Annual Report of Euram Bank Vienna 2017

More documents

Recommendations

Info

In case of portfolio impairments, we have assessed the models and the parameters used therein as to whether they are suitable to determine provisions in appropriate amounts. The calculatory accuracy of the provisions was retraced by us. Finally, an assessment was made as to whether the information contained in the Notes to the annual accounts is appropriate to determine impairments for loans and advances to customers. Responsibility of the legal representatives and of the Supervisory Board for the annual accounts The legal representatives are responsible for preparing the annual accounts and must ensure that the latter convey a true and fair view of the assets, financial and earnings position of the company, in line with Austrian business and banking law provisions. Moreover, the legal representatives are responsible for the internal controls they deem necessary in order to allow for the preparation of annual accounts that are free of significant – intentional or unintentional – false representations. During preparation of the annual accounts, the legal representatives are responsible for assessing the company’s ability to continue its business activities, for indicating circumstances associated with continuation of the business activities – if relevant –, as well as for applying the going-concern accounting principle, unless the legal representatives intend to either liquidate the company or to discontinue its business activities, or the legal representatives do not have any realistic alternative to any such way of procedure. The Supervisory Board is responsible for monitoring the accounting process of the company. 56 Annual Report 2017
Responsibilities of the auditor for the audit of the annual accounts Our objectives are to obtain sufficient certainty as to whether the annual accounts as a whole are free from significant – intended or unintentional – false representations and to issue an audit certificate that contains our audit opinion. Sufficient certainty is a high degree of certainty, but no guarantee that an audit conducted according to the EU-REG and to the Austrian principles of proper year-end audits, requiring application of the ISA, will always reveal significant false representations, if such exist. False representations may result from fraudulent acts or errors and are deemed significant if some or all of them may reasonably be expected to impact on the economic decisions made by users on the basis of these annual accounts. In the course of a year-end audit in accordance with the EU-REG and the Austrian principles of proper year-end audits, requiring application of the ISA, we exercise our dutiful discretion throughout the entire audit, maintaining a critical basic attitude. Moreover, the following applies: – We identify and analyse the risks of significant – intended or unintentional false representations in the annual accounts, we plan audit procedures in response to said risks, we implement them and obtain audit evidence that is sufficient and suitable to serve as a basis for our audit opinion. The risk that significant false representations resulting from fraudulent acts are not revealed is higher than the one resulting from errors, as fraudulent acts may involve deceitful interactions, falsifications, intentional omissions, misleading representations or the bypassing of internal controls. Euram Bank AG 57
Page 1:
! Annual Report 2017
Page 4 and 5:
2 Annual Report 2017
Page 6 and 7:
„A trade in hand finds gold in ev
Page 8 and 9: 6 Annual Report 2017
Page 12 and 13: interest rate hikes of 25 basis poi
Page 14 and 15: and expenses amounted to EUR 6.1 mi
Page 16 and 17: The annual surplus of the fiscal ye
Page 18 and 19: In the 2018 fiscal year, the Privat
Page 20 and 21: Organizational structure and proces
Page 22 and 23: „The figures are clear“, people
Page 24 and 25: Management of special types of risk
Page 26 and 27: Liquidity risk Liquidity management
Page 28 and 29: A good craftsman keeps his feet on
Page 30 and 31: BALANCE SHEET AS OF DECEMBER 31, 20
Page 32 and 33: PROFIT & LOSS ACCOUNT AS OF DECEMBE
Page 34 and 35: The more complex techniques and con
Page 38 and 39: likely to be permanent. Write-ups o
Page 40 and 41: Fiduciary Receiveables Loans and ad
Page 42 and 43: C.1. Debt instruments issued by pub
Page 44 and 45: Current assets thousand E. Other as
Page 46 and 47: 3.) In the fiscal year 2017, after
Page 48 and 49: 3. Explanatory note on the profit a
Page 50 and 51: 4. Other notes 1.) In the fiscal ye
Page 52 and 53: Pearls, coins and other objects as
Page 56 and 57: Particularly important audit facts
Page 60 and 61: - We obtain an understanding of the
Page 62 and 63: Declaration Considering the finding
show all

Annual Report of Euram Bank Vienna 2017

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?