İllİk hesabat annual RepoRt

 

 

 

 

 

OPEN JOINT STOCK 

COMPANY AMRAHBANK 

JOINT STOCK BANK 

 

 

Financial Statements 

For the

 Year Ended 31 December 2008 

 

 

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OPEN JOINT STOCK COMPANY AMRAHBANK JOINT STOCK BANK 

 

 

TABLE OF CONTENTS 

 

 

Page 

 

STATEMENT OF MANAGEMENT’S RESPONSIBILITIES FOR THE PREPARATION 

AND APPROVAL OF THE FINANCIAL STATEMENTS 

1 

 

INDEPENDENT AUDITORS’ REPORT 

2-3 

 

FINANCIAL STATEMENTS 

FOR THE YEAR ENDED 31 DECEMBER 2008: 

 

Income statement 

4 

 

Balance sheet 

5 

 

Statement of changes in equity 

6 

 

Statement of cash flows 

7-8 

 

Notes to the financial statements 

9-55 

 

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1

OPEN JOINT STOCK COMPANY AMRAHBANK JOINT STOCK BANK 

STATEMENT OF MANAGEMENT’S RESPONSIBILITIES FOR THE PREPARATION 

AND APPROVAL OF THE FINANCIAL STATEMENTS 

FOR THE YEAR ENDED 31 DECEMBER 2008 

The following statement, which should be read in conjunction with the independent auditors’ responsibilities 

stated in the independent auditors’ report set out on page 2 - 3, is made with a view to distinguishing the 

respective responsibilities of management and those of the independent auditors in relation to the 

financial statements of Open Joint Stock Company AmrahBank Joint Stock Bank (the “Bank”). 

Management is responsible for the preparation of the financial statements that present fairly the financial 

position of the Bank at 31 December 2008, the results of its operations, cash flows and changes in equity 

for the year then ended, in accordance with International Financial Reporting Standards (“IFRS”).

In preparing the financial statements, management is responsible for: 



Selecting suitable accounting principles and applying them consistently; 



Making judgements and estimates that are reasonable and prudent; 



Preparing the financial statements on a going concern basis, unless it is inappropriate to presume 

that the Bank will continue in business for the foreseeable future. 

Management is also responsible for: 



Designing, implementing and maintaining an effective and sound system of internal controls, 

throughout the Bank; 



Maintaining proper accounting records that disclose, with reasonable accuracy at any time, the 

financial position of the Bank, and which enable them to ensure that the financial statements of the 

Bank comply with IFRS; 



Maintaining statutory accounting records in compliance with legislation and accounting standards of 

Azerbaijan; 



Taking such steps as are reasonably available to them to safeguard the assets of the Bank; and 



Detecting and preventing fraud and other irregularities. 

The financial statements for the year ended 31 December 2008 were authorized for issue on 29 April 

2009 by the Management Board. 

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2

INDEPENDENT AUDITORS’ REPORT

To the Shareholders and Board of Directors of Open Joint Stock Company AmrahBank Joint Stock Bank:

Report on the financial statements

We have audited the accompanying financial statements of Open Joint Stock Company AmrahBank Joint 

Stock Bank, which comprise the balance sheet as at 31 December 2008, the income statement, and the 

statements of changes in equity and cash flows for the year then ended, and a summary of significant 

accounting policies and other explanatory notes.

Management’s responsibility for the financial statements

Management is responsible for the preparation and fair presentation of these financial statements in 

accordance with International Financial Reporting Standards. 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.

Auditors’ responsibility

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.

Deloitte & Touche LLC

Business Center “Landmark”

96 Nizami St.

Baku, AZ1010

Azerbaijan

Tel:  [phone]

Fax: [phone]

www.deloitte.az

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