Basic HTML Version
81
CONVENIENCE TRANSLATION OF THE INDEPENDENT AUDITOR’S
REPORT ORIGINALLY PREPARED AND ISSUED IN TURKISH
To the Board of Directors of Arap Türk Bank A.Ş.:
We have audited the accompanying unconsolidated balance sheet of Arap Türk Bank A.Ş. (“the Bank”) at 31 December 2013 and the related unconsolidated
statements of income, cash flows and changes in shareholders’ equity for the year then ended and a summary of significant accounting policies and other
explanatory notes to the financial statements.
Disclosure for the responsibility of the Bank’s Board of Directors:
The Bank’s Board of Directors is responsible for establishing and maintaining effective internal control over financial reporting to prevent the misstatements caused
by error or fraud, that are material to the financial statements; and for selecting and applying appropriate accounting policies in compliance with the “Regulation
on Accounting Applications for Banks and Safeguarding of Documents” published on the Official Gazette No.26333 dated 1 November 2006, Turkish Accounting
Standards, Turkish Financial Reporting Standards and other regulations, interpretations and circulars published by the Banking Regulation and Supervision Agency
(the “BRSA”) on accounting and financial reporting principles.
Disclosure for the Responsibility of the Authorized Audit Firm:
Our responsibility, as independent auditors, is to express an opinion on these financial statements based on our audit. Our independent audit is conducted in
accordance with “Regulation on Authorisation and Activities of Institutions to Conduct Independent Audit in Banks” published on the Official Gazette No.26333
dated 1 November 2006. We planned and conducted our audit to obtain reasonable assurance as to whether the financial statements are free of material
misstatement. Our audit includes using the audit techniques for the purpose of obtaining evidence supporting the amounts and disclosures in the financial
statements; the selection of these audit techniques is made in accordance with our professional judgment by taking the effectiveness of the controls over financial
reporting process into consideration and assessing the appropriateness of the applied accounting policies. We believe that our audit provides a reasonable basis for
our opinion.
Basis for the Qualified Opinion:
As it is explained in the footnote II.7 of section No.5 “ Explanations and Notes related to Unconsolidated Financial Statements”, TL 5,000 amount free provision
which kept in December 31,2012 has been canceled and recognised as income as of 31 December 2013 by the bank management.
Independent Auditor’s Opinion:
In our opinion, except for the effect of the matter described in the “Basis for the qualified opinion” paragraph above on the financial statements, the accompanying
unconsolidated financial statements present fairly, in all material respects, the financial position of Arap Türk Bank A.Ş. at 31 December 2013 and the results of its
operations and its cash flows for the year then ended in accordance with accounting principles and standards set out by regulations in conformity with Article 37 of
Banking Act No. 5411 and other regulations, communiques, interpretations and circulars published by the BRSA on accounting and financial reporting principles.
Other Matter:
As of 31 December 2012, the unconsolidated financial statements of the bank have been audited by another independent audit company and qualified opinion has
been expressed the audit report dated 7 February 2013 due to free provision.
Additional Paragraph for Convenience Translation:
As explained in Note I. of Section Three, the effects of differences between accounting principles and standards set out by regulations in conformity with Article
37 of Banking Law No. 5411, accounting principles generally accepted in countries in which the accompanying unconsolidated financial statements are to
be distributed and International Financial Reporting Standards (“IFRS”) have not been quantified in the accompanying unconsolidated financial statements.
Accordingly, the accompanying unconsolidated financial statements are not intended to present the financial position, results of operations and changes in financial
position and cash flows in accordance with the accounting principles generally accepted in such countries and IFRS.
Başaran Nas Bağımsız Denetim veSerbest Muhasebeci Mali Müşavirlik A.Ş.
a member ofPricewaterhouseCoopers
Zeynep Uras, SMMM
Partner
Istanbul, 27 February 2014