Page 48 - QFCRA Annual Report 2014
P. 48
itors’ report
INDEPENDENT AUDITORS’ REPORT TO THE BOARD OF DIRECTORS OF THE QATAR FINANCIAL CENTRE
REGULATORY AUTHORITY
Report on the financial Standards on Auditing. Those Opinion
statements standards require that we comply In our opinion, the financial
with ethical requirements and plan statements present fairly, in all
We have audited the and perform the audit to obtain material respects, the financial
accompanying financial statements reasonable assurance about position of the QFC Regulatory
of The Qatar Financial Centre whether the financial statements Authority as at 31 December 2014,
Regulatory Authority, (the “QFC are free of material misstatement. and its financial performance and
Regulatory Authority”), which An audit involves performing cash flows for the year then ended
comprise the statement of financial procedures to obtain audit in accordance with International
position as at 31 December 2014, evidence about the amounts Financial Reporting Standards.
the statements of activities and and disclosures in the financial
other comprehensive income, statements. The procedures Report on other legal and
changes in equity and cash flows selected depend on our judgment, regulatory requirements
for the year then ended, and notes, including the assessment of the
comprising a summary of significant risks of material misstatement of We have obtained all the
accounting policies and other the financial statements, whether information and explanations
explanatory information. due to fraud or error. In making we considered necessary for
Directors’ responsibility for the those risk assessments, we consider the purpose of our audit. The
financial statements internal control relevant to the QFC QFC Regulatory Authority has
The directors are responsible for the Regulatory Authority’s preparation maintained proper accounting
preparation and fair presentation and fair presentation of the financial records and its financial statements
of these financial statements in statements in order to design audit are in agreement therewith. We
accordance with International procedures that are appropriate in are not aware of any violations of
Financial Reporting Standards, the circumstances, but not for the the applicable provisions of Qatar
and for such internal control as the purpose of expressing an opinion Financial Centre Law No. 7 of 2005
directors determine is necessary to on the effectiveness of the QFC during the year which might have
enable the preparation of financial Regulatory Authority’s internal had a material adverse effect on
statements that are free from control. An audit also includes the business of the QFC Regulatory
material misstatement, whether due evaluating the appropriateness Authority or its financial position as
to fraud or error. of accounting policies used and at 31 December 2014.
Auditors’ responsibility the reasonableness of accounting
Our responsibility is to express estimates made by management, KPMG L.L.C.
an opinion on these financial as well as evaluating the overall 22 March 2015
statements based on our audit. presentation of the financial Doha
We conducted our audit in statements. State of Qatar
accordance with International We believe that the audit evidence
we have obtained is sufficient and
appropriate to provide a basis for
our audit opinion.
48 ANNUAL REPORT 2014
INDEPENDENT AUDITORS’ REPORT TO THE BOARD OF DIRECTORS OF THE QATAR FINANCIAL CENTRE
REGULATORY AUTHORITY
Report on the financial Standards on Auditing. Those Opinion
statements standards require that we comply In our opinion, the financial
with ethical requirements and plan statements present fairly, in all
We have audited the and perform the audit to obtain material respects, the financial
accompanying financial statements reasonable assurance about position of the QFC Regulatory
of The Qatar Financial Centre whether the financial statements Authority as at 31 December 2014,
Regulatory Authority, (the “QFC are free of material misstatement. and its financial performance and
Regulatory Authority”), which An audit involves performing cash flows for the year then ended
comprise the statement of financial procedures to obtain audit in accordance with International
position as at 31 December 2014, evidence about the amounts Financial Reporting Standards.
the statements of activities and and disclosures in the financial
other comprehensive income, statements. The procedures Report on other legal and
changes in equity and cash flows selected depend on our judgment, regulatory requirements
for the year then ended, and notes, including the assessment of the
comprising a summary of significant risks of material misstatement of We have obtained all the
accounting policies and other the financial statements, whether information and explanations
explanatory information. due to fraud or error. In making we considered necessary for
Directors’ responsibility for the those risk assessments, we consider the purpose of our audit. The
financial statements internal control relevant to the QFC QFC Regulatory Authority has
The directors are responsible for the Regulatory Authority’s preparation maintained proper accounting
preparation and fair presentation and fair presentation of the financial records and its financial statements
of these financial statements in statements in order to design audit are in agreement therewith. We
accordance with International procedures that are appropriate in are not aware of any violations of
Financial Reporting Standards, the circumstances, but not for the the applicable provisions of Qatar
and for such internal control as the purpose of expressing an opinion Financial Centre Law No. 7 of 2005
directors determine is necessary to on the effectiveness of the QFC during the year which might have
enable the preparation of financial Regulatory Authority’s internal had a material adverse effect on
statements that are free from control. An audit also includes the business of the QFC Regulatory
material misstatement, whether due evaluating the appropriateness Authority or its financial position as
to fraud or error. of accounting policies used and at 31 December 2014.
Auditors’ responsibility the reasonableness of accounting
Our responsibility is to express estimates made by management, KPMG L.L.C.
an opinion on these financial as well as evaluating the overall 22 March 2015
statements based on our audit. presentation of the financial Doha
We conducted our audit in statements. State of Qatar
accordance with International We believe that the audit evidence
we have obtained is sufficient and
appropriate to provide a basis for
our audit opinion.
48 ANNUAL REPORT 2014
