Page 142 - ACCESS BANK ANNUAL REPORTS_eBook

GOVERNANCE

REPORT OF THE

STATUTORY AUDIT

COMMITTEE

In accordance with the provisions of Section 359(6)
of the Companies and Allied Matters Act of Nigeria,

the members of the Audit Committee of Access

Bank Plc hereby report on the financial state-
ments for the year ended 31 December, 2017
as follows:

• We have exercised our statutory func-
tions under section 359(6) of the Compa-
nies and Allied Matters Act of Nigeria and ac-
knowledge the co-operation of management
and staff in the conduct of these responsibilities.
• We are of the opinion that the accounting and report-
ing policies of the Bank and Group are in agreement
with legal requirements and agreed ethical practices
and that the scope and planning of both the external and
internal audits for the year ended 31 December, 2017 were
satisfactory and reinforce the Group’s internal control systems.
• We are satisfied that the Bank has complied with the provisions
of Central Bank of Nigeria Circular BSD/1/2004 dated 18 February,
2004 on “Disclosure of Insider Related Credits in the Financial State-
ments of Banks”. We hereby confirm that an aggregate amount of
N1,650,860,935 (December, 2016: N2,693,131,022) was outstanding as
at 31 December, 2017 which was performing as at 31 December, 2017 (see
note 44)

• We have deliberated on the findings of the external auditors who have confirmed that
necessary cooperation was received from Management in the course of their audit
and we are satisfied with Management’s responses thereon and with the effective-
ness of the Bank’s system of accounting and internal control.

142 Access BAnk Plc
Annual Report & Accounts 2017