternal Controls and Proceduresof the Bank and its Subsidiary. Weensure that effective Internal Controlsand Procedures are in place ensuringmaterial information relating tothe Group is made known to us forsafeguarding assets, preventing anddetecting fraud and/or error as well asother irregularities, which are reviewed,evaluated and updated on an ongoingNATIONAL SAVINGS BANK . ANNUAL REPORT 2012
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ROOTEDANNUAL REPORT 2012
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ROOTEDNATIONAL SAVINGS BANK l ANNUA
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5MISSIONProviding our customers wit
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7ROOTEDFor over 40 years, the Natio
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92000Establishment of subsidiary co
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11HOW WE PERFORMED IN 2012FINANCIAL
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13CHAPTER 1FIRMLY ANCHOREDSTRATEGY
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15A MESSAGE FROM MR SUNIL S. SIRISE
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17A MESSAGE FROM MR SUNIL S. SIRISE
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19A REVIEW BYMR. HENNAYAKE BANDARAG
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21A REVIEW BY MR HENNAYAKE BANDARAG
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23A REVIEW BY MR HENNAYAKE BANDARAG
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25CHAPTER 2HOW WE PERFORMED IN 2012
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33HOW WE PERFORMED IN 2012ECONOMIC
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35HOW WE PERFORMED IN 2012ECONOMIC
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37HOW WE PERFORMED IN 2012ACHIEVEME
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39HOW WE PERFORMED IN 2012OPERATION
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51HOW WE PERFORMED IN 2012FUTURE PL
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53CHAPTER 3ROOTED IN OUR HERITAGEGO
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55ROOTED IN OUR HERITAGEGOVERNANCE
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85ROOTED IN OUR HERITAGEBOARD OF DI
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87ROOTED IN OUR HERITAGEBOARD OF DI
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89ROOTED IN OUR HERITAGEGENERAL MAN
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91ROOTED IN OUR HERITAGECORPORATE M
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93ROOTED IN OUR HERITAGEEXECUTIVE M
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95ROOTED IN OUR HERITAGEREPORT OF T
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101ROOTED IN OUR HERITAGEREPORT OF
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103CHAPTER 4ASSESSING AND MANAGING
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105ASSESSING AND MANAGING OUR RISK
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137CHAPTER 5BRANCHING OUT INTO NEW
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139BRANCHING OUT INTO NEW VENTURESS
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Page 185 and 186: 183CHAPTER 6THE RESULTS OF A CHALLE
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251CHAPTER 7ANNEXURESNATIONAL SAVIN
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253STATEMENT OF FINANCIAL POSITION
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255TEN YEARS AT A GLANCE(Rs Mn)Year
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257OUR PRODUCTS AND SERVICESSAVINGS
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259OUR PRODUCTS AND SERVICES19. Ran
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261OUR PRODUCTS AND SERVICESOUR EXT
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263BRANCH NETWORKCentral Province1.
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265CORRESPONDENT BANKSCiti Bank NA,
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267EXCHANGE COMPANIESHabib Qatar In
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269GLOSSARYCredit RatingsAn evaluat
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271GLOSSARYReturn on Average Assets
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273CORPORATE INFORMATIONCOMPLIANCE
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Annual Report 2012 - National Savings Bank

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