Mazars Audyt Sp. z o.o. 6
• we identify and assess risks of material misstatement of financial statements, whether
due to fraud or error, we design and perform audit procedures responsive to those
risks and we obtain audit evidence which is sufficient and appropriate to provide a
basis for our audit opinion. The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control;
• we obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the internal control in the Bank;
• we evaluate the appropriateness of the accounting principles (policy) used and the
reasonableness of the accounting estimates and related disclosures made by the
Management Board of the Bank;
• we conclude on the appropriateness of the Bank’s Management Board’s use of the
going concern basis of accounting and, based on the audit evidence obtained, as to
whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Bank’s ability to continue as a going concern. If we conclude
that a material uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. However, future events or conditions
may cause the Bank to cease to continue as a going concern;
• we evaluate the overall presentation, structure and content of the financial statements,
including the disclosures, and whether the financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.
We communicate with the Audit Committee regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
We also provide the Audit Committee with a statement that we have complied with relevant
ethical requirements regarding independence and that we will communicate all relationships
and other matters that may reasonably be thought to bear on our independence, and, where
applicable, related safeguards.
From the matters communicated to the Audit Committee, we determine those matters that
were of most significance in the audit of the financial statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor’s report unless law
or regulation precludes public disclosure or when, in exceptional circumstances, we determine
that a matter should not be communicated in our report because the adverse consequences
of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.
Other Information, including the Management report
Other Information includes: