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REPORT OF THE
INDEPENDENT AUDITOR
TO THE MEMBERS OF ACCESS BANK PLC
Report on the audit of the consolidated
and separate financial statements
Our opinion Basis for opinion
In our opinion, the consolidated and separate financial We conducted our audit in accordance with International
statements give a true and fair view of the consolidated Standards on Auditing (ISAs). Our responsibilities under
and separate financial position of Access BankPlc (“the those standards are further described in the Auditor’s
bank”) and its subsidiaries (together “the group”) as at 31 responsibilities for the audit of the consolidated and sepa-
December 2017, and of their consolidated and separate ratefinancial statements section of our report.
financial performance and their consolidated and separate
cash flows for the year then ended in accordance withIn- We believe that the audit evidence we have obtained is suf-
ternational Financial Reporting Standards (IFRS) and the ficient and appropriate to provide a basis for our opinion.
requirements of the Companies and Allied Matters Act, the
Banks and Other Financial Institutions Act and the Finan-
cial Reporting Council of Nigeria Act. Independence
We are independent of the Group in accordance with the
International Ethics Standards Board for Accountants’
What we have audited
Code of Ethics for Professional Accountants (IESBA Code).
Access Bank Plc’s consolidated and separate financial We have fulfilled our other ethical responsibilities in accor-
statements comprise: dance with the IESBA Code.
• the consolidatedand separate statements of financial
position as at 31 December 2017;
Key audit matters
• the consolidated and separate statements of com-
prehensive income for the year then ended; Key audit matters are those matters that, in our profes-
• the consolidated and separate statements of chang- sional judgment, were of most significance in our audit
es in equity for the year then ended; of the consolidated and separate financial statements
• the consolidatedand separate statements of cash of the current period. These matters were addressed in
flows for the year then ended; and the context of our audit of theconsolidated and separate
• the notes to the consolidated and separate financial financial statements as a whole, and in forming our opinion
statements, which include a summary of significant thereon, and we do not provide a separate opinion on
accounting policies. these matters.
Key audit matter How our audit addressed the key audit matter
Impairment on loans and advances to customers – N63.9 We understood and evaluated the design and operating
billion (refer to notes 3.9, 4.0 and 23) effectiveness of the controls over loan loss impairment
assessment across the Group to determine the extent of
Management exercises significant judgment when deter- substantive testing required.
mining both when and how much to record as impairment
on loans and advances to customers.
The Group categorises its loans and advances portfolio
into two (2) types in its calculations of impairment:
154 Access BAnk Plc
Annual Report & Accounts 2017