Annual Report of Euram Bank 2019

eurambank

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 unless they 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.

Responsibilities of the auditor with a view to auditing the annual accounts

Our objectives are to obtain sufficient certainty as to whether the annual accounts as a whole

are free from significant – intentional or unintentional – false statements 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 in accordance with the AUD-REG and with the Austrian principles

of proper year-end audits that require application of the ISA will always reveal material 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 AUD-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 material 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.

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