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   Financial Statements of 2009     

 

Auditors’ Report on the Financial Statements for the business year ended on December 31, 2009

 

1- Opinion on the financial statements

In execution of the audit assignment confided to us by your General Ordinary assembly, we hereby disclose our auditors' report in relation with the business year ended on December 31, 2009 on:

- The audit of Banque de Tunisie et des Emirats' financial statements, as enclosed the this report which show a total equities of 139.707 Thousand DT, including the business year's profit of 7.481 thousand DT.

- The specific verifications and information as provided by law.

Management is responsible for the preparation and fair presentation of these financial statements in accordance with auditing standards generally accepted in Tunisia. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to

obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as 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 for our audit opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects the financial position of Banque de Tunisie et des Emirats", as of December 31st, 2009, and of its financial performance and its cash flows for the year then ended in accordance with Tunisian accounting standards.

2- Specific verifications and information

We have carried out specific verifications as provided by law and professional standards.

Based on these verifications, we have no observation to express on the fairness and conformity with the financial statements of accounting data information disclosed in the report to the board of directors on the business year’s management as at December 31, 2009. 

 

Besides, and pursuant to provisions of article 19 of decree n° 2001-2728 dated November 20, 2001, we have carried out the necessary verifications and we have not noticed any observation to be expressed on the conformity of the securities’ issued by the company’s bookkeeping with the regulation into force.

 

Furthermore, and according to article 3 of law n° 94-117 dated November 14, 1994 as amended by law 2005-96 dated October 18, 2005 related to the security reinforcement of the financial relations, we have also examined the internal control procedures related to the accounting information and the preparation of the financial statements. We have not noticed, based of our examination, any major irregularities that might alter our opinion on the financial statements.

 

La General d'Audit & Conseil                                                            G.A.C FMBZ KPMG Tunisia

Member of CPA International                                                           Member of KPMG International

Chiheb GHANMI                                                                              Moncef Boussanouga Zammouri

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