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Auditor's Report 2010

The auditors audited Pioneer Insurance Company's 2010 financial statements including the balance sheet, revenue accounts, profit and loss account, and cash flows. The auditors obtained necessary information to provide reasonable assurance that the statements did not contain material misstatements. In the auditors' opinion, the financial statements fairly represented the company's financial position and complied with relevant laws and regulations. The auditors also certified that expenses were properly recorded and charged to accounts, and that no commissions were paid outside Bangladesh for reinsured business.

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33 views

Auditor's Report 2010

The auditors audited Pioneer Insurance Company's 2010 financial statements including the balance sheet, revenue accounts, profit and loss account, and cash flows. The auditors obtained necessary information to provide reasonable assurance that the statements did not contain material misstatements. In the auditors' opinion, the financial statements fairly represented the company's financial position and complied with relevant laws and regulations. The auditors also certified that expenses were properly recorded and charged to accounts, and that no commissions were paid outside Bangladesh for reinsured business.

Uploaded by

Aman Tonoy
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Auditors' Report & Financial Statements

Auditors' Report to the Shareholders


We have audited the accompanying Balance Sheet of "Pioneer Insurance Company Limited" as of December 31, 2010 and the related revenue accounts as well as the Profit and Loss Account and Profit and Loss Appropriation Account and statement of Cash Flows for the year then ended. The preparation of these financial statements is the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Bangladesh Standards on Auditing (BSA). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements, prepared in accordance with Bangladesh Accounting Standards (BAS) give a true and fair view of the state of the company's affairs as of December 31, 2010 and of the results of its operations and its cash flows for the year then ended and comply with the Companies Act 1994, the Insurance Act 1938, the Insurance Rules 1958, the Securities & Exchange Rules -1987 and other applicable laws and regulations. We also report that : i) ii) 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 : In our opinion, proper books of account as required by law have been kept by the company so far as it appeared from our examination of those books and proper returns adequate for the purposes of our audit have been received from branches not visited by us; The company's Balance Sheet and Profit and Loss Account and its Cash Flows dealt with by the report are in agreement with the books of account and returns; The expenditure incurred was for the purposes of the company's business. As per section 40-c (2 ) of the Insurance Act, 1938 as amended, we certify that to the best of our knowledge and belief and according to the information and explanations given to us, all expenses of management wherever incurred and whether incurred directly or indirectly, in respect of insurance business of the company transacted in Bangladesh during the year under report have been duly debited to the related Revenue Accounts and the Profit & Loss Account of the company and, As per regulation 11 of part 1 of the third schedule of the Insurance Act, 1938 as amended, we certify that to the best of our information and as shown by its books, the company during the year under report has not paid any person any commission in any form outside Bangladesh in respect of any of its business reinsured abroad.

iii) iv) v)

vi)

Dhaka, April 25, 2011

For MALEK SIDDIQUI WALI Chartered Accountant Md. Waliullah (FCA)


Pioneer Insurance Company Limited, Annual Report 2010 | 37

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