Federal Insurance Company Limited Audit Report 2013. We have audited the accompanying Balance Sheet of Federal Insurance Company Limited as of 31 December 2312 and the related Fire, Marine Cargo, Marine Hull, Motor and Miscellaneous Insurance Revenue Account as mail as the Profit and Loss Account, Profit and Loss Appropriation Account, Statement of changes in Equity and moment of Cash Flows for the year then ended. These financial statements are the responsibility of the Company management.
Our responsibility is to express an independent opinion on these financial statements based on our audit. I've 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 aerial misstatement. An audit includes examining on a test basis, evidence, supporting the amounts and discussants in the financial statements. An audit also includes assessing the accounting principles used and significant irritates made by the management, as well as evaluating the overall financial statements presentation. We believe ‘ultra our audit provides a reasonable basis for our opinion.
Our responsibility is to express an independent opinion on these financial statements based on our audit. I've 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 aerial misstatement. An audit includes examining on a test basis, evidence, supporting the amounts and discussants in the financial statements. An audit also includes assessing the accounting principles used and significant irritates made by the management, as well as evaluating the overall financial statements presentation. We believe ‘ultra our audit provides a reasonable basis for our opinion.
Audit observations:
Outstanding Premium: Tk 57,847,397 The above balance includes Tk 56,445,879 which is carried forward since a long time details of which are given Vote 12. No provision has been made in the accounts for outstanding premium. Subject to the above comment, the financial statements, prepared in accordance with BAS, give a true and fair new of the state of the Company's affairs as of 31 December 2012 and of the results of its operations and its cash now for the year then ended and comply with the Companies Act 1994, the Insurance Act 201 O, the Securities and Exchange Rules 1987 and other applicable laws and regulations.
Report that:
- 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 the branches not visited by us;
- The Company’s Balance Sheet , Profit and Loss Account and it's Cash Flow dealt with by the report are in agreement with the books of account and returns;
- The expenditures incurred was for the purposes of the Company's business;
- As per section 63(2) of the Insurance Act, 2010, 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 and Loss Account of the Company and
- As per the Insurance Act, 2010 as amended, we certify that to the best of our information and as shown by its books the Company during the period under report has not paid to any person any commission in any form outside Bangladesh in respect of any of its business re insured abroad.
