2010 Annual report - Nedbank Group Limited

INDEPENDENT AUDITOR’S REPORTTo the Members of Nedbank (Swaziland) LimitedReport on the Financial StatementsWe have audited the financial statements of Nedbank (Swaziland) Limited, which comprise thestatement of financial position at 31 December 2010, and the statements of comprehensive income,changes in equity and cash flows for the year then ended, and the notes to the financial statementswhich include a summary of significant accounting policies and other explanatory notes, and thedirectors’ report, as set out on pages 84 to 149.Directors’ responsibility for the financial statementsThe directors are responsible for the preparation and fair presentation of these financial statements inaccordance with Swaziland and International Financial Reporting Standards, and in the manner requiredby the Swaziland Companies Act, and for such internal control as the directors determine is necessaryto enable the preparation of financial statements that are free from material misstatement, whetherdue to fraud or error.Auditor’s responsibilityOur responsibility is to express an opinion on these financial statements based on our audit. Weconducted our audit in accordance with International Standards on Auditing. Those standards requirethat we comply with ethical requirements and plan and perform the audit to obtain reasonableassurance whether the financial statements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosuresin the financial statements. The procedures selected depend on the auditor’s judgement, including theassessment of the risks of material misstatement of the financial statements, whether due to fraud orerror. In making those risk assessments, the auditor considers internal control relevant to the entity’spreparation and fair presentation of the financial statements in order to design audit proceduresthat are appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of accounting estimates made by management, as wellas evaluating the overall presentation of the financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion.Nedbank (Swaziland) Limited Annual Report 201082