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GB Auto and its Subsidiaries (S.A.E)
GB Auto
•
2012 ANNUAL REPORT
50
Independent auditor’s report
To the Shareholders of GB Auto and its Subsidiaries (S.A.E)
Report on the consolidated
financial statements
We have audited the accompanying con-
solidated financial statements of GB Auto
and its Subsidiaries (S.A.E) (the Group)
which comprise the consolidated bal-
ance sheet as of 31 December 2012 and
its related consolidated income statement,
consolidated statement of changes in equity
and consolidated cash flow statement for
the year then ended and a summary of
significant accounting policies and other
explanatory notes.
Management’s responsibility for the
consolidated financial statements
Management is responsible for the
preparation and fair presentation of
these consolidated financial statements
in accordance with Egyptian Accounting
Standards and with the requirements of
applicable Egyptian laws and regulations.
This responsibility includes: designing,
implementing and maintaining internal
control relevant to the preparation and fair
presentation of the consolidated financial
statements that are free from material
misstatement, whether due to fraud or
error; selecting and applying appropriate
accounting policies; and making
accounting estimates that are reasonable in
the circumstances.
Auditor’s responsibility
Our responsibility is to express an opinion
on these consolidated financial statements
based on our audit. We conducted
our audit in accordance with Egyptian
Standards on Auditing and in light with
applicable Egyptian laws and regulations.
Those Standards require that we comply
with ethical requirements and plan and
perform the audit to obtain reasonable
assurance whether the consolidated
financial statements are free from material
misstatement.
An audit involves performing procedures
to obtain audit evidence about the amounts
and disclosures in the consolidated finan-
cial statements. The procedures selected
depend on the auditor’s judgment, includ-
ing the assessment of the risks of material
misstatement of the consolidated financial
statements, whether due to fraud or error.
In making those risk assessments, the audi-
tor considers internal control relevant to
the Group’s preparation and fair presenta-
tion of the consolidated financial state-
ments 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 Group’s
internal control. An audit also includes
evaluating the appropriateness of account-
ing policies used and the reasonableness
of accounting estimates made by manage-
ment, as well as evaluating the overall
presentation of the consolidated financial
statements.
We believe that the audit evidence we have
obtained is sufficient and appropriate to
provide a basis for our audit opinion.
Opinion
In our opinion, the accompanying
consolidated financial statements present
fairly, in all material respects, the financial
position of the Group as of 31 December
2012, and of its financial performance
and its cash flows for the year then ended
in accordance with Egyptian Accounting
Standards and with the requirements of
applicable Egyptian laws and regulations.
Ahmed Gamal El-Atrees
R.A.A. 8784
E.F.S.A. 136
Mansour & Co. PricewaterhouseCoopers
6 March 2013
Cairo