We have audited the financial statements of Globe Reinsurance Plc as at 31 December, 2004 which have been prepared on the basis of the accounting policies.
Respective responsibilities of Directors and Auditors
In accordance with the Companies and Allied Matters Act, 1990, the Company’s Directors are responsible for the preparation of the financial statements. It is our responsibility to form an independent opinion, based on our audit, on those statements and to report our opinion to you.
Basis of opinion
We conducted our audit in accordance with the international standards on auditing issued by the International Federation of Accountants. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the Directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the Company’s circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement. In forming our opinion, we also evaluated the overall adequacy of the presentation of information in the financial statements and assessed whether the Company’s books of account have been properly kept. We have obtained all the information and explanations we required for the purpose of the audit.
Opinion
In our opinion, the Company has kept proper books of account and the financial statements are in agreement with the books. The financial statements drawn up in conformity with the generally accepted accounting standard in Nigeria give a true and fair view of the state of the Company’s affairs at 31 December, 2004 and of the profit and cash flows for the year ended on that date, and have been properly prepared in accordance with the Provisions of the Insurance Act, 2003 and the Companies and Allied Matters Act 1990.
