Shareholders of Suez Canal Insurance, an Egyptian joint stock company
A Report on the Financial Statements
We have audited the Financial Statements of Suez Canal Insurance, an Egyptian joint stock company, represented in the Balance Sheet as at 30 June 2017, and the related statements Income, comprehensive income, Changes in Shareholders' Equity Statements, Cash Flow and Revenues and Expenses of all lines of P & C insurance for the fiscal year ended, and a summary of the salient accounting policies and other explanatory notes.
Management's Responsibility for the Financial Statements:
The Financial Statements are the responsibility of the company’s management, as the management is responsible for the preparation and fair presentation of the financial statements in accordance with the Egyptian Accounting Standards and applicable Egyptian laws. Management’s 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. This responsibility also includes selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
Our responsibility is limited in expressing our opinion on these Financial Statements based on our audit. We conducted our audit in accordance with the Egyptian Auditing Standards and its “insurance sector” guidelines, and pursuant to the applicable Egyptian laws. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance that the financial statements are free from any significant and material misrepresentations.
The audit involves performing procedures to obtain evidence about values and disclosures included in the Financial Statements.
The selected procedures depend at the auditor's personal judgment, including the assessment of misrepresentation risk in the Financial Statements whether due to fraud or error. While assessing such risks, the auditor takes into his account the internal control relevant to the entity's preparation and fair representation of the financial statement in order to design auditing 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 the management, and evaluating the overall presentation of the financial statements.
We believe that the audit evidences we have obtained are sufficient and appropriate to provide a basis for our audit opinion.
In our opinion the abovementioned Financial Statements give a true and fair view in all material respects, of the financial position of Suez Canal Insurance Company as at 30 June 2017, and of its financial performance and its cash flows for the fiscal year ending on the same date, in accordance with the Egyptian Accounting Standards and pursuant to relevant Egyptian laws and regulations.
Report on the other Legal & Regulatory Requirements
The company maintains proper accounting records that are comply with laws and the company’s articles of association and the financial statements agree with the company’s records.
The financial information included in the BOD’ report are prepared in accordance with law No. 159 of 1981 and its executive regulations, is in agreement with the company’s records insofar as such information is recorded therein.
Prof. Dr. Mohamed Abdel Aziz Hegazy
Dr. Abdel Aziz Hegazy & Co. - Horwath