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Audited Financial Statements 2017

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Audited Financial Statements 2017 252 Bank Asia Limited Annual Integrated Report 2017 253 Independent Auditor’s Report to the Shareholders of Bank Asia Limited Report on the Financial Statements We have audited the accompanying consolidated financial statements of Bank Asia Limited and its subsidiaries (together referred to as “GROUP”) as well as separate financial statements of Bank Asia limited (“The Bank”) which comprise the consolidated and separate balance sheet as at 31 December 2017, consolidated and separate Profit and loss accounts, consolidated and separate statement of changes in equity and consolidated and separate statement of cash flows for the year then ended and a summary of significant accounting policies and other explanatory information. Management’s Responsibility for the Financial Statements Management of Bank Asia Limited is responsible for the preparation and fair presentation of these consolidated financial statements of the group and also separate financial statements of the Bank that give a true and fair view in accordance with Bangladesh Financial Reporting Standards (BFRS), as explained in Note 2 and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements of the Group and also separate financial statements of the Bank that are free from material misstatement, whether due to fraud and error. The Bank Companies Act 1991 (as amended on 2018), and the Bangladesh Bank Regulations require the Management to ensure efective internal audit, internal control and risk management functions of the Bank. The Management is also required to make a self-assessment on the efectiveness of anti-fraud internal controls and report to Bangladesh Bank on instances of fraud and forgeries. Auditor’s Responsibility Our responsibility is to express an opinion on these consolidated financial statements of the group and also separate financial statements of the Bank based on our audit. We conducted our audit in accordance with Bangladesh Standards on Auditing (BSA). Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable, but not absolute assurance whether the consolidated financial statements of the group and also separate financial statements of the Bank are free from material misstatement due to fraud and error. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements of the group and also separate financial statements of the Bank. The procedures selected depend on the auditor’s judgment including the assessment of the risks of material misstatement of the consolidated financial statements of the group and also separate financial statements of the Bank, 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 consolidated financial statements of the group and also separate financial statements of the Bank not for the purpose of expressing an opinion on the efectiveness 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 consolidated financial statements of the group and also separate financial statements of the Bank. We believe that the audit evidence we have obtained is suficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements of the group and also separate financial statements of the Bank give a true and fair view of the consolidated financial position of the group and the separate financial position of the Bank as at 31 December 2017, and of its consolidated and separate financial performance and its consolidated and separate cash flows for the year then ended prepared in accordance with Bangladesh Financial Reporting Standards (BFRS) as explained in Note # 2. Report on Other Legal and Regulatory Requirements In accordance with the Companies Act 1994, the Bangladesh Securities and Exchange Rules 1987, the Bank Company Act 1991 as amended in 2018 and the rules & Regulations issues by Bangladesh Bank, we also report the following: a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit and made due verification thereof; b) To the extent noted during the course of our audit work performed on the basis stated under the Auditor’s Responsibility section in forming above opinion on the consolidated financial statements of the Group and the separate financial statements of the Bank and considering the reports of the Management to Bangladesh Bank on anti-fraud internal controls and instances of fraud and forgeries as stated under the Management’s Responsibility for the Financial Statements and Internal Control: • Internal audit, internal control and risk management arrangements of the Group and the Bank as disclosed in Note # 2 to the financial statements appeared to be materially adequate; • Nothing has come to our attention regarding material instances of forgery or irregularity or administrative error and exception or anything detrimental committed by employees of the Bank and its related entities. 254 Bank Asia Limited c) The financial statements of the Bank’s subsidiaries named Bank Asia Securities Limited audited by us, but other two overseas subsidiaries BA Exchange Company (UK) Limited and BA Express USA Inc. was not audited by us. The financial statements of BA Exchange Company (UK) Limited for the year ended 31 December 2017 have been audited by AGP Consulting Chartered Accountants and Statutory Auditors, UK and expressed an unmodified opinion. The financial statements of BA Express USA Inc. for the year ended 31 December 2017 have been audited by United Financial CPA PC, USA and expressed an unmodified opinion. These accounts have been properly reflected in the consolidated in the consolidated financial statements. d) In our opinion, proper books of accounts as required by law have been kept by the Group and the Bank so far as it appeared from our examination of those books and proper returns adequate for the purpose of our audit have been received from branches not visited by us; e) The expenditure incurred was for the purposes of the Bank’s business. f) The consolidated balance sheet and consolidated profit & loss account of the Group and the separate profit and loss account of the Bank together with the annexed notes dealt with by the report are in agreement with the books of account; g) The consolidated financial statements of the Group and the separate financial statements of the Bank have been drawn up in conformity with prevailing rules, regulations and accounting standards as explained in Note # 2.1 as well as with related meeting amongst Inspection Team of Bangladesh Bank, External Auditor and the Management of Bank Asia Limited held on 18 March 2018 and subsequent letter # DBI-1/120/2018/74 dated 03 April 2018 issued by Bangladesh Bank; h) Provisions have been made as of 31 December 2017 for loan and advances, other assets and of balance sheet items which are, in our opinion, doubtful of recovery; i) The records and statements submitted by the branches have been properly maintained and consolidated in the financial statements; j) The information and explanations required by us have been received and focused satisfactory; k) We have reviewed over 80% of the risk weighted assets of the Bank and we have spent around 5,250 persons working hours during the audit; and l) Capital to Risk Weighted Assets Ratio (CRAR) is required by the Bangladesh Bank has been maintained adequately during the year. Other Matter The Consolidated financial statements including the separate financial statements of Bank Asia Limited for the year ended 31 December 2016 were audited by Hoda Vasi Chowdhury & Co., Chartered Accountants, who expressed an unmodified opinion on those financial statements on 16 April 2017. Dhaka, Dated ACNABIN April 08, 2018 Chartered Accountants Annual Integrated Report 2017 255 Bank Asia Limited and its subsidiaries Consolidated Balance Sheet as at 31 December 2017 Amount in Taka Notes 31 Dec 2017 31 Dec 2016 PROPERTY AND ASSETS Cash 4(a) 17,933,208,773 15,983,718,054 In hand (including foreign currencies) 4.1(a) 1,994,978,583 2,079,897,416 Balance with Bangladesh Bank and its agent bank (including foreign currencies) 4.2(a) 15,938,230,190 13,903,820,638 Balance with other banks and financial institutions 5(a) 30,077,880,452 13,615,107,372 In Bangladesh 29,087,820,840 10,983,805,427 Outside Bangladesh 990,059,612 2,631,301,945 Money at call and on short notice 6(a) - 4,870,000,000 Investments 7(a) 28,145,350,291 39,711,806,539 Government 24,431,255,000 36,112,473,144 Others 3,714,095,291 3,599,333,395 Loans and advances/investments 8(a) 200,328,423,831 166,539,916,390 Loans, cash credits, overdrafs, etc/investments 184,322,321,558 157,946,507,822 Bills purchased and discounted 16,006,102,273 8,593,408,568 Fixed assets including premises, furniture and fixtures 9(a) 5,344,230,907 5,263,148,467 Other assets 10(a) 9,117,178,530 8,882,423,376 Non - banking assets - - Total assets 290,946,272,783 254,866,120,198 LIABILITIES AND CAPITAL Liabilities Borrowings from other banks, financial institutions and agents 11(a) 30,465,558,247 18,978,976,940 Subordinated non-convertible bonds
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