NATIONAL BANK OF UMM AL-QAIWAIN (PSC)
Consolidated Financial Statements and Independent Auditor’s Report
for the year ended December 31, 2021
These audited consolidated financial statements are submitted for adoption by the shareholders at the annual general meeting.
REPORT OF THE INDEPENDENT AUDITOR TO THE SHAREHOLDERS OF THE NATIONAL BANK OF MMU AL-QAIWAIN (PSC)
Consolidated accounts audit report
We have audited the consolidated financial statements of National Bank of Umm Al-Qaiwain (PSC) (the “Bank”) and its subsidiary (the “Group”), which include the consolidated statement of financial position as at 31 December 2021, and the consolidated statement of income, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, together with the notes to the consolidated financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as at December 31, 2021, and its consolidated financial performance and its consolidated cash flows for the year then ended. date, in accordance with International Financial Reporting Standards (“IFRS”).
We conducted our audit in accordance with International Standards on Auditing (“ISA”). Our responsibilities under these standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements part of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountantss (the “IESBA Code”) and the ethical requirements that are relevant to our audit of the consolidated financial statements in the United Arab Emirates, and we have fulfilled our other ethical responsibilities in accordance with those requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key audit matter
Key audit matters are those matters which, in our professional judgment, were most significant in our audit of the current year’s consolidated financial statements. These matters have been addressed in connection with our audit of the consolidated financial statements taken as a whole and the formation of our opinion thereon, and we do not express a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.
We have discharged the responsibilities described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report, including with respect to these matters. Accordingly, our audit included performing procedures to address our assessment of the risks of material misstatement of the consolidated financial statements. The results of our audit procedures, including the procedures performed to address the matters below, form the basis of our audit opinion on the accompanying consolidated financial statements.
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