This document is a translation.
In the event of any discrepancies in interpreting the terminology, the Polish language version is binding. 4
Responsibilities of the Bank’s Management and Supervisory Board for the Financial Statements
The Management Board of the Bank is responsible for the preparation, based on properly maintained
accounting records, of the financial statements reflect fairy and clearly the assets and financial
position of the Bank and its result in accordance with International Financial Reporting Standards as
adopted by the European Union, the adopted accounting policies, the legal regulations binding the
Bank, and its Article of Association, as well as for internal controls which the Management Board
considers to be necessary to prepare financial statements which do not include any material
misstatements caused by fraud or error.
In preparing the financial statements, the Management Board of the Bank is responsible for assessing
the Bank’s ability to continue as a going concern, for the disclosure, if necessary, any matters related
to its going concern and for adopting the going concern principle as the basis of accounting, except in
situations when the Management Board of the Bank either intends to liquidate the Bank or discontinue
its operations, or has no real alternative to liquidation or discontinuation of operations.
The Management Board and members of its Supervisory Board of the Bank are obliged to ensure that
the financial statements comply with the requirements of the Accounting Act. Members of the
Supervisory Board are responsible for overseeing the Bank’s financial reporting process.
Responsibilities of the Auditor for the Audit of the Financial Statements
Our aim is to gain reasonable assurance that the financial statements as a whole are free from material
misstatements due to fraud or error, and to issue an audit report which includes our opinion.
Reasonable assurance is a high level of assurance, but it does not guarantee that the audit conducted
in accordance with NSA will always detect an existing material misstatement. Misstatements can arise
from fraud or error and are considered material if it could be reasonably expected that, individually or
in the aggregate, they could affect the business decisions of users, made on the basis of these financial
statements.
The concept of materiality is applied by the auditor at the planning stage and when performing the
audit and evaluating the effect of identified misstatements on the audit and of uncorrected
misstatements, if any, on the financial statements, as well as when formulating the auditor’s opinion.
In view of the above, all of the opinions and statements contained in the auditor’s report are expressed
subject to the qualitative and quantitative level of materiality set in accordance with the applicable
standards on auditing and the auditor’s professional judgement.
The scope of the audit does not include assurance of the Bank’s future profitability or the current or
future effectiveness of managing all matters by the Bank’s Management Board.
Throughout an audit performed in accordance with NSA, we apply professional judgement and
professional skepticism, as well as:
− we identify and assess the risks of a material misstatement in the financial statements due to fraud
or error, we design and conduct audit procedures in response to those risks, and we obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of non-
detection of a material misstatement which is result of fraud is higher than that resulting from an
error because fraud may relate to conspiracy, falsification, intentional omission, misleading or
overriding internal controls;
− we obtain an understanding of the internal controls relevant to the audit in order to design our
audit procedures suitable in the given circumstances, but not to express an opinion on the
effectiveness of the Bank’s internal controls;
− we assess the appropriateness of the accounting policies applied and the reasonableness of the
accounting estimates and related disclosures made by the Management Board of the Bank;
− we reach a conclusion as to the appropriateness of the Bank’s Management Board application of the
going concern principle as the basis of accounting and, based on the audit evidence collected, we
assess whether there is material uncertainty related to events or conditions that may raise